Shri Anil Kumar Jain, Indore V. The ITO 4(1), Indore

ITA 30/IND/2014

• Counselvise Citation: 3022714 RSA 2014
• Duration Of Justice: 9 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-10-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2008-2009
• Appeal Filed On: 09-01-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R A VERMA
• Assessee Lawyers: ANKIT BANSAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE P.K. BANSAL, ACCOUNTANT MEMBER AND SHRI MUKU L KR. SHRAWAT, JUDICIAL MEMBER PAN NO. ABVPJ1947P ITA NO. 30/IND/2014 A.Y. : 2008-09 SHRI ANIL KUMAR JAIN, INDORE VS. ITO, 4(1), INDORE (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI ANKIT BANSAL, C. A. REVENUE BY : SHRI R. A. VERMA, SR. DR / // / DATE OF HEARING : 18.09.2014 /DATE OF PRONOUNCEMENT: 13/10/2014 / O R D E R PER P.K.BANSAL, A.M. THIS APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST THE ORDER OF CIT(A)-II, INDORE, DATED 20.09.2013. 2. THE ONLY ISSUE INVOLVED IN THIS APPEAL AS REQUESTED BY THE ASSESSEE IS TO REDUCE THE PENALTY IMPOSED U/S 271(1 )(C) TO THE MINIMUM I.E. 100% OF THE TAX TO BE EVADED. 3. THE ASSESSEE DID NOT DISPUTE THE LEVY OF THE PENALT Y. THE ASSESSEE ONLY CHALLENGED THE QUANTUM OF THE PENALTY . WE NOTED THAT IN THIS CASE, THE PENALTY HAS BEEN IMPOSED BY THE ASSESSING OFFICER TO 200 % ON THE TAX SOUGHT TO BE EVADED AMO UNTING TO RS. SHRI ANIL KUMAR JAIN, INDORE. I.T.A.NO. 30/IND/2014 A.Y. 2008-09 2 2,75,000/-. WHEN THE MATTER WENT BEFORE THE CIT(A), THE LD. CIT(A) REDUCED THE PENALTY TO 150 % OF THE TAX SOUG HT TO BE EVADED. 4. WE HAVE HEARD THE RIVAL SUBMISSIONS AND CAREFULLY CONSIDERED THE SAME ALONGWITH THE ORDERS OF THE TAX AUTHORITIES BELOW. WE NOTED THAT THE PENALTY HAS BEEN IMPOSED B Y THE ASSESSING OFFICER FOR CONCEALMENT AS WELL AS FURNIS HING INACCURATE PARTICULARS OF INCOME AMOUNTING TO RS. 5 ,99,117/- IN RESPECT OF WHICH ADDITION WAS SUSTAINED BY THE LD.C IT(A) FOR THE CASH DEPOSIT MADE IN THE BANK ACCOUNT OF THE ASSESS EE KOTAK MAHENDRA BANK. THE LD. CIT(A) ALSO CONFIRMED THE LE VY OF PENALTY, BUT ALSO NOT MENTIONED IN THE ORDER FOR WHICH SPECI FIC DEFAULT, THE PENALTY HAS TO BE CONFIRMED. HE MERELY OBSERVED THA T I HAVE NO DOUBT THAT IT IS A FIT CASE FOR LEVY OF THE PENALTY U/S 271(1)(C). AS PER THE PROVISIONS OF SECTION 271(1)(C), PENALTY CA N BE IMPOSED FOR CONCEALMENT OF THE PARTICULARS OF INCOME OR FUR NISHING THE INACCURATE PARTICULARS OF THE INCOME UNTIL AND UNLE SS SPECIFIC CHARGE IS LEVELED, PENALTY CAN NOT BE LEVIED. SINCE THE ASSESSEE HAS NOT CHALLENGED THE LEVY OF THE PENALTY, BUT HAS REQUESTED TO LEVY THE MINIMUM PENALTY. WE, THEREFORE, KEEPING IN VIEW THE FACTS AND CIRCUMSTANCES OF THE CASE, DIRECT THE ASS ESSING OFFICER SHRI ANIL KUMAR JAIN, INDORE. I.T.A.NO. 30/IND/2014 A.Y. 2008-09 3 TO LEVY THE PENALTY U/S 271(1)(C) @ 100% OF THE TA X SOUGHT TO BE EVADED. THUS, THE GROUND TAKEN BY THE ASSESSEE IS A LLOWED. 5. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED. 6. ORDER PRONOUNCED IN PURSUANCE WITH RULE 34(4) BY PUTTING ITS PRONOUNCEMENT ON THE NOTICE BOARD. SD/- SD/- (MUKUL KR. SHRAWAT) (P. K. BANSAL) JUDICIAL MEMBER ACCOUNTANT M EMBER INDORE; DATED : 13/10/2014 CPU*SPS / COPY OF THE ORDER FORWARDED TO : 1. ! / THE APPELLANT 2. '# ! / THE RESPONDENT. 3. $%$&' # # ( / CONCERNED CIT 4. # # ( ( ) / THE CIT(A), INDORE 5. +,# &' , # # &' , -.% / DR, ITAT, INDORE 6. ,/0 1 / GUARD FILE. / BY ORDER, -# -# -# -# $2 $2 $2 $2 (ASSTT.REGISTRAR) ITAT, I NDORE SHRI ANIL KUMAR JAIN, INDORE. I.T.A.NO. 30/IND/2014 A.Y. 2008-09 4 1. DATE OF DICTATION- 18.09.2014 2. DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER .09.2014 3. DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR.P. S./P.S. .. 4. DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE D ICTATING MEMBER FOR PRONOUNCEMENT .. 5. DATE ON WHICH THE FILE GOES TO THE BENCH CLERK 6. DATE ON WHICH THE FILE GOES TO THE HEAD CLERK . 7. THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT RE GISTRAR FOR SIGNATURE ON THE ORDER.. 8. DATE OF DESPATCH OF THE ORDER