M/s. K.K. Distributors, Nani Daman V. The Income tax Officer,Vapi Ward-4, Daman

ITA 460/AHD/2010

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 62924 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 6 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-08-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Next Hearing Date: 29-08-2012
• Assessment Year: 2005-2006
• Appeal Filed On: 11-02-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 68

Judgement Text

, , , , / // / IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, AHMEDABAD , ! ! ! ! '.. , $% $ & BEFORE SHRI MUKUL KR.SHRAWAT, JUDICIAL MEMBER AND SHRI T.R. MEENA, ACCOUNTANT MEMBER !./ I.T.A. NO.460/AHD/2010 ( ' ( ' ( ' ( ' ( / / / / ASSESSMENT YEAR : 2005-06) M/S.K.K.DISTRIBUTORS KHARIWAD NANI DAMAN ' ' ' ' / VS. ITO WARD-4 NANI DAMAN ) $% !./*+ !./ PAN/GIR NO. : AAGFK 3045 D ( ), / // / APPELLANT ) .. ( -.),/ RESPONDENT ) ), / $/ APPELLANT BY : WRITTEN SUBMISSION BY A.R. -.), 0 / $ / RESPONDENT BY : SHRI D.K.SINGH, SR.D.R. '1 0 %/ // / DATE OF HEARING : 29/8/12 23( 0 % / DATE OF PRONOUNCEMENT : 31.8.12 $4/ O R D E R PER SHRI MUKUL KR. SHRAWAT, JUDICIAL MEMBER : THIS IS AN APPEAL FILED BY THE ASSESSEE ARISING F ROM THE ORDER OF LEARNED CIT(APPEALS)-VALSAD DATED 15.09.2009 AND TH E ONLY GROUND IS IN RESPECT OF CONFIRMATION OF PENALTY LEVIED U/S.27 1(1)(C) OF THE I.T.ACT OF RS.16,46,664/-. 2. FROM THE SIDE OF THE APPELLANT, A WRITTEN SUBMIS SION HAS BEEN FURNISHED AND FROM THE SIDE OF THE RESPONDENT, LD.S R.DR MR.D.K.SINGH ITA NO .460/AHD/2010 M/S. K.K.DISTRIBUTORS VS. ITO ASST.YEAR - 2005-06 - 2 - HAS PLACED RELIANCE ON THE CORRESPONDING PENALTY OR DER PASSED U/S.271(1)(C) OF THE I.T.ACT DATED 19.3.2009. 3. IN THE SHOT COMPILATION PLACED ON RECORD, AN ORD ER OF THE TRIBUNAL, ITAT A BENCH AHMEDABAD BEARING ITA NO.795/AHD/200 8 (A.Y. 2005-06) TITLED AS M/S.K.K.DISTRIBUTORS VS. ITO DATED 23/04/2010, THE ISSUE WAS RESTORED BACK TO THE FILE OF THE VIDE PAR A-8; REPRODUCED BELOW:- 8. WE HAVE CAREFULLY GONE THROUGH THE ORDERS OF THE AUTHORITIES BELOW. ADMITTEDLY CONFIRMATION FROM THE CREDITOR W AS FILED BEFORE THE LD.CIT(A). BEFORE THE A.O. ASSESSEE STATED THA T CREDITOR HAD NRI ACCOUNT WITH CORPORATION BANK, MUMBAI. THE CHE QUE DRAWN BY THE CREDITOR FROM THAT ACCOUNT IN THE NAME OF TH E ASSESSEE PROVED THE IDENTITY, SOURCE, AS WELL AS CREDIT-WORT HINESS. WE FOUND THAT CONFIRMATION WAS NOT FILED BEFORE THE A.O. WE THEREFORE, SET ASIDE THE ORDER OF THE LD.CIT(A) AND RESTORE THIS I SSUE TO THE FILE OF THE A.O. WITH THE DIRECTION THAT ASSESSEE SHOULD F URNISH THE CONFIRMATION BEFORE THE A.O., ALSO FURNISH THE DETA ILS WHETHER CREDITOR NAMELY SHRI KILUBHAI K.PATEL IS ASSESSED T O TAXIN INDIA, HIS PAN NO. IF ANY. THE A.O. WILL RE-EXAMINE THE C REDIT OF RS.15 LACS AFRESH KEEPING IN VIEW THE PROVISIONS CONTAINE D IN SECTION 68 AND RE-ADJUDICATE THIS ADDITION IN ACCORDANCE WITH LAW. 3.1. CONSEQUENT THEREUPON, AN ORDER U/S.143(3) R.W. S. 254 WAS PASSED BY THE A.O. VIDE ORDER DATED 8/7/2011 AND THE ASSES SMENT WAS MADE AT NIL INCOME. THE IMPUGNED UNSECURED LOAN OF RS.15 L ACS HAS ALSO BEEN ACCEPTED AND AS PER THE SAID CONSEQUENTIAL ASSESSME NT ORDER THE CONTENTION OF THE ASSESSEE WAS FOUND IN ORDER. UND ER THE TOTALITY OF THE CIRCUMSTANCES, SINCE THE IMPUGNED ADDITION WHICH WA S MADE THE BASIS OF LEVY OF CONCEALMENT PENALTY DO NOT SURVIVE ANY MORE , THEREFORE, IN ITA NO .460/AHD/2010 M/S. K.K.DISTRIBUTORS VS. ITO ASST.YEAR - 2005-06 - 3 - CONSEQUENCE THEREOF, WE HEREBY DIRECT TO DELETE THE PENALTY. WE ORDER ACCORDINGLY/. 4. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED. SD/- SD/- ( '.. ) ( ) $% ( T.R. MEENA ) ( MUKUL KR. SHRAWAT ) ACCOUNTANT MEMBER JUDICIAL ME MBER AHMEDABAD; DATED 31/ 8 /2012 '..', .'../ T.C. NAIR, SR. PS $4 0 -5 6$5( $4 0 -5 6$5( $4 0 -5 6$5( $4 0 -5 6$5(/ COPY OF THE ORDER FORWARDED TO : 1. ), / THE APPELLANT 2. -.), / THE RESPONDENT. 3. !! 7 / CONCERNED CIT 4. 7() / THE CIT(A)-VALSAD 5. 5:; -' , , / DR, ITAT, AHMEDABAD 6. ; <1 / GUARD FILE. $4' $4' $4' $4' / BY ORDER, .5 - //TRUE COPY// = == =/ // / !* !* !* !* ( DY./ASSTT.REGISTRAR) , , , , / ITAT, AHMEDABAD 1. DATE OF DICTATION30.8.12(DICTATION-PAD 3 PAGES ATTACHED) 2. DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER 30.8.12 OTHER MEMBER 3. DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR.P. S./P.S.. 4. DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE D ICTATING MEMBER FOR PRONOUNCEMENT 5. DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR.P .S./P.S31.8.12 6. DATE ON WHICH THE FILE GOES TO THE BENCH CLERK 31.8.12 7. DATE ON WHICH THE FILE GOES TO THE HEAD CLERK . 8. THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT RE GISTRAR FOR SIGNATURE ON THE ORDER.. 9. DATE OF DESPATCH OF THE ORDER