The Navyug Chs Ltd, Mumbai vs Department Of Income Tax

1 The Navyug CHS Ltd ITA 6459/M/2013

Tआयकर अपीलीय अिधकरण "बी" यायपीठ मुब ं ई म। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH "B", MUMBAI ी िवजय पाल राव, याियक सद य एवं ी एन. के . िबलै या, लेखा सद य के सम । BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI N K BILLAIYA, ACCOUNTANT MEMBER

ITA No. : 6459/Mum/2013 (Assessment year: 2005-06) Income Tax Officer-21(1)(3), Vs The Navyug CHS Ltd, 605, 6th Floor, C-10, Pratyaksh Kar Plot No. 51, Jai Hind Recreation Bhavan, Bandra Kurla Complex, Club, N S Road No. 11, JVPD Bandra (East), Mumbai -400 051 Scheme, Juhu, Mumbai -400 049 थयी लेखा सं.:PAN: AAAAT 0325 L अपीलाथ (Appellant) यथ (Respondent) Appellant by : Shri N Padmanaban Respondent by : Shri Shalin S Divatia

सुनवाई क तारीख /Date of Hearing : 24-03-2015 घोषणा क तारीख /Date of Pronouncement : 24-03-2015

आदेश ORDER ी एन. के . िबलै या, लेस: PER N K BILLAIYA, AM:

This appeal by the revenue is preferred against the order of the CIT(A) 32, Mumbai dated 13.08.2013 pertaining to AY 2005-

06.

2. The sole grievance of the revenue is that the CIT(A) erred in deleting the penalty of Rs. 4,55,795/- levied u/s 271(1)(c) of the Act on the ground that two different decisions have been delivered on the quantum additions by two different CIT(A)s.

3. The assessee is a cooperative housing society. During the year under consideration, the assessee has received transfer fees amounting to Rs. 8.38 lakhs. In the assessment order dated 28.12.2007, made u/s 143(3) of the Act. The said transfer fee was treated as income of the assessee. Penalty have been levied on this addition of transfer fees of Rs. 8,38,000/-.

2 The Navyug CHS Ltd ITA 6459/M/2013

4. At the very outset, the Counsel of the assessee brought to our notice the decision of the Tribunal in the assessee's own case for AY 2004-05 in ITAs 3399/M/10 wherein, the Tribunal has deleted the addition made on account of receipt of transfer fees. The Counsel further stated that for the year under consideration, the matter has been restored to the files of the AO for de novo assessment.

5. We have given thoughtful consideration to the orders of the authorities below and the decision of the Tribunal in assessee's own case for AY 2004-05. In our considered opinion, in assessment year 2004-05 the Tribunal has deleted the addition and for the year under consideration the matter has been restored to the files of the AO for de novo assessment. We, therefore, do not find this case on facts to be fit for levy of penalty u/s 271(1)© of the Act. We, therefore, decline to interfere with the finding of the CIT(A).

6. Appeal filed by the revenue is accordingly dismissed. Order pronounced in the open court on 24th March, 2015.

Sd/- Sd/- (िवजय पाल राव) (एन. के . िबलै या) याईक सद य लेखा सद य (VIJAY PAL RAO) (N K BILLAIYA) JUDICIAL MEMBER ACCOUNTANT MEMBER

Mumbai, Date: 24th March, 2015

त/Copy to:-

1) अपीलाथ /The Appellant. 2) यथ /The Respondent. 3) The CIT(A) -32, Mumbai. 4) The CIT-City-21, Mumbai.

5) िवभागीय ितिनिध "बी", आयकर अपीलीय अिधकरण, मुंबई/ The D.R. "B" Bench, Mumbai.

6) गाड फाईल Copy to Guard File.

3 The Navyug CHS Ltd ITA 6459/M/2013

आदे शानस ु ार/By Order / / True Copy / /

उप/सहायक पंजीकार आयकर अपील य अ धकरण, मब ंु ई Dy./Asstt. Registrar I.T.A.T., Mumbai

*च हान व.िन.स *Chavan, Sr.PS