Shri Jivraj J.Desai, Mehsana V. The ACIT., Cent.Circle-1(1), Ahmedabad

ITA 2924/AHD/2010

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 73029 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 4 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-02-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Next Hearing Date: 27-02-2014
• Assessment Year: 1998-1999
• Appeal Filed On: 22-10-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: J P JHANJID
• Assessee Lawyers: G C PIPARA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD C BENCH BEFORE: SRI D.K TYAGI, JUDICIAL MEMBER AND SHRI ANIL CHATURVEDI, ACCOUNTAN T MEMBER JIVRAJ V DESAI 5, ASHOK NAGAR SOCIETY, RADHANPUR ROAD, MEHSANA PAN: AAWPD3565P (APPELLANT) VS THE DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), AAYAKAR BHAVAN, ASHRAM ROAD, AHMEDABAD (RESPONDENT) REVENUE BY: SRI J.P. JHANJID, SR.D.R. ASSESSEE BY: SRI G.C. PIPARA, A.R. DATE OF HEARING : 27-02-2014 DATE OF PRONOUNCEMENT : 27-02-20 14 / ORDER PER : D.K. TYAGI, JUDICIAL MEMBER:- THIS IS THE ASSESSEES APPEAL AGAINST THE ORDER OF LD. CIT(A)-I AHMEDABAD DATED 16-08-2010 CONFIRMING THE PENALTY U /S. 271(1)(C) OF THE ACT OF RS. 2348750/-. THIS PENALTY HAS BEEN IMPO SED BY AO ON THE ADDITION OF RS. 79,12,500/- ITA NO. 2924/AHD/2010 ASSESSMENT YEAR 1998-99 I.T.A NO. 2924/AHD/2010 A.Y. 1998-99 PAGE NO JIVRAJ DESAI VS. DCIT 2 2. AT THE TIME OF HEARING LEARNED COUNSEL OF THE AS SESSEE AT THE OUTSET SUBMITTED THAT IN QUANTUM PROCEEDINGS THE ADDITION OF RS. 79,12,500/- ON WHICH PENALTY OF RS. 23,48,750/- U/S. 271(1)(C) OF THE ACT WAS LEVIED HAS BEEN SET ASIDE BY ITAT AND THE MATTER HAS BEEN REST ORED TO THE FILE OF AO FOR FRESH ADJUDICATION VIDE ITS ORDER DATED 15 TH OCTOBER, 2010 IN ITA NO. 3436/AHD/2007. HE THEREFORE PRAYED THAT SINCE THE BASIS ON WHICH PENALTY U/S. 271(1)(C) WAS IMPOSED DOES NOT SURVIVE, PENALT Y ITSELF DESERVES TO BE DELETED. IN VIEW OF THIS, THE PENALTY IMPOSED BY A O AND SUSTAINED BY LD. CIT(A) IS HEREBY SET ASIDE. IT IS MADE CLEAR THAT ASSESSING OFFICER WILL BE FREE TO RE-INITIATE THE PENALTY PROCEEDINGS AFTER C OMPLETING THE QUANTUM PROCEEDINGS IF REQUIRED. 3. IN THE RESULT, ASSESSEES APPEAL IS ALLOWED. ORDER PRONOUNCED IN OPEN COURT ON THE DATE MENTIONE D HEREINABOVE AT CAPTION PAGE SD/- SD/- (ANIL CHATURVEDI) ( D.K. TYAGI) ACCOUNTANT MEMBER J UDICIAL MEMBER AHMEDABAD : DATED 27/02/2014 AK / COPY OF ORDER FORWARDED TO:- 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER/ , / ,