MR AMRRUT GADA, MUMBAI V. ACIT-9(3), MUMBAI

ITA 2550/MUM/2013

• Counselvise Citation: [2018] 121 COUNSELVISE.COM (IT) 7547 (ITAT-MUMBAI)
• Duration Of Justice: 5 year(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-04-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2007-2008
• Appeal Filed On: 03-04-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: M C OMI NINGSHEN
• Assessee Lawyers: DR PRAYAG JHA
• Keywords: Unexplained cash credit
• Section: 143(3); 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI H BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA , HON'BLE A CCOUNTANT MEMBER & SHRI RAVISH SOOD, HON'BLE JUDICIAL MEMBER ITA NO. 2550 / MUM /201 3 (ASST. YEAR : 2007 - 08) AMR R UTLAL S . GADA, 7, KRISHNA KUNJ, S.V. ROAD, MALAD, MUMBAI 400 064 V S . AC IT - 9(3) , MUMBAI. PAN NO. AADPG 5298 D (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI DR. PRAYA G JHA , A. R DEPARTMENT BY : SHRI M.C. OMI NINGSHEN , D . R DATE OF HEARING : 02 / 0 4 /201 8 . DATE OF PRONOUNCEMENT : 04 / 04 /201 8 . O R D E R PER RAVISH SOOD , JUDICLA MEMBER THE PRESENT APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER P ASSED BY THE CIT(A) - 20 , MUMBAI, DATED 2 2 /01 /20 1 3 , WHICH IN ITSELF ARISES FROM THE ORDER PASSED BY THE A.O UNDER SEC. 271(1)(C) OF THE INCOME - TAX A CT, 1961 (FOR SHORT , ACT) , DATED 25/03/2011 . THE ASSESSEE ASSAILING THE ORDER OF THE CIT(A) UPHOLDING THE PENALTY IMPOSED BY THE ASSESSING OFFICER UNDER SECTION 271(1)(C) OF THE ACT HAD RAISED BEFORE US THE FOLLOWING GROUNDS OF APPEAL: - 1. THE LD. CIT(A) ERRED IN CONFIRMING THE PENALTY LEVIED UNDER SECTION 271(1)(C) OF RS. 13,48,909/ - IN SPITE OF THE FACT THAT THE APPELLANT HAD NOT CONCEALED THE PARTICULARS OF HIS AMRUTLAL GADA VS. ACIT - A.Y 2007 - 08 ITA NO.2550/MUM/2013 2 INCOME NOR HAD HE FURNISHED INACCURATE PARTICULARS OF INCOME. 2. BRIEFLY STATED , THE FACTS OF THE CASE ARE THAT THE ASSESSMENT ORDER UNDER SECTION 143(3) OF THE ACT WAS PASSED IN THE C ASE OF THE ASSESSEE FO A.Y 2007 - 08 ON 30/12/2009 , DETERMINING ITS TOTAL INCOME AT RS. 65,62,073/ - , AS AGAINST ITS RETURNED INCOME OF RS. 25,54,620/ - . DURING THE COURSE OF ASSESSMENT PROCEEDINGS , THE ASSESSING OFFICER MADE AN ADDITION OF RS. 40,07,453/ - ON ACCOUNT OF UNEXPLAINED CREDITS UNDER SECTION 68 OF THE ACT , BASED ON THE DOCUMENTS IMPOUNDED DURING THE COURSE OF SURVEY PROCEEDINGS CONDUCTED AT THE PREMISES OF M/S. BHAVIN GLASS HOUSE, SHOP NO.6, YASHODHAM APTS., BUILDING NO.3, J.P. ROAD, 4 - BUNGALOWS, AN DHERI (W), MUMBAI - 53. THE APPEAL FILED BY THE ASSESSEE AGAINST THE QUANTUM ASSESSMENT BEFORE THE CIT(A) WAS DISMISSED , VIDE HIS ORDER DATED 24/12/2010. THE ASSESSING OFFICER, AFTER PASSING OF THE ORDER BY THE CIT(A), VIDE HIS ORDER DATED 25/03/2011 IMPOSED A PENALTY OF RS. 13,48, 9 09/ - IN RESPECT OF THE AFOREMENTIONED ADDITION OF RS. 40,07,453/ - MADE IN THE HANDS OF THE ASSESSEE . AGGRIEVED , THE ASSESSEE ASSAILED THE ORDER PASSED BY THE ASSESSING OFFICER UNDER SECTION 271(1)(C) IN APPEAL BEFORE THE CIT(A). T HE CONTENTIONS OF THE ASSESSEE DID NOT FIND FAVOUR WITH THE CIT(A) , WHO THUS UPH E LD THE PENALTY OF RS.13,48,909/ - IMPOSED BY THE ASSESSING OFFICER UNDER SECTION 271(1)(C) OF THE ACT. 3 . THE ASSESSEE, BEING AGGRIEVED WITH THE ORDER PASSED BY THE CIT(A) HAD CARRIED THE MATTER IN APPEAL BEFORE US. WE FIND THAT AS THE QUANTUM APPEAL OF THE ASSESSEE FOR THE YEAR UNDER CONSIDERATION , VIZ. A.Y 2007 - 08, MARKED AS ITA NO. 2033/MUM/2011 HAD BEEN RESTORED BY US TO THE FILE OF THE CIT(A) AMRUTLAL GADA VS. ACIT - A.Y 2007 - 08 ITA NO.2550/MUM/2013 3 FOR FRESH ADJU DI CATION IN TERMS OF SPECIFIC DIRECTIONS GIVEN THEREIN, THEREFORE, WE RESTORE THE PRESENT MATTER ALSO TO THE FILE OF THE CIT(A), WHO SHALL DISPOSE OF THE SAME AFRESH , AFTER DISPOSING OF THE AFORESAID QUANTUM APPEAL . 4. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN OPEN COURT ON TH IS 04 TH DAY OF APRIL , 201 8 . S D/ - SD/ - ( SHAMIM YAHYA ) ( RAVISH SOOD ) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 04 TH APRIL , 201 8 . VR / - COPY TO: 1. THE ASSESSEE - AMR R UTLAL S. GADA, 7, KRISHNA KUNJ, S.V. ROAD, MALAD, MUMBAI 400 064 2. THE REVENUE ACIT - 9(3), MUMBAI. 3. LD. CIT - 9, MUMBAI. 4. LD. CIT(A) - 20, MUMBAI. 5. THE D.R . , MUMBAI . 6. GUARD FILE. BY ORDER (DY./ASST. REGISTRAR) , ITAT, MUMBAI .