SUBH LAXMI SAVING & FINANCE P LTD., Jaipur V. ITO, Jaipur

ITA 220/JPR/2011

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 54155 (ITAT-JAIPUR)
• Duration Of Justice: 5 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-09-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 1982-1983
• Appeal Filed On: 11-03-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: D K MEENA

Judgement Text

1 ITA 220(4)-11 IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH B JAIPUR BEFORE SHRI R.K. GUPTA AND SHRI N.L. KALRA ITA NO. 220 TO 223/JP/2011 ASSTT. YEAR : 1982-83. SUBH LAXMI SAVING & FINANCE P. LTD. VS. THE INCOME- TAX OFFICER, C/O ANIL KUMAR AGRAWAL, WARD 1(1), H-1/35, RAM VIHAR, OPP. GPO, JAIPUR. M.I. ROAD, JAIPUR. (APPELLANT) (RESPONDENT) APPELLANT BY : NOSNE (ADJOURNMENT APPLICATIO N REJECTED) RESPONDENT BY : SHRI D.K. MEENA DATE OF HEARING : 25.8.2011. DATE OF PRONOUNCEMENT : 09.9.2011. ORDER DATE OF ORDER : 09/09/2011. PER R.K. GUPTA, J.M. THESE ARE FOUR APPEALS BY ASSESSEE RELATING TO LEV Y OF PENALTY UNDER SECTION 271(1)(A), 271 (1)(B), 271(1)(C) AND 273 RELATING TO ASSESSMENT YEAR 1982-83. 2. NONE APPEARED ON BEHALF OF THE ASSESSEE THOUGH O N LAST HEARING THE CASE WAS ADJOURNED ON THE REQUEST OF LD. COUNSEL FOR HEARING ON 25.8.2011. 3. THE ONLY GROUND IN ALL THESE APPEALS FILED BY TH E ASSESSEE COMPANY IS THAT THE LD. CIT (A) HAS ERRED IN NOT CONSIDERING SUBMISSIONS OF THE ASSESSEE THAT ASSESSEE COMPANY HAD NOT BEEN ABLE TO FILE ITS RETURN OF INCOME FOR ASSESSMENT YEAR 1982-83 AS THE DIRECTORS OF THE COMPANY WERE UNDER ACUTE DEPRESSION BECAUSE THEY HAD TO CLOSE THEIR ENTIRE 2 ACTIVITY DUE TO RESTRICTION IMPOSED BY THE RESERVE BANK OF INDIA ON CHIT FUND COMPANIES/CHIT FUND BUSINESS ACTIVITIES. 4. WE HAVE SEEN THE ORDER OF LD. CIT (A) AND NOWHER E IT HAS BEEN MENTIONED IN THE ORDER OF LD. CIT (A) THAT THE DIRECTORS OF THE COMP ANY WERE UNDER ACUTE DEPRESSION BECAUSE OF CLOSURE OF BUSINESS ACTIVITY DUE TO REST RICTION IMPOSED BY RESERVE BANK OF INDIA WHEREAS IN THE STATEMENT OF FACTS THIS WAS SP ECIFICALLY MENTIONED BY THE ASSESSEE COMPANY BEFORE LD. CIT (A). WE HAVE SEEN THAT SPEC IFIC GROUND NO. 3 WAS TAKEN BEFORE LD. CIT (A) MENTIONING THAT THE COMPANY WAS FORCED TO CLOSE IN AROUND THE ACCOUNTING YEAR 1980-81 DUE TO RESTRICTION IMPOSED BY THE RESE RVE BANK OF INDIA. THERE WAS A GROUND NO. 4 ALSO IN WHICH IT WAS MENTIONED THAT TH E DIRECTORS OF THE COMPANY WERE UNDER DEPRESSION DUE TO RESTRICTION IMPOSED BY RESERVE BA NK OF INDIA. THESE FACTS WERE NOT TAKEN INTO CONSIDERATION NOR ANY FINDING HAS BEEN G IVEN BY LD. CIT (A) WHILE CONFIRMING THE LEVY OF PENALTY. THEREFORE, WE ARE OF THE CONS IDERED VIEW THAT TO MEET THE ENDS OF JUSTICE ALL THE MATTERS RELATING TO VARIOUS PENALTI ES LEVIED BY AO AND CONFIRMED BY LD. CIT (A) SHOULD GO TO THE FILE OF LD. CIT (A) TO DISPOSE OFF AFRESH AFTER TAKING INTO CONSIDERATION THE SUBMISSIONS RAISED THROUGH GROUND NO. 3 AND 4 BEFORE HIM. ACCORDINGLY WE SET ASIDE THE ORDER OF LD. CIT (A) AND REMAND TH E MATTER BACK TO HIS FILE FOR PASSING ORDER AFRESH AFTER AFFORDING OPPORTUNITY OF BEING H EARD TO THE ASSESSEE AS WELL AS TO THE AO. WE ORDER ACCORDINGLY. 5. IN THE RESULT, APPEALS OF THE ASSESSEE ARE ALLOW ED FOR STATISTICAL PURPOSES. 6. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 09. 9.2011. SD/- SD/- ( N.L. KALRA ) ( R.K. GUPTA ) ACCOUNTANT MEMBER JUDICIAL MEMBER 3 JAIPUR, D/- COPY FORWARDED TO :- SUBH LAXMI SAVING & FINANCE P. LTD., JAIPUR. THE ITO WARD 1(1), JAIPUR. THE CIT (A) THE CIT THE D/R GUARD FILE (ITA NO. 220(4)/JP/2011) BY ORDER, AR ITAT JAIPUR.