The DCIT, Circle-2, Surat V. Shri Ramniwas R. Kasat, Surat

ITA 1712/AHD/2013

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 1038 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 1 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-07-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 26-07-2016
• Assessment Year: 2006-2007
• Appeal Filed On: 12-06-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Unexplained cash credit

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD C BENCH BEFORE: SHR I S. S. GODARA , JUDICIAL MEMBER AND SHRI MANISH BORAD , ACCOUNTANT MEMBER THE DCIT, CIRCLE - 2, ROOM NO. 110, 1 ST FLOOR, AAYAKAR BHAVAN, MAJURAGATE, SURAT - 395001 (APPELLANT) VS SHRI RAMNIWAS R. KASAT, 1013, SHREE LAXMI MARKET, RING ROAD, SURAT - 395002 PAN: AEBPK0877L (RESPONDENT) REV ENUE BY : S H RI MR. PRASOON KABRA , SR. D . R. ASSESSEE BY: NONE (WRITTEN SUBMISSIONS) DATE OF HEARING : 26 - 07 - 2 016 DATE OF PRONOUNCEMENT : 27 - 07 - 2 016 / ORDER P ER : S. S. GOD ARA , JUDICIAL MEMBER : - THIS REVENUE S APPEAL FOR A.Y. 2006 - 07 , AR ISES FROM ORDER OF THE CIT(A) - II, AHMEDABAD DATED 04 - 03 - 2013 IN APPEAL NO. CAS - II/15/2011 - 12 , IN PROCEEDINGS UNDER SECTION 271(1 ) (C) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT . I T A NO . 1712 / A HD/20 13 A SSESSMENT YEAR 200 6 - 07 I.T.A NO. 1712 /AHD/2013 A.Y. 2006 - 07 PAGE NO DCIT VS. SHRI RAM N I WAS R. KASAT 2 2. LE ARNED DEPARTMENTAL REPRESENTATIVE APPEARING AT REVENUE S BEHEST POINTS OUT AT THE OUTSET THAT ITS ONLY GRIEVANCE CHALLENGES THE LOWER APPELLATE ORDER DELETING PENALTY LEVIED ON UNEXPLAINED CASH CREDIT ADDITION AND TREATMENT OF SHARE PROFITS AS BUSINESS INC OME INSTEAD OF CAPITAL GAINS AMOUNTING TO RS. 86,15,001/ - AND RS. 74,16,987/ - ; RESPECTIVELY AS MADE IN ASSESSMENT ORDER DATED 24 - 12 - 2008. 3. A PERUSAL OF THE INSTANT CASE FILE REVEALS THAT A CO - ORDINATE BENCH OF THE TRIBUNAL IN ASSESSEE S APPEAL 1707 A ND 2190/AHD/2007 DECIDED ON 31 - 05 - 2016 HAS ALREADY DECIDED BOTH THE QUANTUM ISSUES AGAINST THE DEPARTMENT. LEARNED DEPARTMENTAL REPRESENTATIVE FAILS TO REBUT THIS FACTUAL POSITION. WE ARE ACCORDINGLY OF THE VIEW THAT THE IMPUGNED PENALTY SUBJECT MATTER O F THE INSTANT APPEAL DOES NOT SURVIVE ANY MORE. WE AFFIRM THE CIT(A) S ORDER UNDER CHALLENGE. 4. THIS REVENUE S APPEAL IS DISMISSED. ORDER PR ONOUNCED IN THE OPEN C OURT ON 27 - 07 - 201 6 SD/ - SD/ - ( MANISH BORAD ) ( S. S. GODARA ) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD : DATED 27 /07 /2016 AK / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE I.T.A NO. 1712 /AHD/2013 A.Y. 2006 - 07 PAGE NO DCIT VS. SHRI RAM N I WAS R. KASAT 3 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER/ , / ,