DCIT, New Delhi V. Sh. Ram Narain Jindal, New Delhi

ITA 3276/DEL/2016

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 3138 (ITAT-DELHI)
• Duration Of Justice: 1 year(s) 8 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-02-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2004-2005
• Appeal Filed On: 03-06-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AGAINST COMMON DATED PASSED
• Section: 2

Judgement Text

INCOME TAX APPELLATE TRIBUNAL DELHI BENCH C: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT ME MBER ITA NOS.:- 3276, 3277, 3278 & 3279/DEL/2016 A.Y.S: 2004-05, 2005-06, 2007- 08 & 2008-09 O R D E R PER AMIT SHUKLA, IN THE AFORESAID APPEALS HAVE BEEN FILED BY THE REVENUE AGAINST COMMON ORDER DATED 11.3.2016, PASSED BY THE LD. CIT( APPEALS) -27 NEW DELHI IN RELATION TO THE PENALTY PROCEEDINGS U/S 2 71(1)(C) FOR THE ASSESSMENT YEARS 2004-05 TO 2008-09. THE REVENUE IS AGGRIEVED BY LEVY OF PENALTY U/S 271(1)(C) MAINLY ON ACCOUNT OF A DDITION MADE DCIT, CENTRAL CIRCLE-20, ROOM NO. 106, ARA CENTRE, E-2, JHANDEWALAN EXTN. NEW DELHI. VS. RAM NARAIN JINDAL 3083, MOHALLA DASSAN, HAUZ KHAS NEW DELHI 110 034 PAN AFVPJ7597R (APPELLANT) (RESPONDENT) DEPARTMENT BY: SHRI AMIT JAIN, SR. DR ASSESSEE BY : MS. SUMANGLA SAXENA, ADVOCATE DATE OF HEARING 28/02/2018 DATE OF PRONOUNCEMENT 28/02/2018 2 UNDER THE HEAD LONG TERM CAPITAL GAIN INSTEAD OF LO NG TERM CAPITAL LOSS SHOWN BY THE ASSESSEE. 2. AT THE OUTSET, LD. COUNSEL SUBMITTED THAT THE TRIBU NAL IN THE QUANTUM PROCEEDINGS HAS DELETED THE ADDITION MADE ON ACCOUNT OF LONG TERM CAPITAL GAIN ON THE GROUND THAT NO INCRIMIN ATING MATERIAL WAS FOUND IN THE COURSE OF SEARCH WHICH COULD JUSTIFY THE SUBSTITUTION OF ACTUAL SALE CONSIDERATION DISCLOSED BY THE ASSESS EE BY ADOPTING CIRCLE RATE AS PER STAMP ACT. THE SAID JUDGMENT OF THE TRIBUNAL HAS BEEN UPHELD BY THE HONBLE HIGH COURT ON THE GROUND THA T IN ABSENCE OF ANY INCRIMINATING MATERIAL CONCERNING SUCH ADDITIO N FOUND DURING THE COURSE OF SEARCH, THEN ADDITION COULD NOT BE MADE I N THE ASSESSMENT MADE U/S 153A. 4. WHENCE IN THE QUANTUM PROCEEDING ADDITION HAS BEEN DELETED, THEN LEVY OF PENALTY U/S 271(1) (C) HAS NOT LEGS TO S TAND AND ACCORDINGLY WE HOLD THAT LD. CIT (A) HAS RIGHTLY DELET ED THE PENALTY FOR THE IMPUGNED YEARS. IN THE RESULT, ALL THE APPEALS FILED BY THE REVENUE A RE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 28 TH FEBRUARY, 2018. SD/- SD/- 3 (PRASHANT MAHARISHI) (AMIT SHUKLA) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 28/02/2018 VEENA COPY FORWARDED TO 1. APPLICANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR:ITAT ASSISTANT REGISTRAR ITAT, NEW DELHI