Purvi Kantilal Oza, Surat V. The Income tax Officer,Ward-8(2), Surat

ITA 2740/AHD/2013

• Counselvise Citation: [2017] 130 COUNSELVISE.COM (IT) 9196 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 2 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-02-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 15-02-2017
• Assessment Year: 2007-2008
• Appeal Filed On: 25-11-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DINESH SINGH
• Assessee Lawyers: M K PATEL
• Keywords: Peak credit

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD SMC BENCH AHMEDABAD BEFORE, SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER ITA NO. 2740/AHD/2013 (ASSESSMENT YEAR:2007-08) PURVI KANTILAL OZA 196, AHURA NAGAR, ADAJAN ROAD, SURAT - 395009 APPELLANT VS. THE INCOME TAX OFFICER, WARD 8(2), SURAT RESPONDENT PAN: AACPO3126H /BY ASSESSEE : SHRI M. K. PATEL, A.R. /BY REVENUE : SHRI DINESH SINGH, SR. D.R. /DATE OF HEARING : 15.02.2017 /DATE OF PRONOUNCEMENT : 23.02.2017 ORDER PER S. S. GODARA, JUDICIAL MEMBER THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2007-08 ARISES AGAINST THE CIT(A)-V, SURATS ORDER DATED 23.10.2013, PASSED IN APPEAL NO. CAS/V/315/2011-2012, UPHOLDING ASSESSING OFFICERS ACTION IMPOSING ITA NO. 2740/AHD/2013 (PURVI KANTILAL OZA VS. ITO) A.Y. 2007-08 - 2 - PENALTY OF RS.86,293/- VIDE ORDER DATED 15.03.2012, IN PROCEEDINGS U/S.271(1)(C) OF THE INCOME TAX ACT, 1961, IN SHORT THE ACT. 2. WE COME TO RELEVANT FACTS. THE ASSESSING OFFICE R HAD FRAMED A REGULAR ASSESSMENT ON 29.12.2009 ADDING ASSESSEES UNEXPLAINED CASH DEPOSITS OF RS.17,55,363/-. HE THEREAFTER INITIATE D THE IMPUGNED PENALTY PROCEEDINGS U/S.271(1)(C) OF THE ACT QUA THE SAME. THE ASSESSEE PREFERRED QUANTUM APPEAL. THE CIT(A)S ORDER DATED 03.03.201 1 DIRECTED THE ASSESSING OFFICER TO RESTRICT THE ABOVE STATED ADDI TION TO PEAK BALANCE OF RS.3,00,095/-. THE ASSESSING OFFICER THEREAFTER IM POSED THE IMPUGNED PENALTY OF RS.86,293/- PERTAINING TO THE SAID PEAK BALANCE VIDE ORDER DATED 06.03.2012 AS UPHELD IN COURSE OF LOWER APPELLATE P ROCEEDINGS. 3. BOTH THE LEARNED REPRESENTATIVES STATE AT THE OU TSET THAT THIS TRIBUNAL IN ASSESSEES AS WELL AS REVENUES CROSS APPEAL ITA NO S. 1751 AND 1727/AHD/2011 DECIDED ON 05.09.2014 HAS REMITTED QU ANTUM ADDITION OF THE ABOVE STATED PEAK BALANCE ITSELF TO THE ASSESSING O FFICER FOR AFRESH ADJUDICATION AFTER CONDUCTING NECESSARY VERIFICATIO N. COPY OF THE SAID CO- ORDINATE BENCH ORDER IS ALSO PLACED ON RECORD. WE CONCLUDE IN THESE PECULIAR FACTS THAT THE IMPUGNED PENALTY MUST ALSO FOLLOW TH E SUIT. WE THUS REMIT ASSESSEES SOLE SUBSTANTIVE GROUND CHALLENGING THE ABOVESTATED PENALTY BACK ITA NO. 2740/AHD/2013 (PURVI KANTILAL OZA VS. ITO) A.Y. 2007-08 - 3 - TO THE ASSESSING OFFICER TO BE DECIDED AFRESH AS PE R LAW AFTER FINALIZING CONSEQUENTIAL ASSESSMENT PROCEEDINGS. 4. THIS ASSESSEES APPEAL IS ACCEPTED FOR STATISTIC AL PURPOSES. [PRONOUNCED IN THE OPEN COURT ON THIS THE 23 RD DAY OF FEBRUARY, 2017.] SD/- SD/- ( PRADIP KUMAR KEDIA ) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIA L MEMBER AHMEDABAD: DATED 23/02/2017 TRUE COPY S.K.SINHA / COPY OF ORDER FORWARDED TO:- / REVENUE 2 / ASSESSEE ! / CONCERNED CIT 4 !- / CIT (A) ( )*+ ,--. . /0 / DR, ITAT, AHMEDABAD 1 +23 / GUARD FILE. BY ORDER / . // . /0