The Ujjain Paraspar Sahakari Bank Ltd., Ujjain V. The Director of Income Tax (Intelligence), Bhopal

ITA 236/IND/2012

• Counselvise Citation: 23622714 RSA 2012
• Duration Of Justice: 2 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-07-2012
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Assessment Year: 2011-2012
• Appeal Filed On: 30-04-2012
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: KESHAV SAXENA
• Assessee Lawyers: S S DESHPANDE
• Keywords: Reasonable cause

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL , INDORE BENCH, INDORE BEFORE SHRI JOGINDER SINGH, J.M. AND SHRI R.C.SHARM A, A.M. PAN NO. : AAACV4231B I.T.A.NO. 236 /IND/201 2 A.Y. : 2011 - 12 UJJAIN PARASPAR SAHAKARI BANK LIMITED, DIRECTOR OF INCOME - TAX (INTELLIGENCE), 179, MALIPURA, UJJAIN VS BHOPAL APPELLANT RESPONDENT APPELLANT BY : SHRI S.S.DESHPANDE, C. A. RESPONDENT BY : SHRI KESHAV SAXENA, CIT DR DATE OF HEARING : 05 .0 7 .2012 DATE OF PRONOUNCEMENT : 09 . 0 7 .201 2 O R D E R PER R. C. SHARMA, A.M. THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF DIRECTOR OF INCOME TAX (INTELLIGENCE), BHOPAL, D ATED 23.3.2012, FOR THE FINANCIAL YEAR 2010-11 IN THE MA TTER OF -: 2: - 2 CONFIRMATION OF PENALTY OF RS. 20,500/- IMPOSED U/S 271FA READ WITH SECTION 274 OF THE INCOME-TAX ACT, 1961. 2. RIVAL CONTENTIONS HAVE BEEN HEARD AND RECORDS PERUSED. FACTS OF THE CASE ARE THAT THE ASSESSEE IS SAHAKARI BANK. THE ANNUAL INFORMATION RETURN (AIR) IS REQUIR ED TO BE FURNISHED UNDER SUB SECTION (1) OF SECTION 285BA OF THE INCOME-TAX ACT, 1961, ON OR BEFORE 31 ST AUGUST, IMMEDIATELY FOLLOWING THE FINANCIAL YEAR IN WHICH THE SPECIFIED TRANSACTIONS AS MENTIONED UNDER RULE 114E OF THE INCOME TAX RULE S, 1962, ARE REGISTERED OR RECORDED. 3. THE ASSESSING OFFICER OBSERVED THAT NO SUCH AIR IN RESPECT OF UJJAIN PARASPAR SAHKARI BANK LIMITED, 17 9, MALIPURA, UJJAIN WAS FILED BY THE DUE DATE FOR THE FINANCIAL YEAR 2010-11 IN THE MANNER PRESCRIBED UNDER THE INC OME-TAX ACT, 1961, READ WITH RULE 114E OF THE INCOME TAX RU LES, 1962. THUS, THE ASSESSEE IS IN DEFAULT OF NOT FILIN G THE AIR FOR THAT FINANCIAL YEAR UNDER SUB SECTION (1) OF SECTIO N 285BA OF THE INCOME-TAX ACT, 1961. ACCORDINGLY, PENALTY U/S 271FA OF THE INCOME TAX ACT, 1961, WAS IMPOSED. -: 3: - 3 4. CONTENTION OF LD. AUTHORIZED REPRESENTATIVE WAS TH AT THERE WERE HUGE TRANSACTION NO.375 IN RESPECT OF 1 0 CUSTOMERS, FOR WHICH ASSESSEE BANK WAS NOT HAVING P AN NO.AND THAT TOOK CONSIDERABLE TIME IN COLLECTING TH E PAN, WHICH IS REQUIRED TO BE NOTED FOR FURNISHING THE AI R RETURNS. THUS, AS PER LD. AUTHORIZED REPRESENTATIVE , THERE WAS REASONABLE CAUSE FOR DELAY IN FILING AIR. 5. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND FOUND FROM RECORD THAT PENALTY U/S 271FA WAS IMPOSED DUE TO CONSIDERABLE DELAY IN FILING AIR RETURN. AS PER THE REASONS GIVEN BY THE ASSESSEE, WE DEEM IT REASONABLE TO ALL OW A PERIOD OF TWO MONTHS FOR COLLECTING THE PAN NOS. OF TEN CU STOMERS IN RESPECT OF WHOM THE ASSESSEE WAS REQUIRED TO FILE A IR RETURN. ACCORDINGLY, WE DIRECT THE DIRECTOR OF INCOME TAX ( INTELLIGENCE), BHOPAL TO RESTRICT THE PENALTY BY CONSIDERING THE P ERIOD BEYOND TWO MONTHS AS UNREASONABLE. WE DIRECT ACCORD INGLY. -: 4: - 4 6. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWE D IN PART. THIS ORDER HAS BEEN PRONOUNCED IN THE OPEN COURT ON 9 TH JULY, 2012. SD/ - SD/ - (JOGINDER SINGH) (R. C. SHARMA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 9 TH JULY, 2012. CPU* 567