Balex Pvt.Ltd., Baroda V. The Dy.CIT.,Circle-1(1), Baroda

ITA 1845/AHD/2014

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 8106 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 5 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-11-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2005-2006
• Appeal Filed On: 18-06-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DINESH SINGH
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH AHMEDABAD BEFORE, SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER ITA NO. 1845/AHD/2014 (ASSESSMENT YEAR: 2005-06) BALEX PRIVATE LIMITED, 30-31, NAVI JETHARDI, KARJAN- SINOR ROAD, BARODA - 391240 A PPELLANT VS. THE DCIT, CIRCLE 1(1), AAYAKAR BHAVN, BARODA RESPO NDENT PAN: AAACB7665B /BY ASSESSEE : NONE /BY REVENUE : SHRI DINESH SINGH , SR. D.R. /DATE OF HEARING : 08.11.2017 /DATE OF PRONOUNCEMENT : 29.11.2017 ORDER PER S. S. GODARA, JUDICIAL MEMBER THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2005-06 ARISES AGAINST THE CIT(A)-I, BARODAS ORDER DATED 21.04.2014 IN CASE N O. CAB-I/044/2013-14, AFFIRMING ASSESSING OFFICERS ACTION IMPOSING PENAL TY OF RS.11.50LACS PERTAINING TO TWO QUANTUM ADDITION OF SECTION 68 ADDITION OF RS.3 0.35LACS AS UNSECURED LOANS AND ESTIMATED NET PROFITS OF RS.6.05LACS @1% TOTAL SALES, IN PROCEEDINGS U/S. 271(1)(C) OF THE INCOME TAX ACT, 1961; IN SHORT TH E ACT. 2. NONE APPEARS AT ASSESSEES BEHEST. IT IS ACCORD INGLY PROCEEDED EX PARTE. ITA NO. 1845/AHD/14 [BALEX PRIVATE LTD. VS. DCIT] A.Y. 2005-06 - 2 - 3. A PERUSAL OF THE INSTANT CASE FILE REVEALS THAT THE ABOVE QUANTUM ADDITIONS EMANATED FROM ASSESSMENT ORDER DATED 19.11.2007. T HE MATTER TRAVELLED UP TO THE TRIBUNAL. A CO-ORDINATE BENCH IN ASSESSEES QUANTU M APPEAL ITA NO.764/AHD/2012 DECIDED ON 14.06.2016 HAS RESTORED BACK BOTH THE AB OVE QUANTUM ISSUES OF UNSECURED LOANS ADDITION AS WELL AS ESTIMATED NET P ROFITS BACK TO THE ASSESSING OFFICER FOR A FRESH ADJUDICATION. RELEVANT ORDER F ORMS PART OF RECORD IN THE INSTANT CASE FILE. THE ASSESSING OFFICER AS WELL AS THE CI T(A) HAVE PENALIZED THE ASSESSEE U/S.271(1)(C) OF THE ACT IN THE INTERVENING PERIOD. WE THEREFORE ARE OF THE OPINION THAT THE IMPUGNED PENALTY DOES HAVE NO LEGS TO STAN D AS OF NOW. WE ACCORDINGLY RESTORE THE INSTANT PENALTY APPEAL AS WELL BACK TO THE ASSESSING OFFICER TO BE DECIDED AFTER FINALIZATION OF CONSEQUENTIAL ASSESSM ENT PROCEEDINGS. 4. THIS ASSESSEES APPEAL IS ACCEPTED FOR STATISTIC AL PURPOSES. [PRONOUNCED IN THE OPEN COURT ON THIS THE 29 TH DAY OF NOVEMBER, 2017.] SD/- SD/- ( PRADIP KUMAR KEDIA ) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIAL M EMBER AHMEDABAD: DATED 29/11/2017 TRUE COPY S.K.SINHA / COPY OF ORDER FORWARDED TO:- / REVENUE 2 / ASSESSEE ! / CONCERNED CIT 4 !- / CIT (A) ( )*+ ,--. . /0 / DR, ITAT, AHMEDABAD 1 +23 / GUARD FILE. BY ORDER / . // . /0