Sri Manoj Kumar Jain, Kolkata V. I.T.O Wd - 41(1),kolkata., Kolkata

ITA 1029/KOL/2013

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 4984 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 10 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-03-2016
• Appeal Filed By: Assessee
• Bench Allotted: B
• Assessment Year: 2006-2007
• Appeal Filed On: 30-04-2013
• Court: TRIBUNAL
• Keywords: Unexplained cash credit

Judgement Text

I.T.A. NO. 1029/KOL./2013 ASSESSMENT YEAR: 2006-2007 PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA B BENCH, KOLKATA BEFORE SHRI P.M. JAGTAP, ACCOUNTANT MEMBER AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER I.T.A. NO. 1029/KOL/ 2013 ASSESSMENT YEAR: 2006-2007 SRI MANOJ KUMAR JAIN,.............................. ................................APPELLANT 19, GALLIF STREET, KOLKATA-700 004 [PAN: ACOPJ 3303 K] -VS.- INCOME TAX OFFICER,................................ .................................RESPONDENT WARD-41(1), KOLKATA, 18, RABINDRA SARANI, KOLKATA-700 001 APPEARANCES BY: SHRI ANIL KOCHAR, ADVOCATE, FOR THE ASSESSEE SHRI S.M.S. TAUHEED, JCIT, SR. D.R., FOR THE DEPARTMENT DATE OF CONCLUDING THE HEARING : FEBRUARY 23, 2016 DATE OF PRONOUNCING THE ORDER : MARCH 04, 2016 O R D E R PER SHRI P.M. JAGTAP :- THIS APPEAL IS PREFERRED BY THE ASSESSEE AGAINST TH E ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS)-XXIV, KOLKATA DATED 21.01.2013 FOR THE ASSESSMENT YEAR 2006-07, WHEREBY HE CONFIR MED THE PENALTY OF RS.82,37,347/- IMPOSED BY THE ASSESSING OFFICER UND ER SECTION 271(1)(C) OF THE INCOME TAX ACT, 1961 IN RESPECT OF ADDITION OF RS.2,45,62,196/- MADE TO THE TOTAL INCOME OF THE ASSESSEE ON ACCOUNT OF UNEXPLAINED CASH CREDIT. 2. WE HAVE HEARD THE ARGUMENTS OF BOTH THE SIDES AN D ALSO PERUSED THE RELEVANT MATERIAL AVAILABLE ON RECORD. AS SUBMITTED BY THE LD. COUNSEL FOR THE ASSESSEE, THE ISSUE RELATING TO THE ADDITION MA DE ON ACCOUNT OF UNEXPLAINED CASH CREDIT WAS SET ASIDE BY THE TRIBUN AL TO THE FILE OF THE I.T.A. NO. 1029/KOL./2013 ASSESSMENT YEAR: 2006-2007 PAGE 2 OF 2 ASSESSING OFFICER VIDE ITS ORDER DATED 15.02.2013 P ASSED IN THE QUANTUM PROCEEDINGS IN ITA NO. 1772/KOL/2009 AND IN THE FRE SH ASSESSMENT MADE BY THE ASSESSING OFFICER AS PER THE DIRECTION OF TH E TRIBUNAL, THE ADDITION ON ACCOUNT OF UNEXPLAINED CASH CREDIT HAS NOT ONLY BEEN REPEATED BY THE ASSESSING OFFICER BUT HE HAS ALSO INITIATED THE PEN ALTY PROCEEDINGS UNDER SECTION 271(1)(C) AFRESH. CONSEQUENTLY THE PENALTY IN QUESTION IMPOSED BY THE ASSESSING OFFICER IN PURSUANCE OF THE ORDER ORIGINALLY PASSED ON 30.12.2008, WHICH HAS BEEN SET ASIDE BY THE TRIBUNA L, DOES NOT SURVIVE HAVING NO LEGS TO STAND AND THE SAME IS LIABLE TO B E CANCELLED AS AGREED EVEN BY THE LD. D.R. WE, THEREFORE, CANCEL THE SAID PENALTY AND ALLOW THIS APPEAL OF THE ASSESSEE. 3. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED. ORDER PRONOUNCED IN THE OPEN COURT ON MARCH 04, 201 6. SD/- SD/- (S.S. VISWANETHRA RAVI) (P.M. JAGTAP) JUDICIAL MEMBER ACCOUNTANT MEMBER KOLKATA, THE 4 TH DAY OF MARCH, 2016 COPIES TO : (1) SRI MANOJ KUMAR JAIN, C/O. S.L. KOCHAR, ADVOCATE, 86, CANNING STREET, KOLKATA-700 001 (2) INCOME TAX OFFICER, WARD-41(1), KOLKATA, 18, RABINDRA SARANI, KOLKATA-700 001 (3) COMMISSIONER OF INCOME-TAX (APPEALS)-XXIV, KOL KATA (4) COMMISSIONER OF INCOME TAX, KOLKATA (5) THE DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, KOLKATA BENCHES, KOLKATA LAHA/SR. P.S.