Smt. Chandadevi Patodia, Surat V. The Income tax Officer,Ward-3(3), Surat

ITA 1654/AHD/2011

• Counselvise Citation: 165420514 RSA 2011
• Duration Of Justice: 6 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-12-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Assessment Year: 2005-2006
• Appeal Filed On: 16-06-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: B L YADAV SRDR
• Assessee Lawyers: R B SHAH A R
• Keywords: Income from undisclosed sources

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AT AHMEDABAD AHMEDABAD D BENCH BEFORE SHRI G.C.GUPTA, VICE-PRESIDENT (AZ) AND SHRI B.P. JAIN, ACCOUNTANT MEMBER ITA NO.1654/AHD/2011 ASSESSMENT YEAR:2005-06 SMT. CHANDADEVI PATODIA, 5/A SAGAR APARTMENT, UMARA JAKATNAKA, SURAT PAN NO.AANPP3644C / V/S . INCOME TAX OFFICER, WARD-3(3), SURAT / APPELLANT .. / RESPONDENT APPELLANT BY SHRI R. B. SHAH,AR RESPONDENT BY SHRI B.L. YADAV, SR-DR / DATE OF HEARING 29-12-2001 / DATE OF PRONOUNCEMENT 29-12-2001 ! ! ! ! / / / / ORDER PER B.P. JAIN, ACCOUNTANT MEMBER:- THIS APPEAL OF THE ASSESSEE ARISES FROM THE ORDER O F LD. COMMISSIONER OF INC-TAX (APPEALS)-II, SURAT DATED 18-05-2011 FOR THE ASSESSMENT YEAR 2005- 06. THE ASSESSES HAS RAISED THE FOLLOWING GROUND OF APPEAL. 1. ON THE FACTS AND IN CIRCUMSTANCES OF THE CASE A S WELL AS LAW ON THE SUBJECT, THE LEARNED COMMISSIONER OF INCOME-TAX (AP PEALS) HAS ERRED IN CONFIRMING THE ACTION OF THE ASSESSING OFFICER IN L EVYING PENALTY OF RS.3,49,270/- U/S.271(1)(C) OF THE ACT. 2. THE BRIEF FACTS OF THE CASE ARE THAT THE ASSESSE E HAD CLAIMED LONG TERM CAPITAL GAINS (LTCG FOR SHORT) ON THE SHARES O F M/S.FAST TRACK ENTERTAINMENT LTD.. THE ASSESSEE FAILED TO PROVIDE ANY DETAILS RELATING TO ORDER NO., TRADE NO. ETC. TO SHOW THAT THE TRANSACTION HA S BEEN CONDUCTED THROUGH A STOCK EXCHANGE, THERE WAS NO DEMAT ACCOUNT AND THE MODE OF PAYMENT FOR THE PURCHASE HAD NOT BEEN EXPLAINED. THE ASSESSING OFFICER CONCLUDED THAT ITA NO.1654/AHD/2011 A.Y. 2005-06 SMT. CHANDADEVI PATODIA V. ITO WD-3(3), SRT PAGE 2 ASSESSEE HAD INTRODUCED UNACCOUNTED INCOME IN HER B OOKS IN THE GUISE OF LTCG AND TREATED THE SAME AS UNEXPLAINED CASH CREDI T U/S.68 OF THE I.T. ACT, 1961. THE ASSESSING OFFICER LEVIED THE PENALTY U/S. 271(1)(C) OF THE ACT WHICH ACTION WAS CONFIRMED BY LD. CIT(A). 3. IN QUANTUM APPEAL THE MATTER HAS BEEN RESTORED T O THE FILE OF LD. CIT(A) BY ITAT D BENCH AHMEDABAD IN ITA NO.4040/AHD/2008 DATED 10-05-2011 TO DECIDE THE ISSUE VIDE PARA-5 OF ITS ORDER. SINCE THE ISSUE HAS ALREADY BEEN SET ASIDE TO THE FILE OF LD. CIT(A), THEREFORE THE NO DECISION ON PENALTY U/S. 271(1)(C) OF THE ACT CAN BE TAKEN AT PRESENT. THERE FORE THE MATTER IS SENT BACK TO THE FILE OF LD. CIT(A) WHO WILL DECIDE THE SAME DE NOVO AFTER DECIDING THE ISSUE IN THE QUANTUM APPEAL AS DIRECTED BY ITAT D BENCH AHMEDABAD IN ITA NO.4040/AHD/2008 DATED 10-05-2011 (SUPRA). THUS, APPEAL OF ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 4. IN THE RESULT, APPEAL OF ASSESSEE IS ALLOWED FOR ST ATISTICAL PURPOSES. ' ! #$% 29 / 12 /2011 ) * + , THIS ORDER PRONOUNCED IN OPEN COURT ON 29/12/ 2011 . SD/- SD/- ( G.C.GUPTA ) ( B.P. JAIN ) (VICE PRESIDENT) (ACCOUNTANT MEMBER) #$%- 29/12/2011 . , DKP* ! ! ! ! //0 //0 //0 //0 1 0 1 0 1 0 1 0 / COPY OF ORDER FORWARDED TO:- 1. / APPELLANT 2. / RESPONDENT 3. $$/4 5 / CONCERNED CIT 4. 5- / CIT (A) 5. 08+ ///4, /4, . / DR, ITAT, AHMEDABAD 6. +;< =' / GUARD FILE. BY ORDER/ ! , /TRUE COPY/ >/. $? /4, . ,