ACIT, Jaipur V. SHRI MOHAN LAL SWARNKAR, Jaipur

ITA 138/JPR/2012

• Counselvise Citation: 13823114 RSA 2012
• Duration Of Justice: 2 year(s) 9 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-11-2014
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 21-11-2012
• Assessment Year: 2003-2004
• Appeal Filed On: 09-02-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MRS NEENA JEPH
• Keywords: Deemed to accrue or arise in india; Tax effect

Judgement Text

IN THE INCOMETAX APPELLATE TRIBUNAL JAIPUR BENCH: JAIPUR (BEFORE SHRI R.P. TOLANI AND SHRI T.R. MEENA) I.T.A. NO. 138/JP/2012 ASSTT. YEAR- 2003-04 PAN NO. ACZPS 7410 F THE A.C.I.T. SHRI MOHAN LAL SWARNKAR CIRCLE-7, JAIPUR. VRS. 111, KAMAL APARTMENT, BANI PARK, JAIPUR. (APPELLANT) (RESPONDENT) DEPARTMENT BY :- MRS. NEENA JEPH. ASSESSEE BY :- SHRI MANISH AGARWAL. DATE OF HEARING : 13/11/2014 DATE OF PRONOUNCEMENT : 14/11/2014 O R D E R PER: T.R. MEENA, A.M. THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER DATED 16/11/2011 OF THE LEARNED CIT(A)-III, JAIPUR FOR THE A.Y. 2003-04. THE SOLE GROUND OF APPEAL IS AGAINST CANCELLING THE PEN ALTY ENTIRELY, EVEN WHEN CONCEALMENT WAS EVIDENT IN RESPECT OF THE AMOUNT OF RS. 7,88,735/-. 2. THE LEARNED ASSESSING OFFICER IMPOSED PENALTY U/S 271(1)(C) OF THE INCOME TAX ACT, (IN SHORT THE ACT) VIDE HER ORDER DA TED 31/3/2010 ON THE BASIS OF NET ADDITION CONFIRMED BY THE LEARNED CIT( A), WHICH INCLUDES INTEREST ON CASH CREDITORS AT RS. 1,67,912/- AND DE EMED DIVIDEND ITA 138/JP/2012 ACIT VS. MOHAN LAL SWARNKAR 2 AMOUNTING TO RS. 7,88,735/- AT RS. 3,28,400/-, WHIC H IS 100% PENALTY ON TAXES SOUGHT TO BE EVADED. THE ASSESSEE PREFERRED AP PEAL BEFORE THE LEARNED CIT(A), WHO HAD DELETED THE PENALTY IN CONCL UDING PARA BY OBSERVING: ACCORDINGLY, THE PENALTY OF RS. 3,28,40 0/- IMPOSED U/S 271(1)(C) IS HEREBY CANCELLED. THE REVENUE HAS FILE D APPEAL AGAINST DELETION OF PENALTY OF RS. 3,28,400/-, WHICH WAS LEVI ED ON TOTAL ADDITION CONFIRMED I.E. RS. 7,88,735/- DEEMED INCOME AND RS. 1,67,912/- INTEREST ON UNSECURED LOAN IN TOTAL RS. 9,56,647/-. HOWEVER, THE APPEAL FILED BY THE REVENUE ON TOTAL QUANTUM CONCEALMENT AT RS. 7,8 8,735/-. AS PER CBDT GUIDELINES, THE TAX EFFECT IS LESS THAN THE LIM IT PRESCRIBED BY THE CBDT IN CIRCULAR NO. 3 OF 2011, WHICH IS THREE LACS ON PENDING CASES. THE TOTAL PENALTY AMOUNT OF BOTH THE ADDITION WAS RS. 3, 28,400/-. THUS, THE TAX EFFECT ON RS. 7,88,735/- IS LESSER THAN THREE L ACS, THEREFORE, THE REVENUES APPEAL IS NOT MAINTAINABLE. 3. IN THE RESULT, THE REVENUES APPEAL IS DISMISSED . ORDER PRONOUNCED IN THE OPEN COURT ON 14/11/2014. SD/- SD/- (R.P. TOLANI) (T.R. MEENA) JUDICIAL MEMBER ACCOUNTANT MEMBER JAIPUR, DATED :14 TH NOVEMBER, 2014 * RANJAN ITA 138/JP/2012 ACIT VS. MOHAN LAL SWARNKAR 3 COPY FORWARDED TO :- 1. THE ACIT, CIRCLE-7, JAIPUR. 2. SHRI MOHAN LAL SWARNKAR, JAIPUR. 3. THE CIT (A) 4. THE CIT 5. THE D/R GUARD FILE (I.T.A. NO. 138/JP/2012) BY ORDER, AR ITAT JAIPUR.