M/s. Cane Development Union Ltd., Faizabad V. Dy. Commissioner of Income Tax, Faizabad

ITA 459/LKW/2012

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 92177 (ITAT-LUCKNOW)
• Duration Of Justice: 2 year(s) 10 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-06-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 22-04-2015
• Assessment Year: 2006-2007
• Appeal Filed On: 17-08-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: HARISH GIDWANI

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH A, LUCKNOW BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI A.K. GARODIA, ACCOUNTANT MEMBER ITA NOS.459 & 460/LKW/2012 ASSESSMENT YEARS:2006 - 07 & 2007 - 08 D.C.I.T., CIRCLE - FAIZABAD. VS M/S CANE DEVELOPMENT UNION LTD MASODHA, MOTI NAGAR, DISTRICT FAIZABAD. PAN:AAAAC3037C (RESPONDENT) (APPELLANT) I.T.A. NO.656/LKW/2011 ASSESSMENT YEAR:2006 - 07 D.C.I.T. GONDA. VS M/S CANE DEVELOPMENT UNION LTD NAWABGANJ, DISTRICT - GONDA. PAN:AACCC4157D (RESPONDENT) (APPELLANT) SHRI J. N. SHUKLA, ADVOCATE APPELLANT BY SHRI HARISH GIDWANI, D.R. REVENUE BY 22/04/2015 DATE OF HEARING 19 /06/2015 DATE OF PRONOUNCEMENT O R D E R PER A. K. GARODIA, A.M. IT WAS SUBMITTED BY LEARNED A.R. OF THE ASSESSEE THAT THE ONLY ISSUE IN TH ESE APPEAL S IS REGARDING PENALTY U/S 271B OF THE ACT AND THIS ISSUE IS SQUARELY COVERED IN FAVOUR OF THE ASSESSEE BY THE TRIBUNAL DECISION IN THE CASE OF UP CO - OPERATIVE CANE DEVELOPMENT UNION LTD. IN I.T.A. NO.166/L KW/2011 DATED 07/07/2011. HE SUBMITTED COPY OF THE TRIBUNAL DECISION. 2. LEARNED D. R. OF THE REVENUE SUPPORTED THE ORDERS OF THE AUTHORITIES BELOW. 2 3. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. WE FIND THAT IN THE CASE OF UP CO - OPERATIVE CANE DEVELOPMENT UNION LTD., ON WHICH RELIANCE HAS BEEN PLACED BY THE ASSESSEE, THE TRIBUNAL HAS CONSIDERED A JUDGMENT OF HON'BLE UTTARAKHAND HIGH COURT IN THE CASE OF CIT AND ANOTHER VS. IQBALPUR CO - OPERATIVE CANE DEVELOPMENT UNION LTD. [2009] 179 TAXMAN 27 WH EREIN IT WAS HELD BY HON'BLE UTTARAKHAND HIGH COURT THAT THERE APPEARS NO INTENTION ON THE PART OF THE ASSESSEE TO CONCEAL THE INCOME OR TO DEPRIVE THE GOVERNMENT OF ITS REVENUE AS NO TAX WAS PAYABLE ON THE INCOME OF THE ASSESSEES IN VIEW OF THE PROVISIONS OF SECTION 80P OF THE ACT. IN THE PRESENT CASE ALSO, IT IS NOT IN DISPUTE THAT THE ASSESSEE WAS ELIGIBLE FOR DEDUCTION U/S 80P OF THE ACT AND THEREFORE, THIS JUDGMENT OF HON'BLE UTTARAKHAND HIGH COURT IS SQUARELY APPLICABLE IN THE PRESENT CASE. RESPECT FULLY FOLLOWING THIS JUDGMENT OF HON'BLE UTTARAKHAND HIGH COURT WHICH WAS FOLLOWED BY THE TRIBUNAL IN THE CASE OF UP CO - OPERATIVE CANE DEVELOPMENT UNION LTD. (SUPRA), WE HOLD THAT IN THE PRESENT CASE ALSO, PENALTY IMPOSED BY THE ASSESSING OFFICER U/S 271B OF THE ACT IS NOT JUSTIFIED AND THEREFORE, THE SAME IS DELETED. 4. IN THE RESULT, ALL THE THREE APPEALS OF THE ASSESSEE ARE ALLOWED. (ORDER WAS PRONOUNCED IN THE OPEN COURT ON THE DATE MENTIONED ON THE CAPTION PAGE) SD/. SD/. (SUNIL KUMAR YADAV) ( A. K. GARODIA ) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 19 /06/2015 *C.L.SINGH COPY OF THE ORDER FORWARDED TO : 1.THE APPELLANT 2.THE RESPONDENT. 3.CONCERNED CIT 4.THE CIT(A) 5.D.R., I.T.A.T., LUCKNOW ASSTT. REGISTRAR