Haresh Pravinkant Joshi, RAJKOT-GUJARAT V. The Income Tax Officer, Ward-4(2), RAJKOT-GUJARAT

ITA 796/RJT/2010

• Counselvise Citation: [2011] 134 COUNSELVISE.COM (IT) 7359 (ITAT-RAJKOT)
• Duration Of Justice: 9 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-01-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2001-2002
• Appeal Filed On: 17-03-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AVINASH KUMAR
• Assessee Lawyers: JAYESH ADHIA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH SMC, RAJKOT BEFORE SHRI A.L. GEHLOT (AM) I.T.A. NO. 796/RJT/2010 (ASSESSMENT YEAR 2001-02) HARESH PRAVINKANT JOSHI VS THE ITO, WD.4(2) C/O D.R. ADHIA RAJKOT OM SHRI PADMALAYA BESIDE TRIKAMRAIJI HAWELI OPP HOTEL IMPERIAL PALACE 16, JAGNATH PLOT, DR. YAGNIK OAD RAJKOT PAN : AEIPJ1173K (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI JAYESH ADHIA RESPONDENT BY: SHRI AVINASH KUMAR O R D E R A.L. GEHLOT : THIS APPEAL BY ASSESSEE IS DIRECTED A GAINST THE ORDER OF CIT(A)-III, RAJKOT DATED 15-12-2009 FOR THE ASSESSMENT YEAR 200 1-02. THE GROUNDS RAISED IN THE APPEAL ARE IN RESPECT OF LEVY OF PENALTY U/S 271(1)(C) OF THE ACT AMOUNTING TO RS.33,485. 2. THE ASSESSING OFFICER MADE ADDITION OF RS.1,30,0 00 ON ACCOUNT OF UNEXPLAINED CASH INVESTMENT WHILE MAKING ASSESSMENT AND INITIATED PENALTY PROCEEDINGS U/S 271(1) OF THE ACT. THE APPEAL FIL ED BEFORE THE ASSESSEE BEFORE CIT(A) HAS BEEN DISMISSED. THE ASSESSING OFFICER L EVIED PENALTY BEING 100% OF TAX SOUGHT TO BE EVADED AT RS.33,485. THE PENALTY LEVIED BY THE ASSESSING OFFICER HAS BEEN CONFIRMED BY THE CIT(A). AT THE O UTSET, THE LD.AR SUBMITTED THAT THE QUANTUM MATTER TRAVELED UPTO THE ITAT AND THE I TAT. VIDE ITA NO.90/RJT/2009 ORDER DATED 25-10-2010 HAS SENT THE MATTER BACK TO THE FILE OF THE ASSESSING OFFICER FOR FRESH CONSIDERATION. ITA NO.796//RJT/2010 2 3. AFTER HEARING THE LEARNED REPRESENTATIVE OF THE PARTIES, I FIND THAT THE QUANTUM ON WHICH THE PENALTY U/S 271(1)(C) OF THE A CT HAS BEEN IMPOSED IS NOT IN EXISTENCE. UNDER THE CIRCUMSTANCES, SUCH PENALTY U /S 271(1)(C) CANNOT BE SUSTAINED. I, THEREFORE, CANCEL THE PENALTY OF RS. 33,485 IMPOSED U/S 271(1)(C) OF THE ACT. 4. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS A LLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 13-01-2011. SD/- (A.L. GEHLOT) ACCOUNTANT MEMBER RAJKOT, DT : 13 TH JANUARY, 2011 PK/- COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A)-III, RAJKOT 4. THE CIT--II, RAJKOT 5. THE DR (TRUE COPY) BY ORDER ASSTT.REGISTRAR, ITAT, RAJKOT