Shri Rajkumar Occhavlal Maheshwari, JAMNAGAR V. The Income Tax Officer,Ward 1 (3), JAMNAGAR

ITA 1176/RJT/2010

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 1257 (ITAT-RAJKOT)
• Duration Of Justice: 5 year(s) 8 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-06-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Next Hearing Date: 14-06-2016
• Assessment Year: 1994-1995
• Appeal Filed On: 21-09-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AVINASH KUMAR
• Assessee Lawyers: MJ RANPURA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH , RAJKOT BEFORE: S H RI ANIL CHATURVEDI , ACCOUNTANT MEMBER AND SHR I S. S. GODARA , JUDICIAL MEMBER [CONDUCTED THROUGH E - COURT AT AHMEDABAD] RAJKUMAR O. MAHESHWARI PROP. OF KANCHAN METAL SHED NO. B - 18 GIDC UDYOGNAGAR JAMNAGAR, PAN: ABIPM7167K (APPELLANT) VS THE ITO, WARD - 1(3), JAMNAGAR (RESPONDENT) REVENUE BY : S H RI AVINASH KUMAR , SR. D . R. ASSESSEE BY: S H RI M.J. RANPURA , A.R. DATE OF HEARING : 14 - 06 - 2 016 DATE OF PRONOUNCEMENT : 16 - 06 - 2 0 16 / ORDER P ER : S. S. GODARA , JUDICIAL MEMBER : - THI S ASSESSEE S APPEAL FOR A.Y. 199 4 - 9 5 , AR ISES FROM ORDER OF THE CIT(A), JAMNAGAR DATED 2 3 - 07 - 2010 IN APPEAL NO. CIT(A) / JAM/27/08 - 09/606 , CONFIRMING PENALTY OF RS. 7,60,500/ - IMPOSED BY THE ASSESSING OF FICER VIDE ORDER DATED 26 - 03 - 2008, IN I T A NO . 1176 / RJT /20 1 0 A SSESSMENT YEAR 1994 - 9 5 I.T.A NO. 1176 /RJT /20 10 A.Y. 1994 - 9 5 PAGE NO RAJKUMAR O. MA HESHWARI PROP. OF KANCHAN METAL VS. ITO 2 PROCEEDINGS UNDER SECTION 271(1 ) (C) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT . 2. IT IS EVIDENT TO US AT THE OUTSET THAT THE ASSESSING OFFICER FRAMED A REASSESSMENT IN ASSESSEE S CASE ON 01 - 03 - 2001 DETERMINING TOTAL INCOME AS RS. 18,41,460/ - THEREBY TREATING A LOAN OF RS. 17,50,000/ - CREDITED IN THE NAME OF SHRI PIYUSH M. JAIN PROPRIETOR OF M/S HEAVEN METAL AS NON - GENUINE. HE TH EREAFTER INVOKED SECTION 271(1)(C) OF THE ACT TO IMPOSE THE IMPUGNED PENALTY AS CON FIRMED IN COURSE OF THE LOWER APPELLATE PROCEEDINGS. 3. LEARNED AUTHORIZED R EPRESENTATIVE FILES BEFORE US HON BLE JURISDICTIONAL HIGH COURT JUDGMENT IN ITS OWN CASE IN TAX APPEAL NO. 1772 OF 2005 DECIDED ON 10 - 12 - 2014 QUASHING THE IMPUGNED REOPENING. T HEIR LORDSHIPS REVERSE TRIBUNAL S ORDER UPHOLDING VALIDITY OF REOP ENING IN ASSESSEE S CASE. LEARNED DEPARTMENTAL R EPRESENTATIVE IS FAIR ENOUGH IN ACCEPTING THE FACT THAT THE ASSESSEE HAS SUCCEEDED BEFORE THE HON BLE JURISDICTIONAL HIGH COURT. WE CONCLUDE IN THESE PECULIAR FACTS AND CIRCUMSTANCES THAT THE IMPUGNED PENALTY HAS NO LEGS TO STAND. THE SAME IS ACCORDINGLY DELETED. 4. THE ASSESSEE SUCCEEDS IN THE INSTANT APPEAL. ORDER PR ONOUNCED IN THE OPEN C OUR T ON 16 - 06 - 201 6 SD/ - SD/ - (ANIL CHATURVEDI ) ( S. S. GODARA ) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD : DATED 16 /06 /2016 I.T.A NO. 1176 /RJT /20 10 A.Y. 1994 - 9 5 PAGE NO RAJKUMAR O. MA HESHWARI PROP. OF KANCHAN METAL VS. ITO 3 AK / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER, ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, RAJKOT