KAPOOR CHAND KOTHARI, Kishangarh V. JCIT, Ajmer

ITA 30/JPR/2015

• Counselvise Citation: 3023114 RSA 2015
• Duration Of Justice: 9 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-11-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2008-2009
• Appeal Filed On: 09-01-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: O P BHATEJA CIT DHK
• Keywords: Reasonable cause

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES (SMC), JAIPUR JH IH-DS-CALY] YS[KK LNL; DS LE{K BEFORE: SHRI P.K. BANSAL, ACCOUNTANT MEMBER VK;DJ VIHY LA-@ ITA NO. 30/JP/2015 FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2008-09. SHRI KAPOOR CHAND KOTHARI, PROP. M/S. DHARTIDHAN MINERALS, HARMADA ROAD, INDUSTRIAL AREA, MADANGANJ, KISHANGARH. CUKE VS. THE JCIT, RANGE-1, AJMER. LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN/GIR NO.: ABFPK 1001 K VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT FU/KZKFJRH DH VKSJ LS@ ASSESSEE BY : NONE (ADJOURNMENT APPLICATION REJE CTED) JKTLO DH VKSJ LS@ REVENUE BY : SHRI O.P. BHATEJA, ADDL. CIT LQUOKBZ DH RKJH[K@ DATE OF HEARING : 03/11/2015 ?KKS'K .KK DH RKJH[K@ DATE OF PRONOUNCEMENT : 4/11/2015 VKNS'K@ ORDER PER P.K. BANSAL, A.M. THIS APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST THE ORDER OF LD. CIT (A) DATED 26.11.2014 BY WHICH THE LD. CIT (A) SUSTAINED THE P ENALTY LEVIED BY THE AO UNDER SECTION 271D. 2. NONE APPEARED ON BEHALF OF THE ASSESSEE. I, THER EFORE, DECIDED TO DISPOSE OFF THE APPEAL AFTER HEARING THE LD. D/R. 3. THE BRIEF FACTS OF THE CASE ARE THAT THE AO NOTE D THAT THE ASSESSEE HAS SHOWN UNSECURED LOANS FROM SHRI ASHISH KOTHARI RS. 1,36,0 00/-, SHRI RAMESH CHAND JAIN RS. 2 ITA NO. 30/JP/2015 A.Y. 2008-09 SHRI KAPOOR CHAND KOTHARI VS. JCIT AJMER. 60,000/- AND SHRI ANURAG KOTHARI RS. 90,000/- WHICH WERE RECEIVED IN CASH ON DIFFERENT DATES DURING THE IMPUGNED ASSESSMENT YEAR. THE AO, THEREFORE, TOOK THE VIEW THAT THE ASSESSEE HAS VIOLATED THE PROVISIONS OF SECTION 271 D. ACCORDINGLY HE LEVIED THE PENALTY UNDER SECTION 271D AFTER GIVING THE OPPORTUNITY TO THE ASSESSEE AMOUNTING TO RS. 2,86,000/-. 4. THE ASSESSEE WENT IN APPEAL BEFORE LD. CIT (A) W HO CONFIRMED THE ORDER OF THE ASSESSING OFFICER. 5. AFTER HEARING THE RIVAL SUBMISSIONS AND GOING TH ROUGH THE ORDER OF THE TAX AUTHORITIES BELOW, I NOTED THAT THE ASSESSEE HAS TA KEN A PLEA THAT THE TRIBUNAL HAS CONFIRMED VIDE ITS ORDER DATED 31.10.2012 IN THE CA SE OF THE ASSESSEE IN QUANTUM APPEAL THAT THE ASSESSEE HAS SOLD A RESIDENTIAL HOU SE PROPERTY IN THE NAME OF OSWAL ENCLAVE, DEV DUNGRI ROAD, KISHANGARH AND THE AMOUNT RECEIVED BY THE ASSESSEE AMOUNTING TO RS. 2,86,000/- WAS THE ADVANCE AGAINST THIS PROPERTY. I AM OF THE VIEW THAT ONCE THE TRIBUNAL HAS ACCEPTED THAT THE AMOUNT RECEIVED BY THE ASSESSEE WAS AN ADVANCE AGAINST THE SALE OF THE PROPERTY, THEREFORE , THE SAID AMOUNT CANNOT BE REGARDED TO BE LOAN OR DEPOSIT RECEIVED CONTRARY TO THE PROVISIONS OF SECTION 269SS. LEVY OF PENALTY UNDER SECTION 271D IS NOT AUTOMATIC . THE PROVISIONS OF SECTION 271D FALL WITHIN THE PROVISIONS OF SECTION 273B. THIS SECTIO N PROVIDES THAT NO PENALTY SHALL BE IMPOSABLE ON THE PERSON OR THE ASSESSEE AS THE CASE MAY BE FOR ANY FAILURE REFERRED TO IN THE SAID PROVISION IF HE PROVES THAT THERE WAS A REASONABLE CAUSE FOR SUCH FAILURE. SINCE THE AMOUNT RECEIVED WAS TOWARDS THE PART OF T HE CONSIDERATION MAY BE RECEIVED 3 ITA NO. 30/JP/2015 A.Y. 2008-09 SHRI KAPOOR CHAND KOTHARI VS. JCIT AJMER. IN ADVANCE FOR THE SALE OF THE PROPERTY, I, THE REF ER, DELETE THE PENALTY IMPOSED UNDER SECTION 271D. 6. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS A LLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 4/11/2015. SD/- IH-DS-CALY ( P.K. BANSAL ) YS[KK LNL;@ ACCOUNTANT MEMBER TK;IQJ@ JAIPUR FNUKAD@ DATED:- 4/11/ 2015 DAS/ VKNS'K DH IZFRFYFI VXZSF'KR@ COPY OF THE ORDER FORWARDED TO: 1. VIHYKFKHZ@ THE APPELLANT- SHRI KAPOOR CHAND KOTHARI. 2. IZR;FKHZ@ THE RESPONDENT- THE JCIT RANGE-1, AJMER. 3. VK;DJ VK;QDRVIHY@ CIT(A). 4. VK;DJ VK;QDR@ CIT, 5. FOHKKXH; IZFRFUF/K] VK;DJ VIHYH; VF/KDJ.K] T;IQJ@ DR, ITAT, JAIPUR 6. XKMZ QKBZY@ GUARD FILE (ITA NO. 30/JP/2015) VKNS'KKUQLKJ@ BY ORDER, LGK;D IATHDKJ@ ASSISTANT. REGISTRAR 4 ITA NO. 30/JP/2015 A.Y. 2008-09 SHRI KAPOOR CHAND KOTHARI VS. JCIT AJMER.