DCIT-2(2), MUMBAI vs. N.W. EXPORTS LIMITED, MUMBAI
In the result, all appeal of the revenue is dismissed
ITA 4456/MUM/2013[2004-05]Status: DisposedITAT Mumbai03 Feb 2016AY 2004-05
Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm आमकय अऩीर सं./Ita No.4456/Mum/2013 (नििाारण वषा / Assessment Year :2004-2005) Dcit-2(2), Mumbai-20 Vs. N.W.Exports Limited, Neville House, Currimbhoy Road, Ballard Estate, Mumbai-400001 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaacn 2021 P (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri Sumit Kumar ननधाारयती की ओर से /Assessee By : Shri Yogesh A.Thar सुनवाई की तायीख / Date Of Hearing : 18/11/2015 घोषणा की तायीख/Date Of Pronouncement 03/02/2016 आदेश / O R D E R Per R.C.Sharma (A.M): This Is An Appeal Filed By The Revenue Against The Order Of Cit(A)-5, Mumbai, Dated 14-02-2013, For The Assessment Year 2004-2005, In The Matter Of Imposition Of Penalty U/S.271(1)(C) Of The Act. 2. Rival Contentions Have Been Heard & Record Perused. Facts In Brief Are That The Assessee Is A Company Engaged In The Business Of Trading & Exports Of Textile Goods. The Assessee Filed Its Return Of Income Declaring Total Income At Nil. The Ao Asked The Assessee To Furnish Various Details. Being Not Convinced With The Explanation Of Assessee, The Ao Made Addition Of Rs.40 Lakhs Towards Services Charges Received By The Assessee As Unexplained Cash Credit U/S.68 Of The Act & Levied Penalty On The Same. In Appeal, The Cit(A) Deleted The Penalty After Having Following Observation :- 3.3 The Facts Of The Case Have Been Considered: • The Appellant Has Stated That The Figure Of Net Profit After Tax Amounting To Rs.1,38,18,629/- As Per P&L A/C Includes The Figure Of Rs. 40 Lacs Under The Head "Other Income". The Ao Has Again Added Back The Said Figure Of Rs. 40 Lacs As Unexplained Cash Credit U/S 68. • No Penalty Can Be Levied In The Event Of Change Of Head By The Assessing Authority Acit V/S Niraj Birla Mumbai Tribunal Ita No 3259/97 Ay. 92-93 Order Dated 09.07.2003/Krishna N. Bhojwani
For Appellant: Shri Yogesh A.TharFor Respondent: Shri Sumit Kumar
Section 271(1)(c)Section 68
…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ ‘बी’, म ुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “B”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI AMARJIT SINGH, JM आमकय अऩीर सं./ITA No.4456/Mum/2013 (नििाारण वषा / Assessment Year :2004-2005) DCIT-2(2), Mumbai-20 Vs. N.W.Exports Limited, Neville House, Currimbhoy Road, Ballard Estate, Mumbai-400001 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AAACN 2021 P (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue by : Shri Sumit Kumar ननधाारयती की ओर से /Assessee by : Shri Yogesh A.Thar सुनवाई की तायीख / Date of Hearing : 18/11/2015 घोषणा की तायीख/Date of…
