M/s. Jaykamal Finance and Securities P. Ltd., Pune V. Income-tax Officer,

ITA 1464/PUN/2015

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 9411 (ITAT-PUNE)
• Duration Of Justice: 2 year(s) 2 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-01-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 16-01-2018
• Assessment Year: 2010-2011
• Appeal Filed On: 06-11-2015
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, PUNE . , , , BEFORE SHRI D. KARUNAKARA RAO , AM AND SHRI VIKAS AWASTHY, JM . / I TA NO. 1464 /PUN/20 15 / ASSESSMENT YEAR : 2010 - 11 M/S. JAYKAMAL FINANCE AND SECURITIES PVT. LTD. SAURABH, SAVEDI ROAD, MAHAVIR NAGAR, AHMEDNAGAR - 414 003 PAN : AAACJ8748H ....... / APPELLANT / V/S. THE INCOME TAX OFFICER, WARD - 2, AHMEDNAGAR. / RESPONDENT A SSESSEE BY : NONE REVENUE BY : SHRI ACHAL SHARMA, ADDL. CIT / DATE OF HEARING : 16.01.2018 / DATE OF PRONOUNCEMENT : 19 .01.2018 / ORDER PER VIKAS AWASTHY, JM THIS APPEAL BY ASSESSEE IS DIRECTED AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS) - 2, PUNE DATED 21.09.2015 FOR ASSESSMENT YEAR 2010 - 11 , CONFIRMING LEVY OF PENALTY U/S. 271(1)(C) OF THE INCOME TAX ACT, 1961 ( HEREINAFTER REFERRED TO AS THE ACT). 2 ITA NO.1464 /PUN/2015 A.Y. 2010 - 11 2. THE NOTICE OF APPEAL DIRECTING THE ASSESSEE TO REMOVE DEFECTS IN APPEAL AND TO APPEAR ON 31.10.2007 WAS ISSUED ON 29.09.2017 THROUGH RPAD. THE ACKNOWLEDGEMENT OF THE NOTICE AVAILABLE ON FILE INDICATES THAT THE SAME WAS DULY SERVED ON THE ASSESSEE . O N T HE DATE FIXED, N EITHER THE ASSESSEE NOR ANY AUTHORIZED REPRESENTATIVE OF ASSESSEE APPEARED . A FRESH NOTICE WAS ISSUED TO THE ASSESSEE FOR 16.01.2018. THE SECOND NOTICE WAS SENT TO THE ASSESSEE ON 01.11.2017 ALONG WITH DEFECT MEMO THROUGH RPAD. T HE SAME WAS DULY SERVED ON THE ASSESSEE AS IS EVIDENT FROM ACKNOWLEDGEMENT AVAILABLE ON FILE. ON 16.01.20 18 I.E. TODAY AGAIN NONE APPEARED ON BEHALF OF ASSESSEE. IT APPEARS THAT ASSESSEE IS NOT KEEN TO PURSUE THE APPEAL. 3. THE BRIEF FACTS OF THE CASE AS EMANATING FROM RECORDS ARE: THE ASSESSEE IS A PRIVATE LIMITED COMPANY ENGAGED IN THE BUSINESS OF SHARE B ROKING. THE ASSESSEE FILED ITS RETURN OF INCOME FOR THE IMPUGNED ASSESSMENT YEAR ON 28.09.2010 DECLARING TOTAL INCOME OF RS. 10,47,470/ - . DURING THE COURSE OF SCRUTINY ASSESSMENT PROCEEDINGS, THE ASSESSING OFFICER OBSERVED THAT ASSESSEE HAS CLA IMED SETOFF OF BROUGHT FORWARD BUSINESS LOSS AT RS.33,69,239/ - AS AGAINST RS.30,29,693/ - . THUS, THE ASSESSING OFFICER MADE ADDITION OF RS. 3,39,546/ - . PENALTY PROCEEDINGS U/S. 271(1)(C) WERE ALSO INITIATED FOR CLAIMING EXCESS DEDUCTION. THE ASSESSING OFFICER VIDE ORD ER DATED 24.07.2013 LEVIED PENALTY OF RS.1,04,921/ - U/S. 271(1) (C ) FOR FURNISHING OF INACCURATE PARTICULARS OF INCOME. 4. AGGRIEVED BY THE PENALTY ORDER, ASSESSEE FILED APPEAL BEFORE THE COMMISSIONER OF INCOME TAX (APPEALS) . THE COMMISSIONER OF INCOME TA X 3 ITA NO.1464 /PUN/2015 A.Y. 2010 - 11 (APPEALS) CONFIRMED LEVY OF PENALTY AND DISMISSED THE APPEAL OF ASSESSEE. NOW, THE ASSESSEE IS IN SECOND APPEAL BEFORE THE TRIBUNAL. 5 . AFTER EXAMINATION OF CASE FILE, W E OBSERVE THAT OFFICE REGISTRY HA S ISSUED DEFECT MEMO TO THE ASSESSEE WHICH WAS DULY SERVED ON THE ASSESSEE . THE SECOND NOTICE ALONG WITH DEFECT MEMO WAS AGAIN SERVED ON THE ASSESSEE. HOWEVER, THE ASSESSEE/ APPELLANT HAS NOT TAKEN ANY STEPS TO REMOVE THE DEFECTS AS HAS BEEN POINTED BY THE O FFICE R EGISTRY. THEREFORE, APPEAL OF THE ASSESSEE IS LIABLE TO BE DISMISSED IN LIMINE FOR NON REMOVAL OF DEFECTS . ACCORDINGLY , APPEAL OF ASSESSEE IS DISMISSED. 6 . IN THE RESULT, APPEAL OF THE ASSESSEE IS DISMISSED IN LIMINE . ORDER PRO NOUNCED ON FRIDAY, THE 19TH DAY OF JANUARY , 201 8 . SD/ - SD/ - ( . / D. KARUNAKARA RAO ) ( /VIKAS AWASTHY) / ACCOUNTANT MEMBER / JUDICIAL MEMBER / PUNE; / DATED : 19 TH JANUARY , 201 8 . SB / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT. 2. / THE RESPONDENT. 3. THE CIT (APPEALS) - 2, PUNE. 4. THE CIT - 2, PUNE. 5 . , , , / DR, ITAT, A BENCH, PUNE. 6 . / GUARD FILE. // TRUE COPY // / BY ORDER, / PRIVATE SECRETARY , / ITAT, PUNE .