Manishkumar & Co., Anand V. The Income tax Officer,Ward-4, Anand

ITA 562/AHD/2012

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 94673 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 7 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-10-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 20-10-2015
• Assessment Year: 2005-2006
• Appeal Filed On: 05-03-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DINESH SINGH
• Assessee Lawyers: A L THAKKAR
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH BEFORE: S H RI ANIL CHATURVEDI , ACCOUNTANT MEMBER AND SHR I S. S. GODARA , JUDICIAL MEMBER M/S. MANISHKUMAR & CO., GOKKUL CHAMBERS, SARDAR GUNJ, AT & POST: - ANAND PAN: AAGFM6357E (APPELLANT) VS INCOME TAX OFFICER, WARD - 4, ANAND (RESPONDENT) REVENUE BY : S H RI DINESH SINGH , SR. D . R. ASSESSEE BY: S H RI A.L. THAKKAR , A.R. DATE OF HEARING : 20 - 10 - 2 015 DATE OF PRONOUNCEMENT : 28 - 10 - 2 015 / ORDER P ER : S. S. GODARA , JUDICIAL MEMBER : - THIS ASSE SSEE S APPEAL FOR A.Y. 2005 - 06 , AR ISES FROM ORDER OF THE CIT(A) - IV, BARODA DATED 07 - 12 - 2011 IN APPEAL NO. CAB/IV - A - 39 /2010 - 11 , IN PROCEEDINGS U NDER SECTION 271(1)(C) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT . I T A NO . 562 / A HD/20 12 A SSESSMENT YEAR 200 5 - 06 I.T.A NO. 562 /AHD/20 12 A.Y. 2005 - 06 PAGE NO M/S. MANISHKUMAR & CO. VS. ITO 2 2. THE ASSESSEE S SOLE SUBSTANTIVE GROUN D RAISED IN THE INSTANT APPEAL CHALLENGES SECTION 271(1)(C) PENALTY OF RS. 5,03, 880/ - IMPOSED BY THE ASSESSING OFFICER IN PENALTY ORDER DATED 25 - 03 - 2010 AND AFFIRMED IN THE LOWER APPELLATE PROCEEDINGS. IT EMANATES FROM THE CASE FILE THAT THE ASSESSING OFF ICER HAS COMPLETED A REGULAR ASSESSMENT ON 04 - 12 - 2007 INTER ALIA ADDING A SUM OF RS. 13,77,000/ - DEPOSITED OF SHRI MADANLAL J. PANJABI IN THE NATURE OF CAS H CREDITS U/S. 68 OF THE ACT. HE INITIATED THE IMPUGNED PENALTY PROCEEDINGS ALLEGING CONCEALMENT AND FURNISHING OF INACCURATE PARTICULARS OF INCOME AT THE ASSESSEE S BEHEST. THE CIT(A) CONFIRMED THE SAME IN ORDER DATED 07 - 10 - 2008. THIS MADE THE ASSESSING OFFICER TO IMPOSE A PE NAL TY OF RS. 5,03,880/ - CORRESPONDING TO THE ABOVE STATED ADDITION. THE CIT(A ) HAS DISMISSED ASSESSEE S AGAINST THE SAME. 3. WE HAVE HEARD BOTH THE PARTIES. THE ASSESSEE FILES BEFORE A COPY OF THE TRIBUNAL S ORDER IN ITA 58/AHD/2009 IN QUANTUM PROCEEDINGS REMITTING THE ISSUE OF CASH CREDITS OF RS. 13,77,000/ - BACK TO THE ASSES SING OFFICER IN ORDER DATED 08/12/2011. THE REVE NUE FAILS TO REBUT THE SAME. WE OBSERVE IN THESE PECULIAR FACTS THAT THE IMPUGNED PENALTY HAS NO LEGS TO STAND . THE SAME IS ACCORDINGLY DELETED. IT IS MADE CLEAR THAT OUR THIS ORDER SHALL NOT COM E IN THE WAY OF LD. ASSESSING OFFICER TO INITIATE FRESH PROCEEDINGS IN FURTHERANCE TO THE CONSEQUENTIAL ASSESSMENT BEING FRAMED. THE ASSESSEE S SOLE SUBSTANTIVE GROUND CHALLENGING THE PENALTY IN QUESTION OF RS. 5,03,880/ - SUCCEEDS. I.T.A NO. 562 /AHD/20 12 A.Y. 2005 - 06 PAGE NO M/S. MANISHKUMAR & CO. VS. ITO 3 4. THIS ASSESSEE S APPEAL IS ALLOWED AS PER TERMS INDICATED HEREINABOVE. ORDER PR ONOUNCED IN THE OPEN C OURT ON 28 - 10 - 2015 SD/ - SD/ - ( ANIL CHATURVEDI ) ( S. S. GODARA ) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD : DATED 28 /10 /2015 AK / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER/ , / ,