Ch.Govardhan Naidu , Hyderabad V. Addl. Commissioner of Income Tax, Central Range-1, Hyderabad

ITA 2107/Hyd/2018

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 3138 (ITAT-HYDERABAD)
• Duration Of Justice: 2 year(s) 7 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-06-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB-A
• Next Hearing Date: 17-05-2021
• Assessment Year: 2007-2008
• Appeal Filed On: 02-11-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: P MURALI MOHAN RAO
• Section: 271D; 271E; 263

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH A, HYDERABAD (THROUGH VIRTUAL HEARING) BEFORE SHRI S.S. GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER ITA NOS. 2107 TO 2111/HYD/2018 A.YS: 2007 - 08 TO 2010 - 11 SRI CH. GOVARDHAN NAIDU, HYDERABAD. PAN: ADDPC 6489 M VS. ADDL. CIT, CENTRAL RANGE - 1, HYDERABAD. (APPELLANT) (RESPONDENT) ASSESSEE BY: SHRI P. MURALI MOHAN RAO REVENUE BY: SHRI SUNIL KUMAR PANDEY, DR DATE OF HEARING: 17/05/2021 DATE OF PRONOUNCEMENT: 08 /06/2021 ORDER PER S.S. GODARA, J.M: THESE ASSESSEES APPEALS ITA NO. 2107 & 2108/H/2018 FOR A.Y. 2007 - 08, ITA NO.2109, 2110 & 2111/H/2018 FOR A.YS 2008 - 09 TO 2010 - 11 , ARISE AGAINST THE CIT(A) - 11, HYDERABADS SEPARATE ORDERS; ALL DATED 13/07/2018 PASSED IN CASE NO S . 471, 473, 474, 475 AND 476 /2016 - 17/DCIT CC - 1(2)/CIT(A) - 11 HYD/18 - 19 , INVOLVING PROCEEDINGS U/S. 271D (ITA NO. 2108/HYD/2018) AND SEC. 271E (ALL REMAINING FOUR FILES) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT, RESPECTIVELY. 2 . WE NOTICE AT THE OUTSET WITH THE ABLE ASSISTANCE OF BOT H THE PARTIES THAT THE IMPUGNED PENALTIES HAVE ARISEN FROM THE CORRESPONDING 2 QUANTUM ASSESSMENTS FRAMED IN FURTHERANCE TO THE PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL), HYDERABADS COMMON REVISION DIRECTIONS DATED 25/03/2015 IN SEC. 263 PROCEEDINGS TH AT THE ASSESSING OFFICER HAD FAILED TO VERIFY AND EXAMINE APPLICATION OF SECTION 269SS / 269T QUA RECEIVING AND PAYING BA CK OF LOANS IN CASH EXCEEDING THE SPECIFIC LIMITS THEREIN. 3 . ON PERUSAL OF THE ASSESSEES PAPER BOK PAGES 35 TO 44, W E FURTHER FIND THAT THIS T RIBUNALS C OORDINATE B ENCH S COMMON ORDER IN ASSESSEES ITA NO.593 TO 597/H/2015, DATED 05/08/2015 PERTAINING TO THE IMPUGNED ASSESSMENT YEAR 2007 - 08 AND 2008 - 09; HAS REVERSED THE SAID PCITS FOREGOING REVISION DIRECTIONS ITSELF FORMING BASIS OF THE SE TWIN PENALTIES. THAT BEING THE CASE, WE HEREBY CONCLUDE THAT THE SAME HA VE NO LEGS TO STAND AS ON DATE . WE ACCORDINGLY DIRECT THE ASSESSING OFFICER TO DELETE THE IMPUGNED PENALTIES IE., R S. 4,95,000/ - ; RS. 6,06,000/ - ; RS. 3,05,760/ - ; RS. 2,14,989/ - AND RS. 10,66,512/ - ; RESPECTIVELY . 4 . T HESE ASSESSEES APPEALS ARE ALLOWED IN FOREGOING TERMS. A COPY OF THIS COMMON ORDER BE PLACED IN THE RESPECTIVE CASE FILES. PRONOUNCED IN THE OPEN COURT ON 0 8 TH JUNE, 2021. SD/ - SD/ - (L.P. SAHU) ( S.S. GODARA ) ACCOUNTANT MEMBER JUDICIAL MEMBER HYDERABAD, DATED: 08 TH JUNE , 2021. 3 OKK COPY TO: - 1) CH. GOVARDHAN NAIDU, C/O. P. MURALI & CO., CHARTERED ACCOUNTANTS, 6 - 3 - 65523, SOMAJIGUDA, HYDERABAD. 2) ADDL. CIT, CENTRAL RANGE - 1, HYDERABAD, TELANGANA. 3) THE CIT(A) - 11, HYDERABAD . 4) THE PR. CIT ( CENTRAL) , HYDERABAD. 5) THE DR, ITAT, HYDERABAD 6) GUARD FILE