SHRI NAND KISHORE AGARWAL, Jaipur V. ITO, Kishangarh

ITA 689/JPR/2011

• Counselvise Citation: 68923114 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.689/JP/11 ASSESSMENT YEAR : 2007-08 SHRI NAND KISHORE AGARWAL, VS. THE INCOME TAX OFF ICER, 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.27,283/- 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.1,17,756/- IN THE NAME OF MAYANK FABRICS. AO MADE ENQUIRY U/S 133(6) FROM MAYANK FAB RICS AND THEY INTIMATED THAT THEY DO NOT HAVE ANY ACCOUNT OF APPELLANT IN THEIR BOOKS. THIS WAS BROUGHT TO THE NOTICE OF APPELLANT BY AO. HE AGREED TO SURRENDER THE AMOUNT OF RS.1,17,756/- AND PAID TAX ON THE SAME. PENALTY PROCEEDINGS WERE ALSO INITIATED DURING THE COURSE O F ASSESSMENT AND AFTER CONSIDERING REPLY OF APPELLANT AO LEVIED PENALTY OF RS.27,283 U/S 271(1) (C). 3. CIT(A) ALSO CONFIRM THE ACTION OF THE AO. - 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.1,17,756/- IN THE NAME OF MAYANK FABR ICS AS OPENING BALANCE. THE ASSESSEE SURRENDERED THIS AMOUNT ON ACCOUNT OF DIFFERENCE IN ACCOUNTS OF BOTH THE PARTIES I.E. ASSESSEE AND MAYANK FABRICS. TO BUY PIECE AND TO AVOID LITIGATIO N THE ASSESSEE SURRENDERED THIS AMOUNT FOR TAXATION. IT IS FURTHER SEEN THAT THE AMOUNT OF DIF FERENCE IN THE BOOKS OF ACCOUNT OF THE ASSESSEE HAS BEEN PAID IN SUBSEQUENT YEAR PARTLY BY CHEQUE A ND PARTLY BY CASH. 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 COM ING FROM EARLIER 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 CAN CELLED 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 18. 11.2011. SD/- (R.K.GUPTA) JUDICIAL MEMBER DATED : 18.11.2011 *BASANT* COPY FORWARDED TO :- 1. SHRI NAND KISHORE AGARWAL, 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.689/JP/11 A.R.,ITAT., JAIPUR