ACIT CIR - 31(1), MUMBAI vs. M/S. AMARDEO PLASTIC INDUSTRIES, MUMBAI

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ITA 3806/MUM/2019Status: DisposedITAT Mumbai02 December 2020AY 2010-113 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that since the quantum additions against which the penalty was levied were substantially deleted by the Tribunal, the penalty would not survive. The remaining addition of Rs.3.02 Lacs was considered notional, and penalty could not be levied on such notional additions when there was full disclosure of income.

What were the facts?

The revenue appealed against the deletion of penalty by the CIT(A). The penalty was levied on additions made to the assessee's income under Capital Gains and Income from House Property. A substantial portion of the additions (Rs.11.12 Crores) were deleted by the Tribunal.

What were the issues?

Whether penalty under Section 271(1)(c) can be levied when the quantum additions are deleted by the Tribunal, and whether penalty can be levied on notional additions with full disclosure of income.

Which sections of the Income-tax Act were involved?

Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “A” BENCH, MUMBAI

Before: HON’BLE SHRI SAKTIJIT DEY, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Shri Anuj Kisnadwala-Ld. AR
For Respondent: Shri Brajendra Kumar-Ld.-DR

1 Assessment Year: 2010-11 आयकर अपीलीय अिधकरण “ऐ” "ायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI माननीय "ी श""जीत दे, "ाियक सद" एवं माननीय "ी मनोज कुमार अ"वाल ,लेखा सद" के सम"। BEFORE HON’BLE SHRI SAKTIJIT DEY, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing Through Video Conferencing Mode) आयकर अपील सं./ (िनधा"रण वष" / Assessment Year: 2010-11) ACIT-31(1) M/s Amardeo Plastic Industries Room No.602, 6th Floor Gala No.1, Virwani Indl. Estate बनाम/ Kautilya Bhawan Western Express Highway Vs. BKC, Bandra (E) Goregaon (E) Mumbai – 400 051 Mumbai – 400 063 PAN/GIR No. AAAFA-3965-E (अपीलाथ"/Appellant) (""थ" / Respondent) : Assessee by : Shri Anuj Kisnadwala-Ld. AR Revenue by : Shri Brajendra Kumar-Ld.-DR सुनवाई की तारीख/ : 02/12/2020 Date of Hearing घोषणा की तारीख / : 02/12/2020 Date of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member)

1.

By way of this appeal, the revenue contests the order of Ld. first appellate authority dated 26/02/2019 which has deleted the penalty of Rs.342 Lacs as levied by Ld. AO u/s 271(1)(c) vide order dated 28/03/2018. The assessment for the year under consideration was framed u/s 143(3) on 15/03/2013 wherein the assessee was saddled with certain additions under the head Capital Gains as well as under the head Income from House Property. Consequently penalty proceedings

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