Shri Mehul Hirubhai Bhatt, Ahmedabad V. The Income tax Office,Ward-13(3), Ahmedabad

ITA 3165/AHD/2010

• Counselvise Citation: 316520514 RSA 2010
• Duration Of Justice: 2 year(s) 10 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-10-2013
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 10-10-2013
• Assessment Year: 2007-2008
• Appeal Filed On: 29-11-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: O P BATHEJA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH AHMADABAD BEFORE SHRI D.K.TYAGI , JUDICIAL MEMBER AND SHRI T.R. MEENA, ACCOUNTANT MEMBER ITA NO. 3165/AHD/2010 ASSESSMENT YEAR :2007-08 MEHUL HIRUBHAI BHATT 162, MANEKBAUG SOCIETY, S.M. ROAD, AMBAWADI, AHMEDABAD-380015 V/S . INCOME-TAX OFFICER, WARD-13(3), AHMEDABAD. PAN NO. A BAPB7834L (APPELLANT) .. (RESPONDENT) BY APPELLANT NONE /BY RESPONDENT SHRI O. P. BATHEJA, SR. D.R. /DATE OF HEARING 10.10.2013 /DATE OF PRONOUNCEMENT 25.10.2013 O R D E R PER : SHRI T.R.MEENA, ACCOUNTANT MEMBER THIS IS AN APPEAL AT THE BEHEST OF ASSESSEE WHICH H AS EMANATED FROM THE ORDER OF CIT(A)-XXI, AHMEDABAD, DATED 14.10.201 0 FOR ASSESSMENT YEAR 2007-08 AGAINST CONFIRMING THE PENALTY OF RS. 10,53 0/- U/S. 271(1)(C). 2. THE A.O. FOUND THAT THE ASSESSEE HAS NOT DISCLOS ED INTEREST INCOME OF RS. 37,600/- AND SHORT TERM CAPITAL GAIN OF RS. 30, 063/- ON MUTUAL FUND. THE ASSESSEE ADMITTED MISTAKE ON HIS PART DURING TH E COURSE OF ASSESSMENT PROCEEDING. THE A.O. MADE ADDITION OF RS. 68,963/- UNDER BOTH THE HEADS ITA NO. 3165/AHD/10 A.Y. 07-08 PAGE 2 AND ALSO INITIATED PENALTY U/S. 271(1)(C) OF THE IT ACT FOR CONCEALING THE INCOME AS WELL AS FOR FURNISHING INACCURATE PARTICU LARS OF INCOME. BEFORE IMPOSING PENALTY, THE A.O. GAVE REASONABLE OPPORTUN ITY OF BEING HEARD TO THE ASSESSEE ON THIS ISSUE AND HE SUBMITTED BEFORE THE A.O. THAT THERE WAS NO CONCEALMENT. THE INTEREST HAD NOT BEEN SHOWN ON TH E BASIS OF ACCRUAL. BUT THIS INCOME WAS RECEIVED ON MUTUALITY OF BOND ALONG WITH PRINCIPAL AMOUNT. THE SAID AMOUNT HAS BEEN REFLECTED IN THE PASS-BOOK AND NOT INACCURATE PARTICULARS OF INCOME HAVE BEEN FURNISHED BY THE AS SESSEE. THE ASSESSEES REPLY WAS NOT FOUND CONVINCING TO THE A.O. AND HE H ELD THAT ASSESSEE HAS CONCEALED THE INCOME UNDER BOTH THE HEADS RS. 68,96 3/- AND IMPOSED PENALTY OF RS.10,526/- BEING 100% OF TAX AND SOUGHT TO BE EVADED. 3. THE ASSESSEE CARRIED THE MATTER BEFORE THE CIT(A ) WHO HAD DISMISSED THE APPEAL BY CONSIDERING THE VARIOUS DECISIONS MEN TIONED ON PAGE NO.6 OF HIS ORDER. 4. NOW THE ASSESSEE IS BEFORE US. IN RESPONSE TO N OTICE, NO ONE APPEARED FROM THE SIDE OF THE APPELLANT. AT THE OUTSET, LD. SR. D.R. RELIED UPON THE ORDER OF LD. CIT(A). BEING A SMALL AMOU NT AND THE FACTS OF THE CASE, IT APPEARS THAT THERE IS NO MERIT IN T HE APPEAL FILED BY THE ASSESSEE AS HE HIMSELF ADMITTED THE CONCEALMENT BEFORE T HE A.O. NO EVIDENCE REGARDING ACCRUAL OR CASH SYSTEM OF INTEREST WAS PLACED BEFORE LOWER AUTHORITIES AND SHORT TERM CAPITAL GAIN HAD NOT BEE N SHOWN IN THE INCOME OF THE ASSESSEE. IT WAS EFFORTS OF THE A.O. T O DETECT THE INCOME DURING THE ITA NO. 3165/AHD/10 A.Y. 07-08 PAGE 3 ASSESSMENT PROCEEDING. THUS, WE DISMISS THE APPEAL OF THE ASSESSEE. 5. IN THE RESULT, THE ASSESSEES APPEAL IS DISMISSE D. THIS ORDER PRONOUNCED IN OPEN COURT ON 25.10.2013 SD/- SD/- ( D.K.TYAGI ) (T.R. MEENA) JUDICIAL MEMBER ACCOUNTANT MEMBER TRUE COPY S.K.SINHA ! ! ! ! '! '! '! '! / COPY OF ORDER FORWARDED TO:- 1. / APPELLANT 2. / RESPONDENT 3. '(' ) * / CONCERNED CIT 4. *- / CIT (A) 5. !./ ), ) , 12( / DR, ITAT, AHMEDABAD 6. /45 67 / GUARD FILE. BY ORDER/ , 8/ 1 ': ) , 12( ;