Shri Vipulkumar Vasantray Shah, Botad V. The Income Tax Officer,Ward-1(3), Bhavnagar

ITA 3385/AHD/2014

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 8282 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 10 month(s) 14 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-10-2017
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: C
• Next Hearing Date: 31-05-2017
• Assessment Year: 2007-2008
• Appeal Filed On: 17-12-2014
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Keywords: Unexplained cash credit

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, AHMEDABAD BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI MAHAVIR PRASAD, JUDICIAL MEMBER !# I.T.A. NO.3385/AHD/2014 ( / ASSESSMENT YEAR : 2007-08) SHRI VIPULKUMAR VASANTRAY SHAH 34, ARIHANT JANTA SOCIETY, BOTAD 364 710 # VS. ITO, WARD 1(3) AAYAKAR BHAVAN, NR. JASONATH CHOWK, NAKU BAG, BHAVNAGAR 364 001 $ # % & # PAN/GIR NO. : AHUPS 1067 L ( !$' / APPELLANT ) .. ( ($' # RESPONDENT ) !$') # APPELLANT BY : SHRI IRA KAPOOR, A.R. ($'*) / RESPONDENT BY : SHRI PRASOON KABRA, SR.D.R. + ,*-. / DATE OF HEARING 12/10/2017 /012*-. / DATE OF PRONOUNCEMENT 31/10/2017 3# O R D E R PER SHRI MAHAVIR PRASAD, JUDICIAL MEMBER : THIS IS AN APPEAL BY THE ASSESSEE AGAINST THE OR DER OF THE COMMISSIONER OF INCOME TAX(APPEALS)-XX, AHMEDABAD, DATED 30/09/2014 FOR THE ASSESSMENT YEAR (AY) 2007-08, ON THE FOLLOWING GROUNDS: I. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE LEARNED CIT(A) ERRED IN UPHOLDING THE LEGALITY OF THE ASSES SING OFFICER'S ORDER PASSED U/S.271(1)(C) OF THE I.T. ACT LEVYING PENALTY OF RS.2,44,440/-. ITA NO. 3385/AH D/2014 SHRI VIPULKUMAR VASANTRAY SHAH VS. ITO ASST.YEAR 2007-08 - 2 - II. WITHOUT PREJUDICE TO THE AFORESAID GROUND, ON THE F ACTS AND IN THE CIRCUMSTANCE OF THE CASE, THE LEARNED CIT(A) ERRED IN CONFIRMING PENALTY LEVIED BY THE ASSESSING OFFICER U/S.271(1)( C) OF THE I.T. ACT AMOUNTING TO RS.2,44,440/- WITH REFERENCE TO TH E ADDITION CONFIRMED BY THE CIT(A) IN QUANTUM APPEAL. 2. THE RELEVANT FACTS AS CULLED OUT FROM THE MATERI ALS ON RECORD ARE AS UNDER:- IN THIS CASE, PENALTY WAS LEVIED U/S.271(1)(C) OF T HE ACT OF RS.2,44,440/- ON ACCOUNT OF UNEXPLAINED CASH CREDIT U/S.68 OF RS.8,53,806/- (RS.16,50,000-RS.7,96,194) AND UNDISC LOSED INTEREST INCOME OF RS.11,793/-. 3. DETAILS REGARDING BREAKUP OF UNEXPLAINED CASH CR EDIT OF RS.8,53,806/-. OUT OF WHICH RS.4,25,000/- FROM MOTH ER-IN-LAW. THIS ISSUE WAS RESTORED BACK TO LD. AO BY THE ITAT IN AP PELLANTS QUANTUM PROCEEDINGS BEARING ITA NO.3148/AHD/2011 DATED 24/0 4/2015 VIDE PARA 2.1, PAGE NO.4. THE AFORESAID ISSUE IS DULY ACCEPTE D BY LD. AO DURING THE COURSE OF ASSESSMENT PROCEEDINGS WHILE PASSING ORDE R U/S.143(3) R.W.S. 254 OF THE ACT DATED 26/11/2015. 4. SO FAR CASH RECEIVED FROM WIFES BANK ACCOUNT RS .1,00,000/- IS CONCERNED. SAME WAS DELETED BY THE ITAT IN APPELLAN TS QUANTUM PROCEEDINGS BEARING ITA NO.3148/AHD/2011 DATED 24/0 4/2015 VIDE PARA 24, PAGE NO. 5. ITA NO. 3385/AH D/2014 SHRI VIPULKUMAR VASANTRAY SHAH VS. ITO ASST.YEAR 2007-08 - 3 - 5. SO FAR ADDITION OF RS.1,16,572/- IS CONCERNED. R EVENUE WAS NOT INCLINED BY SAVING OF ASSESSEE. THE SAME ADDITION W AS UPHOLD BY THE HONBLE ITAT IN APPELLANTS QUANTUM PROCEEDINGS BEA RING ITA NO.3148/AHD/2011 DATED 24/04/2015 VIDE PARA 2.3, PA GE NO.5 AND IN PENALTY PROCEEDINGS ASSESSEE COULD NOT GIVE ANY SAT ISFACTORILY REPLY BEFORE US. THEREFORE, WE UPHELD THE PENALTY OF RS.1 ,16,572/-. 6. AS REGARD TO CASH WITHDRAWAL FROM ACCOUNT OF STA TE BANK OF SAURATRA RS.73,000/- AND RS.30,000/-. SAME WAS DELE TED BY THE ITAT IN APPELLANTS QUANTUM PROCEEDINGS BEARING ITA NO.3148 /AHD/2011 DATED 24/04/2015 VIDE PARA 2.4 PAGE NO.6. 7. IN VIEW OF THE ABOVE OBSERVATION/DIRECTION OF TH E ITAT IN ITA NO.3148/AHD/2011 DATED 24/04/2015, WE CONFIRM THE P ENALTY OF RS.1,16,572/- AND DELETE THE PENALTY REST OF THE MA TTER. 8. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS P ARTLY ALLOWED. THIS ORDER PRONOUNCED IN OPEN COURT ON 31 / 10 /201 7 SD/- SD/- ( ) 4 5 ( N.K. BILLAIYA ) ( MAHAVIR PRASAD ) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD; DATED 31/10/2017 PRITI YADAV, SR.PS ITA NO. 3385/AH D/2014 SHRI VIPULKUMAR VASANTRAY SHAH VS. ITO ASST.YEAR 2007-08 - 4 - !'#$ %$' # COPY OF THE ORDER FORWARDED TO : 1. !$' / THE APPELLANT 2. ($' / THE RESPONDENT. 3. 67- + 8- / CONCERNED CIT 4. + 8- 4!5 / THE CIT(A)-XX, AHMEDABAD. 5. 9:;-67 !.!672 ! / DR, ITAT, AHMEDABAD 6. ;<=, # GUARD FILE. & / BY ORDER, (9-- //TRUE COPY // '/ () ( DY./ASSTT.REGISTRAR) , / ITAT, AHMEDABAD TRUE COPY 1. DATE OF DICTATION 25/10/2017 (DICTATION-PAD 3 PA GES ATTACHED AT THE END OF THIS APPEAL-FILE) 2. DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER 31/10/2017 3. OTHER MEMBER 4. DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR.P. S./P.S.. 5. DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE D ICTATING MEMBER FOR PRONOUNCEMENT 6. DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR.P .S./P.S. 7. DATE ON WHICH THE FILE GOES TO THE BENCH CLERK 8. DATE ON WHICH THE FILE GOES TO THE HEAD CLERK ... 9. THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT RE GISTRAR FOR SIGNATURE ON THE ORDER.. 10. DATE OF DESPATCH OF THE ORDER