AAA PORTFOLIOS PVT. LTD. Vs. DEPUTY COMMISSIONER OF INCOME TAX
LAWS(IT)-2014-6-12
INCOME TAX APPELLATE TRIBUNAL
Decided on June 06,2014

Aaa Portfolios Pvt. Ltd. Appellant
VERSUS
DEPUTY COMMISSIONER OF INCOME TAX Respondents

JUDGEMENT

G.D.AGRAWAL,VP. - (1.) THIS appeal by the assessee is directed against the order of learned CIT(A) -VI, New Delhi dated 25th July, 2013 for the AY 2006 -07.
(2.) GROUND No.1 of the assessee's appeal reads as under: - "The order passed by the CIT(A) confirming the levy of penalty of Rs.7,26,45,992/ - imposed by the Assessing Officer under section 271(1)(c) of the Income -tax Act, 1961 (the Act) is erroneous both on facts and in law and, therefore, liable to be set aside on this ground itself."
(3.) THE other grounds are only arguments in support of above ground No.1. At the time of hearing before us, it is submitted by the learned CIT -DR that the assessee's appeal for quantum should be decided first and then only, the penalty appeal should be decided. Learned counsel for the assessee has no objection to the above suggestion of the learned CIT -DR but he pointed out that in the case of the assessee, the Assessing Officer as well as CIT(A) has followed/referred to the order of Escorts Limited and, therefore, before deciding the quantum appeal in the case of the assessee, the appeal in the case of Escorts Limited will have to be decided. In the case of Escorts Limited, apart from assessee's appeal, there is a cross -appeal by the Revenue and there are several grounds in both the appeals, therefore, it will take a few days' time if Escorts Limited appeals are heard. Today, in this Bench, one of the Members, viz. Judicial Member Shri I.C. Sudhir is required to sit in two Benches, one in the present bench i.e. 'B' Bench and also in 'D' Bench. Therefore, it may not be practicable to take up very time consuming appeals. Accordingly, we asked both the parties whether the penalty appeal which is the stay granted matter can be disposed of independently to the quantum appeal.;


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