JYOTIBEN PRAVINCHANDRA DALAL, MUMBAI V. ITO 14(2)(2), MUMBAI

ITA 1129/MUM/2014

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 4202 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 11 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-02-2016
• Appeal Filed By: Assessee
• Bench Allotted: J
• Next Hearing Date: 09-02-2016
• Assessment Year: 2007-2008
• Appeal Filed On: 20-02-2014
• Court: TRIBUNAL
• Department Lawyers: K MOHANDA S
• Assessee Lawyers: BHAVIN PAREKH

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL J , BENCH MUMBAI BEFORE SHRI R.C.SHARMA , A M & SHRI AMARJITSINGH , J M ./ ITA NO . 1129 /MUM /20 1 4 ( / ASSESSMENT YEAR : 20 0 7 - 20 0 8 ) JYOT I PRAVINDCHANDRA DALAL, PLOT NO. 33, ABCD GOVT. INDUSTRIAL ESTATE, CHARKOP, KANDIVALI(WEST), MUMBAI - 400067 VS. ITO, WARD - 14(2)(2), MUMBAI ./ ./ PAN/GIR NO. : A A BPD 5226 A ( / APPELLANT ) .. ( / RESPONDENT ) /ASSESSEE BY : BHAVIN PAREKH /REVENUE BY : K. MOHANDAS / DATE OF HEARING : 09 / 02 /201 6 / DATE OF PRONOUNCEMENT 09/02 /201 6 / O R D E R PER R.C.SHARMA (A.M) : TH IS IS AN APPEAL FILE D BY THE ASSESSEE AGAINST THE ORDER OF CIT(A), MUMBAI, FOR THE ASSESSMENT YEAR 2007 - 08 , IN THE MATTER OF IMPOSITION OF PENALT Y U/S.271(1)(C) OF THE I.T. ACT AMOUNTING TO RS. 14,151/ - . 2. WE HAVE CONSIDERED RIVAL CONTENTIONS AND FOUND FORM RECORD THAT PENALT Y WAS LEVIED WITH RESPECT TO THE INTEREST INCOME OFFERED BY THE ASSESSEE IN ITS RETURN OF INCOME VIS - - VIS INTEREST SHOWN BY BANK IN FORM NO. 26. WE FOUND THAT IN THE TDS CERTIFICATE BANK HAD SHOWN INTEREST AMOUNT OF RS.1,05,000/ - ON WHICH TDS WAS DEDUCTED, HOWEVER, SINCE THE AMOUNT WAS PREMATURELY WITHDRAWN BY THE ASSESSEE, THEREFORE, BANK DEDUCTED PENAL INTEREST AND MADE PAYMENT OF REMAINING AMOUNT. THE AO OBSERVED THAT AS PER TDS CERTIFICATE ASSESSEE HAS RECEIVED TOTAL INTEREST ITA NO. 1129 /1 4 2 OF RS. 1,05,000/ - , WHEREAS A SSESSEE HAS OFFERED INTEREST INCOME OF RS. 57,533/ - IN THE COMPUTATION OF INCOME AND CLAIMED CREDIT FOR FULL AMOUNT OF TDS THEREFORE, THE AO LEVIED PENALTY OF RS. 14,151/ - . WE FOUND THAT THERE WAS FULL DISCLOSURE OF FACTS WITH REGARD TO ACTUAL AMOUNT RECEIVE D BY THE ASSESSEE. MERELY BECAUSE THE ASSESSEE HAS CLAIMED FULL AMOUNT OF TDS AS PER THE CERTIFICATE GIVEN BY THE BANK DOES NOT AMOUNT TO FURNISHING ANY WRONG INFORMATION. ASSESSEE WAS ACTUALLY IN RECEIPT OF LOWER AMOUNT OF INTEREST INCOME BECAUSE OF PREMA TURE ENCASHMENT OF FDR. ACCORDINGLY, WE DO NOT FIND ANY MERIT FOR THE PENALTY OF RS. 14,151/ - IMPOSED BY THE AO. ACCORDINGLY, WE DIRECT THE AO TO DELETE THE PENALTY. 3 . IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED. O RDER PRONOUNCED IN THE OPEN COURT ON THIS 09/02 / 201 6 . SD/ - SD/ - ( AMARJIT SINGH ) ( R.C.SHARMA ) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED 09/02 /201 6 . . /PKM , . / PS / COPY OF THE ORDER FORWARDED TO : / BY ORDER, / ( ASSTT. REGISTRAR) , / ITAT, MUMBAI 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A), MUMBAI. 4. / CIT 5. , , / DR, ITAT, MUMBA I 6. / GUARD FILE. //TRUE COPY//