The ITO, Ward-5(3), Ahmedabad V. M/s. ROCKLINE PROJECTS LTD., Ahmedabad

ITA 565/AHD/2013

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 9243 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-03-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 07-03-2016
• Assessment Year: 1996-1997
• Appeal Filed On: 04-03-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MRS SOMUGYAN PAL
• Keywords: Unexplained cash credit
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD C BENCH BEFORE: S H RI PRAMOD KUMAR , ACCOUNTANT MEMBER AND SHR I S. S. GODARA , JUDICIAL MEMBER THE ITO, WARD - 5(3), AHMEDABAD (APPELLANT) VS ROCKLINE PROJECTS PVT. LTD, B - 14/15, SWAGAT COMPLEX, PUSHPKUNJ, MANINAGAR, AHMEDABAD PAN: AABCR9294H (RESPONDENT) REVENUE BY : MRS. SOMUGYAN PAL , SR. D . R. ASSESSEE BY: S H RI PARIN SHAH , A.R. DATE OF HEARING : 07 - 03 - 2 016 DATE OF PRONOUNCEMENT : 09 - 03 - 2 016 / ORDER P ER : S. S. GODARA , JUDICIAL MEMBER : - THIS R EVE NUE S APPEAL FOR A.Y. 1996 - 97 , AR IS ES FROM ORDER OF THE CIT(A) - XI, AHMEDABAD DATED 18 - 12 - 2012 IN APPEAL NO. CIT(A) - XI/8/WD - 5(3)/10 - 11 DELETING PENALTY OF RS. 95,12,800/ - , IN I T A NO . 565 / A HD/20 13 A SSESSMENT YEAR 1996 - 97 I.T.A NO. 565 /AHD/20 13 A.Y. 1996 - 97 PAGE NO ITO VS. ROCKLINE PROJECTS PVT. LTD 2 PROCEEDINGS UNDER SECTION 271(1 ) (C) OF THE INCOME TAX ACT, 1961; IN SHORT THE AC T 2. WE COME TO RELEVANT FACTS OF THE CASE. IT IS EVIDENT TO US THAT THE IMPUGNED SECTION 271(1)(C) PENALTY OF RS. 95,12,800/ - AROSE FROM AN ADDITION OF UNEXPLAINED CASH CREDITS U/S. 68 OF THE ACT AMOUNTING TO RS. 2,20,80,000/ - MADE BY THE ASSESSING OF FICER IN ASSESSMENT ORDER DATED 21 - 09 - 2007 IN QUANTUM PROCEEDINGS. THE CIT(A) IN HIS ORDER DATED 29 - 07 - 2008 GRANTED PART RELIEF TO THE ASSESSEE TO THE TUNE OF RS. 14 LACS. THIS LEFT BOTH THE PARTIES AGGRIEVED. THE ASSESSEE AND REVENUE FILED CROSS APPEA L ITA NOS. 3189 AND 3256/AHD/2008 BEFORE THE TRIBUNAL. A CO - ORDINATE BENCH IN ITS ORDER DATED 14 - 12 - 2012 DELETED THE ENTIRE ADDITION AMOUNT. QUANTUM PROCEEDINGS ATTAINED FINALITY ACCORDINGLY. 3. A PERUSAL OF THE CASE REVEALS THAT THE ASSESSING OFFICER IN THE MEANTIME PASSED THE IMPUGNED PENALTY ORDER ON 26 - 02 - 2010 LEVYING THE IMPUGNED PENALTY OF RS. 95,12,800/ - REGARDING THE ABOVE STATED ADDITION HOLDING THAT THE ASSESSEE HAD FURNISHED INACCURATE PARTICULARS OF INCOME. THE CIT(A) DELETES THE SAME IN V IEW OF THE TRIBUNAL S ORDER (SUPRA). WE HOLD IN THESE FACTS AND CIRCUMSTANCES THAT ONCE THE QUANTUM ADDITION FORMING THE VERY FOUNDATION OF THE IMPUGNED PENALTY STANDS DELETED, THERE CAN HARDLY BE ANY SECOND OPINION THAT THE LATTER HAS ALSO TO FOLLOW SUIT . THE REVENUE FAILS TO POINT OUT ANY EXCEPTION TO THIS PRINCIPLE. THE CIT(A) S ORDER UNDER CHALLENGE IS ACCORDINGLY UPHELD. I.T.A NO. 565 /AHD/20 13 A.Y. 1996 - 97 PAGE NO ITO VS. ROCKLINE PROJECTS PVT. LTD 3 4. THIS REVENUE S APPEAL IS DISMISSED . ORDER PR ONOUNCED IN THE OPEN C OURT ON 09 - 03 - 201 6 SD/ - SD/ - ( PRAMOD KUMAR ) ( S. S. GODARA ) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD : DATED 09 /03 /2016 AK / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMED ABAD 6. GUARD FILE. BY ORDER/ , / ,