MAGNATE MARKETING SERVICES P. LTD,MUMBAI vs. ITO 9(2)(3), MUMBAI

Per Joginder Singh (Judicial Member) The assessee is aggrieved by the impugned order dated 07/01/2014 of the ld. First Appellate Authority, Mumbai, imposing/confirming penalty u/s 271(1)(c) of the Income Tax Act, 1961 (hereinafter the Act). 2. During hearing of this appeal, the ld. counsel for the assessee, Shri Ruturaj H. Gurjar, contended that the 2 M/s Magnate Marketing Services P. Ltd. Tribunal has sent back the quantum addition to the file of the ld. Assessing Officer to admit the additional evidence and to adjudicate the issue afresh after granting reasonable opportunity of being heard to the assessee, therefore, the penalty may be deleted. 2.1. On the other hand, the ld. DR, Shri Maurya Pratap, defended the imposition of penalty but had no objection if the penalty appeal is also sent to the file of the Assessing Officer. 2.2. We have considered the rival submissions and perused the material available on record. In view of the above, order of the Tribunal dated 22/07/2015, (quantum appeal), wherein, the Tribunal has sent the quantum addition to the file of the ld. Assessing Officer for fresh adjudication after admitting the additional evidence, therefore, we sent the penalty appeal also to the file of the Assessing Officer to decide in accordance with law on the basis of outcome of the quantum addition. Thus, the appeal of the assessee is allowed for statistical purposes. Finally, the appeal of the assessee is allowed for statistical purposes. This Order was pronounced in the open court in the presence of ld. representatives from both sides at the conclusion of the hearing on 12/10/2015.