TRIYA HOLDINGS PVT.LTD., MUMBAI v. DCIT, CIR.-9(3), MUMBAI

ITSSA 38/MUM/2011 | misc
Pronouncement Date: 24-02-2012 | Result: Allowed

Appeal Details

RSA Number 3819916 RSA 2011
Assessee PAN AABCT4510C
Bench Mumbai
Appeal Number ITSSA 38/MUM/2011
Duration Of Justice 9 month(s) 27 day(s)
Appellant TRIYA HOLDINGS PVT.LTD., MUMBAI
Respondent DCIT, CIR.-9(3), MUMBAI
Appeal Type Income Tax (Search & Seizure) Appeal
Pronouncement Date 24-02-2012
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted E
Tribunal Order Date 24-02-2012
Assessment Year misc
Appeal Filed On 27-04-2011
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH E MUMBAI BEFORE SHRI P.M. JAGTAP ACCOUNTANT MEMBER AND SHRI V. DURGA RAO JUDICIAL MEMBER. IT(SS)A. NO. 38/MUM/2011. BLOCK PERIOD : 01-04-1996 TO 04-09-2006 M/S TRIYA HOLDINGS PVT. LTD. ASSTT. COMMISSIONER OF INCOME-TAX 102 GURUKRUPA KASTURBA VS. CIRCLE-9(3) MUMBAI. CROSS ROAD NO. 1 BORIVALI (E) MUMBAI 400 066. PAN AABCT 4510C APPELLANT. RESPONDENT. APPELLANT BY : SHRI M. SATISH R. MODY. RESPONDENT BY : SHRI ABANI KANT NAYAK. DATE OF HEARING : 22-02-2012 DATE OF PRONOUNCEMENT : 24-02-2012 O R D E R. PER P.M. JAGTAP A.M. : THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAI NST THE ORDER OF LEARNED CIT(APPEALS)-20 MUMBAI DATED 11-03-2011 WHEREBY HE CONFIRMED THE PENALTY OF RS.2 82 870/- IMPOSED BY THE AO U/S 158BFA(2) INSPI TE OF ADDITION OF RS.4 49 000/- MADE TO THE UNDISCLOSED INCOME OF TH E ASSESSEE ON ACCOUNT OF UNACCOUNTED CASH ALLEGEDLY RECEIVED BY THE ASSESSEE FROM SALE OF SHOP. 2. WE HAVE HEARD THE ARGUMENTS OF BOTH THE SIDES AN D ALSO PERUSED THE RELEVANT MATERIAL ON RECORD. AS SUBMITTED BY THE LEARNED COU NSEL FOR THE ASSESSEE AN APPEAL WAS FILED BY THE ASSESSEE IN THE QUANTUM PROCEEDING S DISPUTING THE ADDITION OF RS.4 49 000/- MADE TO ITS UNDISCLOSED INCOME IN THE ASSESSMENT COMPLETED BY THE 2 IT(SS)A.NO.38/MUM/2011 AO U/S 158BC. HE HAS SUBMITTED THAT THE SAID APPEAL HAS BEEN DISPOSED OF BY THE TRIBUNAL VIDE ITS ORDER DATED 24 TH JUNE 2011 PASSED IN IT(SS)A.NO. 07/MUM/2009 CANCELLING THE ASSESSMENT MADE BY THE AO U/S 158BC HOLDING THE SAME TO BE BAD IN LAW. HE HAS ALSO PLACED ON RECORD A COPY OF THE SAID ORDER OF THE TRIBUNAL DATED 24 TH JUNE 2011. AS A RESULT OF CANCELLATION OF THE ASS ESSMENT ORDER PASSED BY THE AO U/S 158BC WHEREIN THE ADDITION OF RS.4 49 000/- WAS MADE TO THE UNDISCLOSED INCOME OF THE ASSESSEE THE VERY BASIS OF THE IMPUG NED PENALTY IMPOSED BY THE AO AND CONFIRMED BY THE LEARNED CIT(APPEALS) U/S 158BF A(2) NO MORE SURVIVES AND THE SAME IN OUR OPINION IS LIABLE TO BE CANCELLED HAVING NO LEGS TO STAND. WE ORDER ACCORDINGLY AND CANCEL THE PENALTY IMPOSED BY THE A O AND CONFIRMED BY THE LEARNED CIT(APPEALS). 3. IN THE RESULT THE APPEAL OF THE ASSESSEE IS ALL OWED. ORDER PRONOUNCED ON THIS 24 TH DAY OF FEBRUARY 2012. SD/- SD/- (V. DURGA RAO) (P.M. JA GTAP) JUDICIAL MEMBER. ACCO UNTANT MEMBER MUMBAI DATED: 24 TH FEBRUARY 2012. COPY TO : 1. APPELLANT 2. RESPONDENT 3. C.I.T. 4. CIT(A) 5. DR E-BENCH. (TRUE COPY ) BY ORDER ASSTT. REGISTRAR ITAT MUMBAI BENCHES WAKODE MUMBAI.