Shri Hemendra Babulal Shah, Ahmedabad V. The Income Tax Officer,Ward-7(4), Ahmedabad

ITA 3188/AHD/2014

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 7919 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-12-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Assessment Year: 2008-2009
• Appeal Filed On: 03-12-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ROOP CHAND

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD D BENCH AHMEDABAD BEFORE, SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER ITA NO. 3188/AHD/2014 (ASSESSMENT YEAR: 2008-09) SHRI HEMENDRA BABULAL SHAH 20, SUDARSHAN SOCIETY, PART-II, OPP. DEVENDRA BUS STAND, NARANPURA, AHMEDABAD - 13 APPELLANT VS. THE INCOME TAX OFFICER, WARD 7(4), AHMEDABAD - 15 RESPONDENT PAN: ACIPS7655M /BY ASSESSEE : ARTI N. SHAH, A.R. /BY REVENUE : ROOPCHAND, SR. D.R. /DATE OF HEARING : 08.12.2017 /DATE OF PRONOUNCEMENT : 18.12.2017 ORDER PER S. S. GODARA, JUDICIAL MEMBER THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2008-09 ARISES AGAINST THE CIT(A)-XXI, AHMEDABADS ORDER DATED 15.09.2014 IN C ASE NO. CIT(A)- XXI/260/12-13, UPHOLDING ASSESSING OFFICERS ACTION LEVYING PENALTY OF RS.3,55,990/-, IN PROCEEDINGS U/S. 271(1)(C) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. 2. WE NOTICE AT THE OUTSET THAT THE IMPUGNED PENALT Y PERTAINS TO QUANTUM ADDITION OF RS.10LACS RECEIVED BY THE ASSESSEE FROM M/S. ICICI PRUDENTIAL CO. LTD. IN THE NATURE OF KEYMAN INSURANCE POLICY PROCEEDS I N ITS NAME TAKEN BY M/S. ITA NO. 3188/AHD/14 [SHRI HEMENDRA B. SHAH VS. ITO] A.Y. 2008-09 - 2 - VASTUPAL STEEL & SPARES PVT. LTD. THE CIT(A)S QUA NTUM ORDER DATED 01.02.2012 AFFIRMED THE ASSESSING OFFICERS ACTION. THIS MADE BOTH THE LOWER AUTHORITIES TO IMPOSE THE IMPUGNED PENALTY U/S.271(1)(C) OF THE AC T. IT EMERGES THAT THE ASSESSEE FILED QUANTUM APPEAL ITA NO. 707/AHD/2012 BEFORE TH IS TRIBUNAL. A CO-ORDINATE BENCH HAS ACCEPTED THE SAME ON 22.09.2017 AFTER HOL DING THAT THE SAID PROCEEDS ARE ENTITLED FOR EXEMPTION U/S.10(10D) OF THE ACT SINCE THE REMEDIAL AMENDMENT THEREIN CAME W.E.F. 01.04.2014 ONLY NOT APPLICABLE IN EARLIER ASSESSMENT YEARS. LEARNED DEPARTMENTAL REPRESENTATIVE DOES NOT DISPUT E THESE INTERVENING DEVELOPMENTS. WE THEREFORE CONCLUDE THAT THE IMPUG NED PENALTY DOES HAVE NO LEGS TO STAND. IT IS ACCORDINGLY DELETED. 3. THIS ASSESSEES APPEAL IS ALLOWED. [PRONOUNCED IN THE OPEN COURT ON THIS THE 18 TH DAY OF DECEMBER, 2017.] SD/- SD- ( PRADIP KUMAR KEDIA ) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIAL M EMBER AHMEDABAD: DATED 18/12/2017 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