Piruz Areez Khambhatta, Ahmedabad V. The ACIT.,Circle-5, Ahmedabad

ITA 2304/AHD/2013

• Counselvise Citation: 230420514 RSA 2013
• Duration Of Justice: 1 year(s) 10 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-08-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 13-08-2015
• Assessment Year: 2002-2003
• Appeal Filed On: 16-09-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R I PATEL
• Assessee Lawyers: PF JAIN

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH BEFORE: S H RI G. D. AGRAWAL , VICE PRESIDENT AND SHR I ANIL S. S. GODARA , JUDICIAL MEMBER PIRUZ AREEZ KHAMBATTA, B/H. ELLIS BRIDGE GYMKHANA, ELLIS BRIDGE, AHMEDABAD PAN: ABMPK 6324 N (APPELLANT) VS ACIT, CIRCLE - 5, AHMEDABAD (RESPONDENT) REVENUE BY : S H RI R.I. PATEL, CIT - D . R. ASSESSEE BY: S H RI P.F. JAIN , A.R. DATE OF HEARING : 13 - 08 - 2 015 DATE OF PRONOUNCEMENT : 14 - 08 - 2 015 / ORDER P ER : S. S. GODARA , JUDICIAL MEMBER : - THIS ASSESSE S APPEAL FOR ASSESSMENT YEAR 2002 - 03 ARISES FROM ORDER OF THE CIT(A) - XI, AHMEDABAD DATED 26 - 08 - 2013 PASSED IN CASE NO. CIT(A) - XI/151/ACIT.CIR - 5/12 - 13 , AFFIRMING THE IMPUGNED PENALTY OF RS. 1,60,65,000/ - IN PROCEEDINGS U/S. 271(1)(C) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT . I T A NO 2304 / A HD/20 1 3 A SSESSMENT YEAR 200 2 - 03 I.T.A NO. 2304/AHD/2013 A.Y. 2002 - 03 PAGE NO PIRUZ AREEZ KHAMBATTA VS. ACIT 2 2. A PERUSAL OF THE CASE FILE RE VEALS THAT THE MATTER WAS HEARD ON 03 - 02 - 2015. THERE AROSE A DIFFER ENCE OF OPINION BETWEEN THE TWO MEMBER S OF THE LD. CO - ORDINATE BENCH. THIS RESULTED IN CONSTITUTION OF A THIRD MEMBER CASE WHO IN TURN AGREED WITH THE LD. ACCOUNTANT MEMBER S VIEW OF DELETING THE IMPUGNED PENALTY IN ORDER DATED 23 - 07 - 2015 . THEREF ORE, WE AS PER MAJORITY VIEW, DELETE THE IMPUGNED PENALTY OF RS. 1,60,65,00 0 / - IMPOSED BY THE ASSESSING OFF ICER AND SUSTAINED IN THE CIT(A) S ORDER UNDER CHALLENGE. 3 . THIS ASSESSEE S APPEAL IS ALLOWED. ORDER PR ONOUNCED IN THE OPEN C OURT ON 14 - 08 - 2015 SD/ - SD/ - ( G.D. AGRAWAL ) ( S. S. GODARA ) VICE PRESIDENT JUDICIAL MEMBER AHMEDABAD : DATED 14 /08 /2015 AK / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER/ , / ,