Shri Ramesh Kothari, JAIPUR V. ACIT, UDAIPUR

ITA 478/JODH/2010

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 54448 (ITAT-JODHPUR)
• Duration Of Justice: 1 year(s) 3 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-12-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Next Hearing Date: 15-12-2011
• Assessment Year: 2004-2005
• Appeal Filed On: 01-09-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SUBHASH CHANDRA

Judgement Text

ITA 478-10 IN THE INCOME TAX APPELLATE TRIBUNAL JODHPUR BENCH JODHPUR. ( BEFORE SHRI R.K. GUPTA AND SHRI N.L. KALRA ) ITA NO. 478/JODH/2010 ASSTT. YEAR : 2004-05. SHRI RAMESH CHAND KOTHARI, VS. THE ACIT, CENTRAL CIRCLE-2, PROP. M/S. MAHAVEER AUTO FINANCE, UDAIPUR. VPO RISHABHDEO, KHERWARA, UAIPUR. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI SHRAWAN GUPTA RESPONDENT BY : SHRI SUBHASH CHANDRA DATE OF HEARING : 15.12.2011. DATE OF PRONOUNCEMENT : 16.12.2011. ORDER DATED : 16/12/2011. PER R.K. GUPTA, J.M. THIS IS AN APPEAL BY ASSESSEE CONFIRMING THE LEVY OF PENALTY OF RS. 12,100/- UNDER SECTION 271(1)(C) RELATING TO ASSESSMENT YEAR 2004- 05. 2. AN ADDITION OF RS. 40,109/- WAS MADE UNDER SECTI ON 69C. ACTUALLY CERTAIN INCRIMINATING DOCUMENTS WERE FOUND DURING THE SEARC H AND IT WAS SEEN THAT ASSESSEE HAS MADE TRANSACTION OF RS. 1,53,241/- IN RESPECT OF GO LD ORNAMENTS AND AFTER ASCERTAINING THAT ASSESSEE HAS PAID RS. 1,00,000/- FROM HIS KNOW N SOURCES, GAVE CERTAIN BENEFIT OF EXPENSES, AND ADDITION OF RS. 40,109/- WAS MADE. P ENALTY PROCEEDINGS UNDER SECTION 271(1)(C) WAS ALSO INITIATED AND THEREAFTER PENALTY WAS LEVIED ALSO AT RS. 12,100/-. THE LD. CIT (A) HAS CONFIRMED THE ACTION OF THE ASSESSI NG OFFICER. 3. AFTER CONSIDERING THE ORDERS OF THE ASSESSING OF FICER AND LD. CIT (A), WE DELETE THE LEVIABILITY OF PENALTY AS THIS IS A MINOR DIFFE RENCE ON ACCOUNT OF WORKING OUT THE INVESTMENT ON THE BASIS OF A PAPER FOUND DURING THE COURSE OF SEARCH. IT IS NO CONCRETE EVIDENCE THAT ASSESSEE MADE INVESTMENT AS ASSESSEE HAS MENTIONED THAT THIS WAS ROUGH WORKING AND ACTUAL INVESTMENT WAS RS. 1,00,000/- ON LY WHICH HAS BEEN SHOWN. THEREFORE, KEEPING IN MIND THE SMALLNESS OF ADDITIO N AND TAKING INTO CONSIDERATION THE SUBMISSIONS OF THE ASSESSEE, WE CANCEL THE LEVY OF PENALTY. 4. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED . 5. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 16. 12.2011. SD/- SD/- ( N.L. KALRA ) ( R.K. GUPTA ) ACCOUNTANT MEMBER JUDICIAL MEMBER JODHPUR, COPY FORWARDED TO :- SHRI RAMESH CHAND KOTHARI, UDAIPUR. THE ACIT, CENTRAL CIRCLE-2, UDAIPUR. THE CIT (A) THE CIT THE D/R GUARD FILE (ITA NO. 478/JODH/2010) BY ORDER, AR ITAT JODHPUR.