M/s P.V.R.Constructions, Ongole V. The ACIT, Circle-2(1), Guntur, Guntur

ITA 178/VIZ/2012

• Counselvise Citation: 17825314 RSA 2012
• Duration Of Justice: 2 year(s) 2 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-07-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Next Hearing Date: 11-07-2014
• Assessment Year: 2008-2009
• Appeal Filed On: 17-05-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: D MANOJ KUMAR

Judgement Text

ITA NO.178/VIZAG/2012 P.V.R. CONSTRUCTIONS, ONGOLE IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH, VISAKHAPATNAM BEFORE: SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI SAKTIJIT DEY, JUDICIAL MEMBER ITA NO. 178 /VIZAG/ 2012 ASSESSMENT YEAR : 2008-09 M/S. P.V.R. CONSTRUCTIONS ONGOLE VS. ACIT CIRCLE-2(1) GUNTUR (APPELLANT) (RESPONDENT) PAN NO.AAIFP 4480B ASSESSEE BY: SHRI G.V.N. HARI, ADVOCATE REVENUE BY: SHRI D. MANOJ KUMAR, ADDL. CIT DATE OF HEARING : 11.07.2014 DATE OF PRONOUNCEMENT : 30.07.2014 ORDER PER BENCH:- THIS APPEAL OF THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF CIT(A), GUNTUR DATED 24.2.2012 FOR THE ASSESSMENT YEAR 2008 -09. 2. WE HAVE HEARD BOTH THE LD. COUNSEL FOR THE ASSES SEE AND LD. D.R. OF REVENUE. THIS IS A CASE WHERE PENALTY U/S 271B OF THE INCOME-TAX ACT WAS LEVIED FOR FAILURE TO COMPLY WITH THE PROVISIONS OF SECTION 44AB OF THE ACT. THE UNDISPUTED FACT IS THAT THE ASSESSEE HAS NOT MA INTAINED ANY BOOKS OF ACCOUNTS. THE ISSUE IS WHETHER PENALTY CAN BE LEVI ED U/S 271B OF THE ACT, WHEN ADMITTEDLY NO BOOKS OF ACCOUNTS HAVE BEEN MAIN TAINED AND THE TOTAL INCOME HAS BEEN ASSESSED ON ESTIMATED BASIS. 3. THE COCHIN BENCH OF THE TRIBUNAL IN THE CASE OF K.V. RAMACHANDRAN VS. CIT IN ITA NO.208/COCHIN/2012 DATED 28.3.2013 H AS HELD THAT NO PENALTY U/S 271B OF THE ACT CAN BE LEVIED WHEN ADMITTEDLY T HERE ARE NO BOOKS OF ITA NO.178/VIZAG/2012 P.V.R. CONSTRUCTIONS, ONGOLE 2 ACCOUNTS MAINTAINED BY THE ASSESSEE. RESPECTFULLY FOLLOWING THE COORDINATE BENCH ORDER, WE CANCEL THE PENALTY LEVIED THEREIN. 4. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS ALLOWED. PRONOUNCED IN THE OPEN COURT ON 30 TH JULY14 SD/- SD/- (SAKTIJIT DEY) (J. SUDHAKAR REDDY) JUDICIAL MEMBER ACCOUNTANT MEMBER VG/SPS VISAKHAPATNAM, DATED 30 TH JULY, 2014 COPY TO 1 M/S. P.V.R. CONSTRUCTIONS, D.NO.49-1-49(B), BEHIN D AMARAVATHI HOTEL, TRUNK ROAD, ONGOLE. 2 ACIT CIRCLE-2(1), GUNTUR 3 THE CI T, GUNTUR 4 THE CIT(A), GUNTUR. 5 THE DR, ITAT, VISAKHAPATNAM. 6 GUARD FILE. BY ORDER SENIOR PRIVATE SECRETARY INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM