MOHAN HOTCHAND KHANCHANDANI,MUMBAI vs. ASST CIT 32, MUMBAI

At the outset, the ld. Counsel of the assessee submitted that subsequent to the levy of penalty in these cases, the quantum appeals of the assessee for all the years in 2 to 4347/Mum/2016 Shri Mohan Hotchand Khanchandani consideration in these cases have been disposed of by the Income Tax Appellate Tribunal by a combined order dated 28.04.2016. By way of this order, the Tribunal had granted substantial relief to the assessee. In the factual background as stated above, we note that the subsequent to the levy of penalty in these cases in the quantum appeals, the assessee has obtained substantial relief from the Income Tax Appellate Tribunal. In this view of the matter, the penalty order under consideration do not survive. In our considered opinion, in the facts and circumstances of the case, it will be apposite to remit the issue of levy of penalty to the file of the Assessing Officer. Accordingly, the issue in these appeals is remitted to the file of the Assessing Officer. The Assessing Officer is directed to consider the issue afresh after taking into account the subsequent order of the Income Tax Appellate Tribunal mentioned hereinabove. Needless to add, the assessee should be granted adequate opportunity of being heard.

Both the counsel fairly agreed to this proposition.

In the result, these appeals by the assessee stands allowed for statistical purposes. प�रणामतः �नधा�रती क� अपील� सां�यक�य उ�दे�य के �लए �वीकृत क� जाती है । Order pronounced in the open court on 22.03.2018 Sd/- Sd/- (Pawan Singh) (Shamim Yahya) �या�यक सद�य / Judicial Member लेखा सद�य / Accountant Member मुंबई Mumbai; �दनांक Dated : 22.03.2018