DCIT, CC-I, Ludhiana V. M/s Genex Industries Ltd., Ludhiana

ITA 1127/CHANDI/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 0024 (ITAT-CHANDIGARH)
• Duration Of Justice: 8 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-05-2019
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 20-05-2019
• Assessment Year: 2013-2014
• Appeal Filed On: 30-08-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DR ASHISH GUPTA
• Section: 143(3); 153A

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BE NCH_A, CHANDIGARH BEFORE: SHRI S.S.GODARA, JM & SMT.ANNAPURNA GUPTA, AM ./ITA NO NO.1127-1128/CHD/2018 / ASSESSMENT YEARS : 2013-14 & 2014-15 DCIT, CENTRAL CIRCLE - I, LUDHIANA M/S GENEX INDUSTRIES LTD., 228-G, INDL. AREA-A, CHEEMA CHOWK, LUDHIANA CHANDIGARH. ./PAN NO.: A AACB 67 7 0 H /APPELLANT /RESPONDENT ! /ASSESSEE BY : SHRI SANJAY SOOD, CA # ! / REVENUE BY : DR. ASHISH GUPTA, CIT-.D.R. ! /DATE OF HEARING: 20/05/2019 ! /DATE OF PRONOUNCEMENT : 24/05/2019 / ORDER PER S.S.GODARA, JUDICIAL MEMBER THESE TWO REVENUES APPEALS FOR ASSESSMENT YEAR(S) 2013-14 & 2014-15 ARISE AGAINST THE COMMISSIONER OF INCOME-TA X(APPEALS)-2 JALANDHARS ORDERS; DATED 01.06.2018, PASSED IN CAS E NO.2/10285/0278/17-18/CIT(A)/JAL, INVOLVING PENALTY (IES) U/S 271AAB OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. HEARD BOTH THE PARTIES. CASE FILE(S) PERUSED. 2. A PERUSAL OF BOTH THESE CASES SUGGEST THAT INSTA NT LIS HAS EMANATED FROM THE SEARCH IN QUESTION DATED 23.05.20 13 IN M/S GENEX GROUP CASES DATED 23.05.2013. THE SAME CULMINATED I N SEC. 153A R.W.S. 143(3) ASSESSMENT(S) WHEREIN THE ASSESSING OFFICER ASSESSED THE ASSESSEES UNDISCLOSED INCOME INVOLVING QUANTUM ADD ITION(S). HE THEREFORE INITIATED/LEVIED THE IMPUGNED PENALTY(IES ) OF RS.1,95,00,000/- & RS.35 LAC; RESPECTIVELY U/S 271AAB(3)(C)(II) AFTE R CONCLUDING THAT THE SAME PERTAINED TO THE TAXPAYERS UNDISCLOSED INCOM E. THE CIT(A) HAS 2 ITA NO.1127-1128/CHD/2018 REVERSED THE ASSESSING OFFICERS ACTION ON THE GROU ND THAT THE CORRESPONDING QUANTUM ADDITION OF UNDISCLOSED INCOM E ALREADY STOOD DELETED IN THE SAID LOWER APPELLATE PROCEEDINGS. 3. WE HAVE GIVEN OUR THOUGHTFUL CONSIDERATION TO RI VAL CONTENTIONS AGAINST AND IN SUPPORT OF THE CIT(A)S FINDINGS DEL ETING THE IMPUGNED PENALTY(IES). CASE FILE(S) INDICATE THAT THE ASSESS ING OFFICER HAD PREFERRED HIS IDENTICAL SEC.154 RECTIFICATION(S) DATED 07.03. 2013 IN THESE TWO CASES. THE CIT(A) HAS ACCEPTED THE SAME IN HIS ORDERS DATE D 13.11.2018 DURING THE PENDENCY OF INSTANT LIS INSTITUTED ON 30.08.201 8. THE ASSESSEE FAILS TO REBUT ALL THESE INTERVENING DEVELOPMENTS. MEANIN G THEREBY THAT THE IMPUGNED PENALTY(IES) ALREADY STAND RESTORED. THE R EVENUES INSTANT TWO APPEAL(S) HAVE BEEN RENDERED INFRUCTUOUS THEREAFTER SINCE THE CIT(A) HAS HIMSELF REVIVED THE PENALTY(IES) IN ISSUE. ORDERED ACCORDINGLY. 5. THESE REVENUES TWO APPEALS ARE DISMISSED AS REN DERED INFRUCTUOUS IN ABOVE TERMS. ORDER PRONOUNCED IN THE OPEN COURT ON 24/05/2019 SD/- SD/- (ANNAPURNA GUPTA) (S.S.GODARA) / ACCOUNTANT MEMBER / JUDICIAL MEMBER DATED: 24/05/2019 DKP* ! , / COPY OF THE ORDER FORWARDED TO : - -./0 10002 3- 40506 7589:;<0 =:8 >>?24 @ 758A 1;0B21 C/00DB C/EFG@ =98/