SHRI ASHOK KUMAR KAMDAR, Jaipur V. ITO, Kishangarh

ITA 684/JPR/2011

• Counselvise Citation: 68423114 RSA 2011
• Duration Of Justice: 4 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-11-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 09-11-2011
• Assessment Year: 2007-2008
• Appeal Filed On: 15-07-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: D K MEENA
• Section: 133(6)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCH, S.M.C., JAIPUR (BEFORE SHRI R.K.GUPTA) ITA NO.684/JP/11 ASSESSMENT YEAR : 2007-08 SHRI ASHOK KUMAR KAMDAR, VS. THE INCOME TAX OFFIC ER, KISHANGARH. KISHANGARH. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI MANISH AGARWAL RESPONDENT BY: SHRI D.K.MEENA DATE OF HEARING : 09.11.2011 DATE OF PRONOUNCEMENT: 18.11.2011 ORDER DATE OF ORDER 18.11.2011 PER R.K.GUPTA,J.M. THIS APPEAL BY ASSESSEE AGAINST CONFIRMING THE LEVY OF PENALTY AT RS.52,120/- LEVIED U/S 271(1)(C) RELATING TO ASSESSMENT YEAR 2007-08. 2. THE BRIEF FACTS OF THE CASE ARE THAT DURING THE COURSE OF ASSESSMENT PROCEEDINGS, AO OBSERVED THAT APPELLANT HAS SHOWN SUNDRY CREDIT BAL ANCE OF RS.1,93,160/- IN THE NAME OF JAGANNATH TRADERS. AO MADE ENQUIRY U/S 133(6) FROM JAGANNATH TRADERS AND FOUND THAT AS PER THEIR BOOKS THERE IS DIFFERENCE OF RS.1,93,160/- IN THE ACCOUNT OF APPELLANT. THIS WAS BROUGHT TO THE NOTICE OF APPELLANT BY AO. HE AGREED TO SURREND ER THE AMOUNT OF RS.1,93,160/- AND PAID TAX ON THE SAME. PENALTY PROCEEDINGS WERE ALSO INITIATE D DURING THE COURSE OF ASSESSMENT AND AFTER CONSIDERING REPLY OF APPELLANT AO LEVIED PENALTY OF RS.52,120/- U/S 271(1)(C). 3. CIT(A) ALSO CONFIRM THE ACTION OF THE A.O. - 2 - 4. AFTER CONSIDERING THE ORDER OF LD.CIT(A) AND WRI TTEN SUBMISSION FILED ON BEHALF OF ASSESSEE, I FOUND THAT ASSESSEE DESERVE TO SUCCEED IN HIS APPEAL. IT IS SEEN THAT THERE WAS A CREDIT BALANCE OF RS.1,93,160/- IN THE NAME OF JAGANNATH T RADERS AS OPENING BALANCE. THE ASSESSEE SURRENDERED THIS AMOUNT ON ACCOUNT OF DIFFERENCE IN ACCOUNTS OF BOTH THE PARTIES I.E. ASSESSEE AND JAGANNATH TRADERS. TO BUY PIECE AND TO AVOID LITIGA TION ASSESSEE SURRENDERED THIS AMOUNT FOR TAXATION. IT IS FURTHER SEEN THAT THE AMOUNT OF DIF FERENCE HAS BEEN PAID BY THE ASSESSEE IN SUBSEQUENT YEAR, PARTLY BY CHEQUE AND PARTLY BY CAS H. COPY OF STATEMENT WAS PRODUCED DURING APPELLATE PROCEEDING. THEREFORE IT CAN NOT BE SAID THAT ASSESSEE HAS FURNISHED IN-ACCURATE PARTICULAR FOR CONCEALING ANY INCOME. ACCORDINGLY, I HOLD THAT NO PENALTY IS LEVIABLE ON THIS AMOUNT. IT IS ALSO SEEN THAT THE AMOUNT COMING FROM EARLY YEAR AS THE SAME WAS SHOWN AS OPENING BALANCE, THEREFORE, FOR THIS REASON ALSO NO PENALTY IS LEVIABLE IN THE YEAR CONSIDERING. IN VIEW OF THE ABOVE FACTS AND CIRCUMSTANCES. I CANCEL LED THE LEVY OF PENALTY. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED. 6. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON . SD/- (R.K.GUPTA) JUDICIAL MEMBER DATED : 18.11.2011 DATED : ___/___/____ *BASANT* COPY FORWARDED TO :- 1. SHRI ASHOK KUMAR KAMDAR, KISHANGARH. 2. THE I.T.O., KISHANGARH. 3. THE CIT, 4. THE CIT(A) BY ORDER 5. THE D.R.,ITAT, JAIPUR. 6. THE GUARD FILE IN ITA NO.684/JP/11 A.R.,ITAT., JAIPUR