Anant Incense Ltd., Ahmedabad V. The Income Tax Officer,Ward-1(2), Ahmedabad

ITA 2939/AHD/2014

• Counselvise Citation: [2017] 130 COUNSELVISE.COM (IT) 8943 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 4 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-03-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Next Hearing Date: 16-03-2017
• Assessment Year: 2002-2003
• Appeal Filed On: 07-11-2014
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Section: 32; 147; 131; 68; 246; 69; 145; 27; 148; 54; 37; 6; 56; 263; 63; 132; 12; 28; 271(1)(c); 144; 10; 90; 154; 2; 11; 15; 271(1)(b); 139; 92

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD C BENCH AHMEDABAD BEFORE, SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI MANISH BORAD, ACCOUNTANT MEMBER ITA NO.2939/AHD/2014 (ASSESSMENT YEAR:2002-03) ANANT INCENSE LTD., 3, PRASAD PARK SOCIETY, OPP. JAIN TEMPLE, 132 FEET RING ROAD, SATELLITE, AHMEDABAD -380015 APPELLANT VS. THE ITO, WARD-1(2), AHMEDABAD RESPONDENT PAN: AADCA0012A /BY ASSESSEE : SHRI P. B. PARMAR, A.R. /BY REVENUE : SHRI PRASOON KABRA, SR. D.R. /DATE OF HEARING : 16.03.2017 /DATE OF PRONOUNCEMENT : 17.03.2017 ORDER PER S. S. GODARA, JUDICIAL MEMBER THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2002-03 ARISES AGAINST THE CIT(A)-II, AHMEDABADS ORDER DATED 24.09.2014, PASS ED IN APPEAL NO. CIT(A)-II/ITO WARD-1(2)/280/12-13, CONFIRMING ASSES SING OFFICERS ACTION IMPOSING PENALTY OF RS.3,58,560/- PERTAINING TO ADD ITIONS OF RS.10,03,766/- IN RESPECT OF UNACCOUNTED STOCK U/S.69/69A AND DISA LLOWANCE OF EXPENDITURE OF RS.600/- TO BE PENAL IN NATURE, IN PROCEEDINGS UNDER SECTION 271(1)(C) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. ITA NO. 2939/AHD/2014 (ANANT INCENSE LTD. VS. ITO) A.Y. 2002-03 - 2 - WE HAVE HEARD BOTH THE PARTIES. CASE FILE PERUSED . 2. IT IS EVIDENT AT THE OUTSET THAT BOTH THE LOWER AUTHORITIES HAVE LEVIED THE IMPUGNED PENALTY IN ASSESSEES CASE ON ACCOUNT OF T HE ABOVE TWO QUANTUM ADDITIONS MADE IN THE COURSE OF A RE-ASSESSMENT FRA MED ON 31.12.2007. THIS CASE FILE REVEALS THAT THE SAID QUANTUM ISSUES TRAV ELLED UPTO THIS TRIBUNAL IN ITA NO.138/AHD/2011. A CO-ORDINATE BENCH IN ITS OR DER DATED 07.12.2015 QUASHED THE REOPENING ITSELF THEREIN FORMING THE BA SIS OF THE ABOVE TWO QUANTUM ADDITIONS. COPY OF THE SAID ORDER FORMS PA RT OF THE CASE FILE. LEARNED DEPARTMENTAL REPRESENTATIVE FAILS TO DISPUT E THIS FACTUAL POSITION. WE THUS CONCLUDE THAT THE IMPUGNED PENALTY OF RS.3, 58,766/- HAS NO LEGS TO STAND. THE SAME IS ACCORDINGLY DELETED. 3. THIS ASSESSEES APPEAL IS ALLOWED. [PRONOUNCED IN THE OPEN COURT ON THIS THE 17 TH DAY OF MARCH, 2017.] SD/- SD/- ( MANISH BORAD ) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD: DATED 17/03/2017 TRUE COPY S.K.SINHA / COPY OF ORDER FORWARDED TO:- / REVENUE 2 / ASSESSEE ! / CONCERNED CIT 4 !- / CIT (A) ( )*+ ,--. . /0 / DR, ITAT, AHMEDABAD 1 +23 45 / GUARD FILE. BY ORDER / . // . /0