Trans Global Holdings (P) Ltd., New Delhi V. ITO, Ward-25(3), New Delhi

ITA 5757/DEL/2019

• Counselvise Citation: [2022] 106 COUNSELVISE.COM (IT) 9424 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 2 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-09-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: G
• Assessment Year: 2012-2013
• Appeal Filed On: 30-06-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 271(1)(c)

Judgement Text

Page | 1 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘H’, NEW DELHI Before Shri C. N. Prasad, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 5757/Del/2019 Assessment Year: 2012-13 Trans Global Holdings (P) Ltd, 408, Deepshika Building, Rejendra Place, New Delhi Vs. ITO, Ward-25 (3), New Delhi (APPELLANT) (RESPONDENT) PAN No. AAACT3052E Assessee by : None Revenue by : Shri M. Baranwal, CIT DR Date of Hearing: 05/09/2022 Date of Pronouncement: 07.09.2022 ORDER Per Dr. B. R. R. Kumar, Accountant Member: 1. The present appeals are filed by the Assessee against the order of the ld CIT(A)-9, New Delhi dated 16.04.2019 for the Assessment Year 2012-13. 2. The penalty u/s 271(1)(c) is levied on the difference of the closing value of the stock of shares as per the market value and as per the inventory and levied penalty of Rs. 84156/-. The AO in the assessment order mentioned that ” I am satisfied that the assessee has furnished inaccurate particulars of its income/ loss to the extent of additions/ disallowance computed above, therefore, penalty proceedings u/s 271(1)(c) of the Income Tax Act, 1961.” Page | 2 3. Since, the penalty has been levied only on the difference of the valuation which is difference between the book value and market value we hold that no case of deliberately furnishing of inaccurate particulars could be made out peculiar facts of this case. Hence, we hereby direct that the penalty levied be obliterated. Order Pronounced in the Open Court on 07/09/2022. Sd/- Sd/- (C. N. Prasad) (Dr. B. R. R. Kumar) Judicial Member Accountant Member Dated: 07/09/2022 *Ajay Kumar Keot, Sr. PS* Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT ASSISTANT REGISTRAR