Rishabh Software Pvt.Ltd., Baroda V. The Income tax Officer,Ward-4(2), Baroda

ITA 658/AHD/2012

• Counselvise Citation: 65820514 RSA 2012
• Duration Of Justice: 2 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-06-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 30-05-2012
• Assessment Year: 2004-2005
• Appeal Filed On: 19-03-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD B BENCH AHMEDABAD BEFORE SHRI G.C.GUPTA , VICE PRESIDENT AND SHRI T.R. MEENA, ACCOUNTANT MEMBER ITA NO. 658/AHD/2012 ASSESSMENT YEAR :2004-05 RISHABH SOFTWARE PVT. LTD. 306/311, 3 RD FLOOR, GAJANAN COMPLEX, O.P. ROAD, BARODA. 390007 V/S . INCOME TAX OFFICER, WARD-4(2), BARODA. PAN NO. AAACR9028G (APPELLANT) .. (RESPONDENT) BY APPELLANT SHRI MUKUND BAKSHI, A.R. /BY RESPONDENT SHRI NIMESH YADAV, SR. D.R /DATE OF HEARING 30.05.2012 /DATE OF PRONOUNCEMENT 15.06.2012 O R D E R PER : T.R.MEENA, ACCOUNTANT MEMBER THIS IS ASSESSEES APPEAL ARISES OUT OF ORDER OF C IT(A)-III, BARODA, ORDER DATED 20.12.2011 FOR ASSESSMENT YEAR 2004-05. THE MAIN GROUND OF APPEAL IS AGAINST LEVY OF PENALTY U/S 271(1)(C) AT RS. 67, 850/- ON DENIAL OF DEDUCTION MADE U/S 10A(3) OF RS. 1,89,124/-. 2. THE FACT OF THE CASE IS THAT THE ASSESSEE HAS NO T RECEIVED SALE PROCEEDS OF RS. 1,89,124/- AS PER SECTION 10A(3) OF THE ACT IN CONVERTIBLE FOREIGN EXCHANGE AFTER EXPIRY OF SIX MONTHS FROM TH E END OF THE FINANCIAL YEAR. THERE WAS NO APPROVAL WITH THE ASSESSEE FROM THE R .B.I. FOR REGULATING THE ITA NO. 658/AHD/2012 A.Y.2004-05 PAGE 2 PAYMENT IN ASSESSMENT ORDER. THE A.O. MADE THE ADD ITION OF RS. 1,89,124/- WHICH WAS ALLOWED BY THE CIT (A) U/S 10A/B. BEFORE IMPOSING PENALTY 271(1)(C), THE A.O. HAD GIVEN REASONABLE OPPORTUNIT Y OF BEING HEARD TO THE ASSESSEE. THERE WAS NO REPLY FORM THE ASSESSEE AT THE TIME OF IMPOSING PENALTY ON ACCOUNT OF FURNISHING INACCURATE PARTICU LARS OF INCOME BEFORE THE A.O. THEREFORE, HE PASSED PENALTY ORDER WITHOUT RE PLY OF THE ASSESSEE. 3. THE ASSESSEE FILED FIRST APPEAL BEFORE THE LD. C IT(A)-III, BARODA, WHO HAD CONFIRMED THE PENALTY AND DISMISSED THE ASSESSE ES APPEAL BY FOLLOWING THE DELHI HIGH COURT DECISION IN CASE OF ZOOM COMMUNICATION PVT. LTD. 191 TAXMAN 179 (DELHI) & ITAT, AHMEDABAD DECISION IN CA SE OF GUJARAT STATE FINANCE CORPORATION LTD. 39 SOT 570 (AHD). 4. NOW THE ASSESSEE IS BEFORE US. THE LD. A.R. CON TENDED THAT THE ASSESSEE HAS DISCLOSED PARTICULARS OF INCOME. THE CONVERTIBLE FOREIGN EXCHANGE HAS NOT BEEN RECEIVED WITHIN THE PRESCRIBE D TIME BUT THESE PARTICULARS HAD BEEN DISCLOSED BY THE ASSESSSEE IN AUDIT REPORT. NOTHING HAS BEEN FURNISHED FALSE. THUS, NO PENALTY IS LIABLE. ON REVENUE SIDE, SHRI NIMESH YADAV, SR. D.R. FULLY RELIED ON THE ORDER OF LD. CIT (A). 5. WE HAVE PERUSED THE ORDERS OF AUTHORITIES BELOW AND GONE THROUGH THE CASE LAW CITED BY BOTH THE SIDE. IN OUR CONSIDERED VIEW NO FALSE PARTICULARS OF INCOME HAS BEEN FILED BY THE ASSESSEE BEFORE THE A. O. ONLY A TECHNICAL MATTER WAS PENDING IN COMPLIANCE OF SECTION 10A(3) OF THE IT ACT. THE ASSESSEE HAS PAID TAX ON WHATEVER RECEIPTS NOT RECE IVED WITHIN SIX MONTHS FROM THE END OF THE FINANCIAL YEAR. THUS, NO INACC URATE PARTICULARS OF INCOME ITA NO. 658/AHD/2012 A.Y.2004-05 PAGE 3 APPEARS TO BE FURNISHED BY THE ASSESSEE, THE PENALT Y CONFIRMED BY THE CIT(A) IS DELETED AND ALLOWED IN FAVOUR OF THE ASSESSEE. 6. IN THE RESULT, THE ASSESSEES APPEAL IS ALLOWED. ORDER PRONOUNCED IN OPEN COURT ON THE DATE MENTIONE D HEREINABOVE AT CAPTION PAGE. SD/- SD/- (SHRI G.C.GUPTA) (T.R. MEENA) VICE PRESIDENT ACCOUNTANT MEMBER TRUE COPY S.K.SINHA ! ! ! ! '! '! '! '! / COPY OF ORDER FORWARDED TO:- 1. / APPELLANT 2. / RESPONDENT 3. '(' ) * / CONCERNED CIT 4. *- / CIT (A) 5. !./ ), ) , 12( / DR, ITAT, AHMEDABAD 6. /45 67 / GUARD FILE. BY ORDER/ , 8/ 1 ': ) , 12( ; STRENGTHEN PREPARATION & DELIVERY OF ORDERS IN THE ITAT 1) DATE OF TAKING DICTATION 07.06.2012 2) DIRECT DICTATION BY MEMBER STRAIGHT ON COMPUTER/LAPTOP/DRAGON DICTATE XXXX 3) DATE OF TYPING & DRAFT ORDER PLACE BEFORE MEMBER 08.06.2012 4) DATE OF CORRECTION X 5) DATE OF FURTHER CORRECTION X 6) DATE OF INITIAL SIGN BY MEMBERS 15.06.2012 7) ORDER UPLOADED ON ,, ,, 8) ORIGINAL DICTATION PAD HAS BEEN ENCLOSED IN THIS FILE YES 9) FINAL ORDER AND 2 ND COPY SEND TO BENCH CLERK ON 15.06.2012 ITA NO. 658/AHD/2012 A.Y.2004-05 PAGE 4