Shipra Estate Ltd. and Jai Krishan Estate Developers Pvt. Ltd., Delhi. vs. ACIT, Circle 58(1), New Delhi.
June, 14th 2019
In the Income-Tax Appellate Tribunal,
Delhi Bench `G', New Delhi
Before : Shri H.S. Sidhu, Judicial Member And
Shri B.R.R. Kumar, Accountant Member
ITA No. 2232/Del/2019
Assessment Year: 2010-11
Shipra Estate Ltd. and Jai Krishan vs. ACIT, Circle 58(1),
Estate Developers Pvt. Ltd., Delhi. New Delhi.
Appellant by Sh. Prateek Gupta and
Sh. Pancham Sethi, CA
Respondent by Sh. N.K. Bansal, Sr. DR
Date of Hearing 12.06.2019
Date of Pronouncement 13.06.2019
Per B.R.R. Kumar, A.M.:
In this case, the assessment has been completed on 14.02.2013
disallowing the deduction of Rs.9,87,39,565/- claimed by the assessee u/s.
80IB. The matter travelled upto the ITAT wherein the ITAT adjudicated the
matter on 26.04.2018 with the directions to re-compute the deduction after
examination of the issue afresh and determine the deduction.
2. Before us, it was brought to our notice that the Assessing Officer has
issued notice u/s. 142(1) of the IT Act on 10.06.2019 to the assessee and the
proceedings in response to the order of the ITAT are still pending before the
ITA No. 2232/Del/2019 2
Assessing Officer. Since the core issue of deduction under section 80IB has
been remanded back to examine the issue afresh, the penalty levied by the
Assessing Officer vide order dated 29.03.2017 is hereby set aside. The
department would be at liberty to levy penalty after conclusion of the
proceedings by the assessing officer as directed by this Tribunal vide order
3. In the result, the appeal is allowed.
Order pronounced in the open court.
(H.S. Sidhu) (B.R.R. Kumar)
Judicial member Accountant Member
Copy of order forwarded to:
(1) The appellant (2) The respondent
(3) Commissioner (4) CIT(A)
(5) Departmental Representative (6) Guard File
Income Tax Appellate Tribunal
Delhi Benches, New Delhi