JSGR ELECTRONICS INDIA PVT. LTD., PONDICHERRY V. ITO, WARD - 1, PONDICHERRY

ITA 1932/CHNY/2019

• Counselvise Citation: [2022] 105 COUNSELVISE.COM (IT) 6099 (ITAT-CHENNAI)
• Duration Of Justice: 2 year(s) 8 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-03-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2015-2016
• Appeal Filed On: 26-06-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 271(1)(c); 143(3)

Judgement Text

आयकर अपीलीय अिधकरण ‘बी’ ायपीठ चे ई म । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, CHENNAI माननीय -ी महावीर िसंह, उपा34 एवं माननीय -ी मनोज कु मार अ9वाल ,लेखा सद< के सम4। BEFORE HON’BLE SHRI MAHAVIR SINGH, VICE PRESIDENT AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकर अपील सं./ ITA No.1932/Chny/2019 (िनधाEरण वषE / Assessment Year: 2015-16) M/s. JSGR Electronix India Pvt. Ltd. No.261, J.N. Street, Pondicherry – 605 001. बनाम/ V s. ITO Ward-1, Pondicherry. थायी लेखा सं./जीआइ आर सं./P AN /GI R No . AAD CJ -2 9 6 8 -E (अपीलाथ /Appellant) : ( थ / Respondent) अपीलाथ की ओरसे/ Appellant by : None थ की ओरसे/Respondent by : Shri P. Sajit Kumar (JCIT) –Ld. DR सुनवाई की तारीख/ Date of Hearing : 24-03-2022 घोषणा की तारीख / Date of Pronouncement : 24-03-2022 आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2015-16 arises out of the order of learned Commissioner of Income Tax (Appeals), Puducherry [CIT(A)] dated 23-05-2019 in the matter of penalty levied by Ld. Assessing Officer (AO) u/s 271(1)(c) vide order dated 18.06.2018. In this appeal, the assessee is aggrieved by confirmation of penalty u/s. 271(1)(c) for Rs.15.45 Lacs ITA No.1932/Chny/2019 - 2 - 2. At the time of hearing none appeared for assessee. Upon perusal of the order sheet entries, it could be seen that none is appearing for the assessee since past many occasions. The Ld. Sr. DR pleaded for dismissal of the appeal. 3. Facts leading to imposition of impugned penalty are that the assessee was assessed u/s. 143(3) of the Act on 20-12-2017. Upon perusal of the financial statements, it transpired that the assessee received unsecured loan of Rs. 50 Lacs from M/s. Achariya Educational Public Trust, Pondicherry. In the absence of any confirmation forthcoming from the lender, the said amount of Rs.50 Lacs was added to the income of the assessee u/s 68. Consequently, penalty proceedings were initiated and the assessee was saddled with penalty of Rs.46.35 Lacs vide penalty order dated 18.06.2018 which was computed @300% of tax sought to be evaded by the assessee. 4. Upon further appeal, the Ld. CIT(A) confirmed the penalty since the assessee could not explain the credit and therefore, it concealed the correct income and furnished inaccurate particulars of income. However, considering the factual matrix, the penalty was restricted to the extent of 100% of tax sought to be evaded by the assessee. Aggrieved, the assessee is in further appeal before us. 5. Upon perusal of impugned order, we find that the assessee, in its written submissions to learned first appellate authority, has assailed the penalty on various facets. The same has been enumerated in Para 5.3 of the order. However, all the submissions have not been considered while adjudicating the appeal and it has been alleged that the assessee concealed the correct income and furnished inaccurate particulars of income. Therefore, we set aside the impugned order and restore the ITA No.1932/Chny/2019 - 3 - issue of penalty back to the file of Ld. CIT(A) for denovo adjudication. The assessee is directed to substantiate its case failing which Ld. CIT(A) shall be at liberty to adjudicate the issue by way of speaking order after considering the material on record. 6. The appeal stands allowed for statistical purposes. Order pronounced on 24 th March, 2022. Sd/- (MAHAVIR SINGH) उपा34 /VICE PRESIDENT Sd/- (MANOJ KUMAR AGGARWAL) लेखा सद< / ACCOUNTANT MEMBER चे*ई / Chennai; िदनांक / Dated : 24-03-2022 EDN/- आदेश की Xितिलिप अ 9ेिषत/Copy of the Order forwarded to : 1. अपीलाथ /Appellant 2. यथ /Respondent 3. आयकर आयु (अपील)/CIT(A) 4. आयकर आयु /CIT 5. िवभागीय ितिनिध/DR 6. गाड फाईल/GF