C.P. Shrivastava, Jaipur V. ACIT, Jaipur

ITA 265/JPR/2014

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 5621 (ITAT-JAIPUR)
• Duration Of Justice: 1 year(s) 9 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-01-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2008-2009
• Appeal Filed On: 03-04-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RAJ MEHRA SR DR DHK
• Assessee Lawyers: RAJIV SOGANI

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES (SMC), JAIPUR JH VKJ-IH-RKSYKUH] U;KF;D LNL; DS LE{K BEFORE: SHRI R.P. TOLANI, JUDICIAL MEMBER VK;DJ VIHY LA-@ ITA NO. 265/JP/2014 FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2008-09 SHRI C.P. SRIVASTAVA H-16, CHITRANJAN MARG, C SCHEME, JAIPUR CUKE VS. THE ACIT CIRCLE- 7 JAIPUR LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN/GIR NO .: ADUPS 4785 K VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT FU/KZKFJRH DH VKSJ LS@ ASSESSEE BY : SHRI RAJIV SOGANI FCA JKTLO DH VKSJ LS@ REVENUE BY : SHRI RAJ MEHRA SR. DR LQUOKBZ DH RKJH[K@ DATE OF HEARING : 06/01/2016 ?KKS'K .KK DH RKJH[K@ DATE OF PRONOUNCEMENT : 07/01/2016 VKNS'K@ ORDER PER R.P. TOLANI, JM THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST T HE ORDER OF THE LD. CIT(A)-III, JAIPUR DATED 03-01-2014 FOR THE ASSESSM ENT YEAR 2008-09 WHEREIN THE ASSESSEE HAS RAISED FOLLOWING GROUND:- IN THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW THE LD. CIT(A) HAS ERRED IN CONFIRMING THE ACTION O F THE AO IN IMPOSING PENALTY U/S 271(1) ( C) OF I.T. ACT, 1961 AMOUNTING TO RS. 14,400/-. THE ACTION OF THE LD. CIT(A) IS ILLEGAL, UNJUSTIFIED, ARBITRARY AND AGAINST THE FACTS OF THE CASE. RELIEF MAY PLEASE BE GRANTED BY QUASHING THE PENALTY OF RS. 14,400/- IMP OSED U/S 271(1)( C). ITA NO. 265/JP/2014 SHRI C.P. SRIVASTAVA VS. ACIT, CIRCLE- 7, JAIPUR . 2 2.1 BRIEF FACTS OF THE CASE ARE THAT THE PENALTY IN QUESTION WAS IMPOSED QUA MINOR DIFFERENCES IN FIGURES OF EXEMPT DIVIDEND INCOME AND CALCULATION OF SHORT TERM CAPITAL GAIN. BOTH THE SM ALL ADDITIONS ARE DISPUTABLE IN NATURE, HOWEVER ADDED BY THE AO AND H ELD ASSESSEE LOOKING TO BE FURNISHING OF INACCURATE PARTICULARS. 2.2 THE LD. COUNSEL FOR THE ASSESSEE CONTENDS THAT THE ADDITIONS IN QUESTION ARE VERY SMALL AND RETURNED BY THE ASSESSE E ON ESTIMATE BASIS. THE AO FOUND SOME DIFFERENCES IN THE RECONCILIATION , AND ALSO HELD THAT IT AMOUNTS TO FURNISHING INACCURATE PARTICULARS. IT IS CONTENDED THAT THE PENALTY U/S 271(1)( C) SHOULD NOT BE LEVIED MERELY BECAUSE IT IS LAWFUL TO DO SO, RELIANCE IS PLACED ON THE CASE OF HINDUSTAN STEEL CORPN. V STATE OF ORISSA 83 ITR 26 (SC). 2.3 THE LD. DR IS HEARD 2.4 I HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE MATERIALS AVAILABLE ON RECORD. I FIND MERIT IN THE CONTENTION S OF THE LD. AR OF THE ASSESSEE. THE ADDITIONS IN QUESTION ARE OF SMALL AM OUNT AND RETURNED ON ESTIMATE BASIS, DUE TO VARIATION IN ESTIMATE BY LD. AO, ADDITIONS HAVE BEEN MADE. IN VIEW THEREOF AND RELYING ON HONBLE SUPREM E COURT JUDGMENT IN THE CASE OF HINDUSTAN STEELS (SUPRA), PENALTY IN QUESTION IS DELETED AND THE APPEAL OF THE ASSESSEE IS ALLOWED. ITA NO. 265/JP/2014 SHRI C.P. SRIVASTAVA VS. ACIT, CIRCLE- 7, JAIPUR . 3 3.0 IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWE D ORDER PRONOUNCED IN THE OPEN COURT ON 07 /01/ 2016 SD/- VKJ-IH-RKSYKUH (R.P.TOLANI) U;KF;D LNL;@ JUDICIAL MEMBER TK;IQJ@ JAIPUR FNUKAD@ DATED:- 07 /01/ 2016 *MISHRA VKNS'K DH IZFRFYFI VXZSF'KR@ COPY OF THE ORDER FORWARDED TO: 1. VIHYKFKHZ@ THE APPELLANT- SHRI C.P. SRIVASTAVA, JAIPUR 2. IZR;FKHZ@ THE RESPONDENT- THE ACIT, CIRCLE- 7 , JAIPUR 3. VK;DJ VK;QDRVIHY@ CIT(A). 4. VK;DJ VK;QDR@ CIT, 5. FOHKKXH; IZFRFUF/K] VK;DJ VIHYH; VF/KDJ.K] T;IQJ@ DR, ITAT, JAIPUR 6. XKMZ QKBZY@ GUARD FILE (ITA NO. 265/JP/2014) VKNS'KKUQLKJ@ BY ORDER, LGK;D IATHDKJ@ ASSISTANT. REGISTRAR