D.C.I.T.,CIRCLE3(1), MUMBAI v. M/S. EMERSON PROCESS MANAGEMENT (I) PVT.LTD.(FORMERLY KNOWN AS M/S. FISHER ROSEMOUNT (I) LTD), MUMBAI

ITA 6004/MUM/2008 | 2000-2001
Pronouncement Date: 31-05-2010 | Result: Allowed

Appeal Details

RSA Number 600419914 RSA 2008
Bench Mumbai
Appeal Number ITA 6004/MUM/2008
Duration Of Justice 1 year(s) 7 month(s) 27 day(s)
Appellant D.C.I.T.,CIRCLE3(1), MUMBAI
Respondent M/S. EMERSON PROCESS MANAGEMENT (I) PVT.LTD.(FORMERLY KNOWN AS M/S. FISHER ROSEMOUNT (I) LTD), MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 31-05-2010
Appeal Filed By Department
Order Result Allowed
Bench Allotted E
Tribunal Order Date 31-05-2010
Date Of Final Hearing 20-05-2010
Next Hearing Date 20-05-2010
Assessment Year 2000-2001
Appeal Filed On 03-10-2008
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES E MUMBAI BEFORE SHRI R.S.SYAL AM AND SHRI VIJAY PAL RAO JM ITA NO.6004/MUM/2008 : ASST.YEAR 2000-2001 THE DY.COMMISSIONER OF INCOME-TAX CIRCLE 3(1) MUMBAI. VS. M/S.EMERSON PROCESS MANAGEMENT (I) P.LTD (FORMERLY KNOWN AS M/S.FISHER ROSEMOUNT (I) LTD.) D-WING 2 ND FLOOR MODERN MILLS COMPOUND SANE GURUJI MARG JACOB CIRCLE MUMBAI 400 011. PA NO.AAACF2180R. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI SHRAVAN KUMAR RESPONDENT BY : MS.PURVI GANDHI O R D E R PER R.S.SYAL AM : THIS APPEAL BY THE REVENUE ARISES OUT OF THE ORDER PASSED BY THE COMMISSIONER OF INCOME-TAX (APPEALS) ON 25.07.2008 DELETING THE PENALTY OF RS.6 35 149 IMPOSED BY THE ASSESSING OFFICER U/S.27 1(1) (C) IN RELATION TO THE ASSESSMENT YEAR 2000-2001. 2. FILTERING OUT UNNECESSARY DETAILS IT IS SEEN THA T THE LEARNED CIT(A) HAS DELETED THE PENALTY BY RELYING ON THE FACT THAT THE INCOME WAS ASSESSED AT A LOSS. IN DELETING THE PENALTY HE RELIED ON THE JUDGEMENT OF THE HONBLE SUPREME COURT IN THE CASE OF VIRTUAL SOFT SYSTEMS LTD. VS. CIT [(2007) 289 ITR 8 3 (SC)]. 3. AFTER CONSIDERING THE RIVAL SUBMISSIONS AND PERU SING THE RELEVANT MATERIAL ON RECORD WE FIND THAT THE DECISION RENDERED BY THE HO NBLE SUPREME COURT IN VIRTUAL SOFT SYSTEMS LTD. (SUPRA) HAS BEEN SUBSEQUENTLY REVERSED IN CIT VS. GOLD COIN HEALTH FOOD P.LTD. [(2008) 304 ITR 308 (SC)] BY HOLDING THAT EVEN IF THE ASSESSED INCOME IS LOSS THE PENALTY U/S 271(1) IS STILL EX IGIBLE. AS THE LEARNED CIT(A) HAS NOT DEALT WITH THE ISSUE ON MERITS AND SIMPLY RELIE D ON THE JUDGEMENT IN THE CASE OF VIRTUAL SOFT SYSTEMS LTD. (SUPRA) WHICH IS NO MORE A GOOD LAW WE SET ASIDE THE ITA NO.6004/MUM/2008 M/S.EMERSON PROCESS MANAGEMENT (I) PVT. LTD. 2 IMPUGNED ORDER AND RESTORE THE MATTER TO HIS FILE F OR TAKING A FRESH DECISION ON THE MERITS OF THE CASE AS PER LAW AFTER ALLOWING A REAS ONABLE OPPORTUNITY OF BEING HEARD TO THE ASSESSEE. 4. IN THE RESULT THE APPEAL IS ALLOWED FOR STATIST ICAL PURPOSES. ORDER PRONOUNCED ON THIS 31 ST DAY OF MAY 2010. SD/- SD/- ( VIJAY PAL RAO ) ( R.S.SYAL ) JUDICIAL MEMBER ACCOUNTANT M EMBER MUMBAI : 31 ST MAY 2010 . DEVDAS* COPY TO : 1. THE APPELLANT. 2. THE RESPONDENTS. 3. THE CIT CONCERNED 4. THE CIT(A)-XXVIII MUMBAI. 5. THE DR/ITAT MUMBAI. 6. GUARD FILE. TRUE COPY. BY ORDER ASSISTANT REGISTRAR ITAT MUMBAI.