The DCIT, Circle-1, Surat V. Krishna Art Silk Cloth Pvt.Ltd., Surat

ITA 125/AHD/2010

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 57199 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 1 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-02-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 21-02-2012
• Assessment Year: 2004-2005
• Appeal Filed On: 13-01-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S P TALATI SRDR

Judgement Text

, , , , IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCH C AHMEDABAD , . , !' BEFORE SHRI MUKUL KUMAR SHRAWAT, JUDICIAL MEMBER AND SHRI A MOHON ALANKAMONY, ACCOUNTANT MEMBER . / ITA NO.125/AHD2010 # $# # $# # $# # $# / / / / ASSESSMENT YEAR:- 2004-05 DY. COMMISSIONER OF INCOME-TAX, CIRCLE-1, ROOM NO.108, AAYAKAR BHAVAN, MAJURA GATE, SURAT / V/S . M/S KRISHNA ART SILK CLOTH PVT. LTD., 261/A, GIDC, PANDESARA, SURAT PAN NO.AABCK1458N &'/ APPELLANT .. ()&'/ RESPONDENT &' /BY APPELLANT SHRI S.P. TALATI, SR-DR ()&' * + ! /BY RESPONDENT SHRI HARDIK VORA, AR , * -' / DATE OF HEARING 21-02-2012 .$ * -' / DATE OF PRONOUNCEMENT 24-02-2012 !/ !/ !/ !/ / // / O R D E R , /PER MUKUL KUMAR SHRAWAT, JUDICIAL MEMBER :- THIS APPEAL HAS BEEN FILED BY THE REVENUE ARISING FROM THE ORDER OF LD. COMMISSIONER OF INCOME-TAX (APPEALS)-I, SURAT DATED 12-11-2009 FOR THE ASSESSMENT YEAR 2004-05 IN RESPECT OF DELETION OF P ENALTY LEVIED U/S 271(1)(C) OF THE I.T. ACT OF RS.2,92,261/-. 2. VIDE A PENALTY ORDER U/S 271(1)(C) DATED 27-03- 2009, IT WAS HELD THAT THE ASSESSEE HAS CONCEALED THE INCOME OF RS.8,16,617/- WHICH WAS TA XED ON ACCOUNT OF ESTIMATION OF PROFIT. THE FIRST APPELLATE AUTHORITY HAS EXPRESSED THAT SINCE THE ADDITION WAS IN RESPECT OF GROSS PROFIT AND WORK-IN- PROGRESS WAS BASED UPON CERTAIN ESTIMATION, THEREFO RE, IT WAS NOT A CASE OF ITA NO.125/AHD/2010 A.Y. 2004-05 DCIT CIR-1, SRT V. M/S. KRISHNA ART SILK CLOTH P. LT D. PAGE 2 CONCEALMENT, HENCE, DELETED THE PENALTY FOLLOWING T HE JUDGMENT OF HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF CIT V. J.H. PARABIA (TRANSPORT) P. LTD. (2006) 284 ITR 361 (GUJ). NOW, THE REVENUE IS BEFOR E US. 3. AS FAR AS IMPUGNED QUANTUM ADDITION IS CONCERNED THE SAME HAS NOW BEEN DELETED BY ITAT C BENCH OF AHMEDABAD VIDE ITA NO.4121/AHD/2007, A.Y. 2004-05 ORDER DATED 21-01-20 11, WHEREIN VIDE PARA-8, IT WAS CONCLUDED THAT NO ADDITION WAS JUSTI FIABLE ON ACCOUNT OF ESTIMATION OF NET PROFIT. IN SHORT, ONCE THE QUANT UM ADDITION HAS ALREADY BEEN DELETED THEREFORE THERE WAS NO OCCASION LEFT ON THE PART OF THE REVENUE TO CONTEST THE CONCEALMENT PENALTY. THEREFORE, THE DE LETION OF CONCEALMENT PENALTY IS HEREBY CONFIRMED. 4. GROUND OF THE REVENUE IS DISMISSED. 5. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED. SD/- SD/- ( . ) ( ) ( !' ) ( ) ( A. MOHAN ALANKAMONY) (MUKUL KUMAR SHAWART) (ACCOUNTANT MEMBER) (JUDICIAL MEMBER) 0 1- 24/ 02 /2012 DKP* !/ !/ !/ !/ * ** * (3 (3 (3 (3 4!3$ 4!3$ 4!3$ 4!3$ / COPY OF ORDER FORWARDED TO:- 1. &' / APPELLANT 2. ()&' / RESPONDENT 3. 8 / CONCERNED CIT 4. 8- / CIT (A) 5. 3;< ( , , / DR, ITAT, AHMEDABAD 6. <># ?@ / GUARD FILE. BY ORDER/ !/ !, //TRUE COPY// A/ B ,