M/S. BHARAT TRADING CO., MUMBAI V. THE ITO 15(2)(3), Mumbai

ITA 2331/MUM/2008

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 2323 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-04-2010
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 1998-1999
• Appeal Filed On: 04-04-2008
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: SS RANA S M KESHKUMAR DRS
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES B : MUMBAI BEFORE SHRI D. MANMOHAN, HONBLE VICE PRESIDENT AND SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER ITA. NO. 2331/MUM/2008 ASSESSMENT YEAR 1998-99 M/S. BHARAT TRADING CO. MUMBAI 400 008. PAN AADFB-7357-G VS. INCOME TAX OFFICER 15(2)(3) MUMBAI 400 007 (APPELLANT) (RESPONDENT) FOR APPELLANT : -NONE- FOR RESPONDENT : S/SHRI SS.RANA, S.M. KESHKUMAR , DRS. ORDER PER D. MANMOHAN, V.P. 1. PENALTY LEVIED BY THE ASSESSING OFFICER UNDER S ECTION 271 (1) (C) OF THE ACT, HAVING BEEN CONFIRMED BY THE CIT(A) , ASSESSEE IS IN APPEAL BEFORE US. 2. THE CASE WAS POSTED FROM TIME TO TIME AND FINAL LY LISTED FOR HEARING ON 13-4-2010 ON WHICH DATE NONE APPEARED ON BEHALF OF THE ASSESSEE. WE THEREFORE, PROCEED TO DISPOSE OF THE A PPEAL EXPARTE, QUA THE ASSESSEE. 3. AT THE TIME OF HEARING LEARNED DR SUBMITTED THA T THE ASSESSEE-FIRM FAILED TO PROVE THE GENUINENESS OF TH E CASH CREDITS AND DESPITE NUMBER OF OPPORTUNITIES IT COULD NOT EXPLAI N THE NATURE AND SOURCE OF CASH CREDITS WITH ANY EVIDENCE WHICH RESU LTED IN AN ADDITION OF RS.14,78,352/- UNDER SECTION 68 OF THE ACT AND THE SAME HAVING BEEN CONFIRMED BY THE ITAT A BENCH, MUMBAI (ITA. NO. 1 668/M/2002 DATED 30 TH NOVEMBER, 2005) IT IS A CLEAR CASE OF CONCEALMENT OF INCOME / 2 FURNISHING OF INCORRECT PARTICULARS OF INCOME AND H ENCE IT IS A FIT CASE FOR LEVY OF PENALTY. 4. HAVING REGARD TO THE SUBMISSIONS MADE BY THE LE ARNED DR AND ALSO IN THE LIGHT OF COGENT REASONS GIVEN BY TH E CIT(A) IN THE IMPUGNED ORDER, WE DO NOT FIND ANY MERIT IN THE APP EAL FILED BY THE ASSESSEE. WE THEREFORE, CONFIRM THE ORDER OF THE LE ARNED CIT(A) AND DISMISS APPEAL OF THE ASSESSEE. ORDER PRONOUNCED ON 19-04-2010. SD/- SD/- (B.RAMAKOTAIAH) ( D MANMOHAN ) ACCOUNTANT MEMBER VICE PRESIDENT MUMBAI : DATED: 19 TH APRIL, 2010 VBP/- COPY FORWARDED TO: 1 M/S. BHARAT TRADING CO., SHOP NO. B-11, BHARAT LO KHAND BAZAR, M.S. ALI ROAD, MUMBAI 400 008. PAN AADFB-7357-G 2 ITO-15(2)(3), MUMBAI 400 007. 3 CIT (A)-XV, MUMBAI. 4 CIT, CITY-15, MUMBAI. 5 DR B BENCH 6. GUARD FILE /TRUE COPY/ BY ORDER ASSISTANT REGISTRAR, ITAT, MUMBAI 3 SL. NO. PARTICULARS DATE INITIAL 1. DRAFT DICTATED ON 13-04-2010 SR. P.S. 2. DRAFT PLACED BEFORE THE MEMBER 15-04-2010 SR. P.S. 3 DRAFT APPROVED AND SENT TO SECOND MEMBER 15-04-2010 V.P. 4. DRAFT APPROVED BY SECOND MEMBER 15-04-2010 A.M. 5. DRAFT RECEIVED BY SR. P.S. SR. P.S. 6. KEPT FOR PRONOUNCEMENT SR. P.S. 7. SENT TO BENCH CLERK SR. P.S. 8. DATE OF DISPATCH OF THE ORDER