IRM Trust, Ahmedabad V. The ACIT.,Circle-11, Ahmedabad

ITA 2852/AHD/2013

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 6150 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 4 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-04-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Next Hearing Date: 25-04-2017
• Assessment Year: 2003-2004
• Appeal Filed On: 04-12-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Deemed dividend

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD D BENCH AHMEDABAD BEFORE, SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER ITA NO.2852/AHD/2013 (ASSESSMENT YEAR:2003-04) IRM TRUST, 13, SANJIV BAUG, NEW SHARDA MANDIR ROAD, PALDI, AHMEDABAD APPELLANT VS. ACIT, CIRCLE-11, (1 ST APPEAL DECIDED BY CIT(A)-XVI), AHMEDABAD RESPONDENT PAN: AAATI0877R /BY ASSESSEE : SHRI PARIN SHAH, A.R. /BY REVENUE : SHRI DINESH SINGH, SR. D.R. /DATE OF HEARING : 25.04.2017 /DATE OF PRONOUNCEMENT : 26.04.2017 ORDER PER S. S. GODARA, JUDICIAL MEMBER THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2003-04 ARISES AGAINST THE CIT(A)-XVI, AHMEDABADS ORDER DATED 20.09.2013, PAS SED IN APPEAL NO. CIT(A)-XVI/ACIT/CIR-11/020/12-13, UPHOLDING ASSESSI NG OFFICERS ACTION IMPOSING PENALTY OF RS.73,000/- IN ORDER DATED 16.0 3.2012 , IN PROCEEDINGS U/S.271(1)(C) OF THE INCOME TAX ACT, 1961, IN SHORT THE ACT. ITA NO. 2852/AHD/2013 (IRM TRUST VS. ACIT) A.Y. 2003-04 - 2 - 2. WE NOTICE AT THE OUTSET THAT THE ABOVE IMPUGNED PENALTY PERTAINS TO SECTION 2(22)(E) DEEMED DIVIDEND ADDITION OF RS.2,3 0,400/- AS MADE IN ASSESSMENT ORDER AND AFFIRMED IN QUANTUM LOWER APPE LLATE ORDER DATED 27.05.2011. THE ASSESSING OFFICER AS WELL AS THE C IT(A) ARE OF THE OPINION THAT THE ABOVE QUANTUM ADDITION IS AN INSTANCE OF B OTH DELIBERATE CONCEALMENT OF FACTS AS WELL AS FURNISHING OF INACCURATE PARTIC ULARS OF INCOME U/S.271(1)(C) OF THE ACT. IT EMERGES FROM THE CASE FILE THAT THI S TRIBUNAL IN ASSESSEES QUANTUM APPEAL ITA NO.1894/AHD/2011 DECIDED ON 25.0 6.2015 HAS DELETED THE ABOVE DEEMED DIVIDEND ADDITION ITSELF. WE CONC LUDE IN THESE FACTS THAT THE IMPUGNED PENALTY ACCORDINGLY HAS NO LEGS TO STA ND. WE THUS DELETE THE PENALTY IN QUESTION OF RS.73,000/-. 3. THIS ASSESSEE SUCCEEDS IN ITS INSTANT APPEAL. [PRONOUNCED IN THE OPEN COURT ON THIS THE 26 TH DAY OF APRIL, 2017.] SD/- SD/- ( PRADIP KUMAR KEDIA ) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIA L MEMBER AHMEDABAD: DATED 26/04/2017 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