Lipi Specific Family Trust, Ahmedabad V. The ACIT,Circle-6, Ahmedabad

ITA 881/AHD/2015

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 8074 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 7 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-11-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2005-2006
• Appeal Filed On: 13-04-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 143(3); 80IB

Judgement Text

ITA NO. 881/AHD/2015 LIPI SPECIFIC FAMILY TRUST VS. ACIT ASSESSMENT YEAR: 2005-06 PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD C BENCH, AHMEDABAD [CORAM: PRAMOD KUMAR AM AND S S GODARA JM] ITA NO. 881/AHD/2015 ASSESSMENT YEAR : 2005-06 LIPI SPECIFIC FAMILY TRUST .............APPE LLANT PROP. NANDISHWARI PACKAGING, PLOT NO. 2, PHASE-I, GIDC, VATVA AHMEDABAD [PAN : AAATL 1302 N] VS. ASSTT. COMMISSIONER OF INCOME-TAX .......................RESPONDENT CIRCLE-6 AHMEDABAD APPEARANCES BY: HIMANSHU SHAH FOR THE APPELLANT PRASOON KABRA FOR THE RESPONDENT DATE OF CONCLUDING THE HEARING : 24.11.2017 DATE OF PRONOUNCING THE ORDER : 24.11.2017 O R D E R PER PRAMOD KUMAR, AM: 1. THE SHORT ISSUE THAT WE ARE REQUIRED TO ADJUDICA TE IN THIS APPEAL IS WHETHER OR NOT, ON THE FACTS AND IN THE CIRCUMSTANCES OF THE C ASE, LEARNED CIT(A) WAS JUSTIFIED IN UPHOLDING THE IMPUGNED PENALTY OF RS.12,67,460/- IM POSED ON THE ASSESSEE UNDER SECTION 271(1)(C) OF THE INCOME TAX ACT, 1961. THE ASSESSMENT YEAR INVOLVED IS 2005-06 AND THE IMPUGNED CIT(A)S ORDER WAS PASSED ON 27.02.2015. 2. BRIEFLY STATED, THE RELEVANT MATERIAL FACTS ARE LIKE THIS. FOR THE YEAR UNDER CONSIDERATION, THE ASSESSMENT U/S 143(3) R.W.S. 147 OF THE ACT WAS COMPLETED VIDE ORDER DATED 23.12.2010, AT AN ASSESSED INCOME OF RS .1,51,39,855/-, MAKING DISALLOWANCE OF RS.37,65,479/- UNDER SECTION 80IB O F THE ACT. ON FURTHER APPEAL, THE LD. CIT(A) HAS UPHELD THE ACTION OF THE ASSESSING O FFICER VIDE HIS ORDER DATED 04.01.2012 AND CONFIRMED THE ABOVE SAID DISALLOWANC E MADE BY THE ASSESSING OFFICER. 4. SUBSEQUENT TO THE LD. CIT(A)S AFORESAID ORDER C ONFIRMING THE DISALLOWANCE MADE BY THE ASSESSING OFFICER, PENALTY U/S 271(1)(C ) OF THE ACT WAS COMPLETED VIDE ORDER DATED 22.03.2013, IMPOSING A PENALTY OF RS.12 ,67,460/- BEING THE 100% OF THE TAX SOUGHT TO BE EVADED. ON FURTHER APPEAL, THE IM PUGNED PENALTY ORDER WAS UPHELD ITA NO. 881/AHD/2015 LIPI SPECIFIC FAMILY TRUST VS. ACIT ASSESSMENT YEAR: 2005-06 PAGE 2 OF 2 BY THE CIT(A) VIDE IMPUGNED ORDER DATED 27.02.2015. THE ASSESSEE APPELLANT, BEING AGGRIEVED, IS IN APPEAL BEFORE THE TRIBUNAL. 5. AT THE TIME OF HEARING BEFORE US, IT WAS POINTED OUT BY THE LD. COUNSEL THAT, IN THE QUANTUM APPEAL, THE TRIBUNAL HAS DELETED THE QU ANTUM ADDITION VIDE ORDER DATED 15.02.2017 IN ITA NO.323/AHD/2012 - COPY OF THE ORD ER IS PLACED ON RECORD. WHEN THE TRIBUNAL HAS ALREADY DELETED THE QUANTUM ADDITI ON IN QUESTION, THE PENALTY MADE IN RESPECT OF SUCH ADDITION CANNOT SURVIVE. WE, TH EREFORE, DELETE THE IMPUGNED PENALTY OF RS.12,67,460/- AND ALLOW THE APPEAL OF T HE ASSESSEE. 6. IN THE RESULT, APPEAL IS ALLOWED. PRONOUNCED IN THE OPEN COURT TODAY ON THE 24 TH NOVEMBER, 2017. SD/- SD/- S S GODARA PRAMOD KUMAR (JUDICIAL MEMBER) (ACCOUNTANT MEMBER) AHMEDABAD, THE 24 TH DAY OF NOVEMBER, 2017 **BT COPIES TO: (1) THE APPELLANT (2) THE RESPONDENT (3) COMMISSIONER (4) CIT(A) (5) DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE BY ORDER TRUE COPY ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCHES, AHMEDABAD 1. DATE OF DICTATION: ......COVERED MATTER.24.11. 2017 2. DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE T HE DICTATING MEMBER: ... 24.11.2017........ 3. DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR . P.S./P.S.: 24.11.2017... 4. DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE TH E DICTATING MEMBER FOR PRONOUNCEMENT: 24.11.2017 5. DATE ON WHICH THE FILE GOES TO THE BENCH CLERK : ..29.11.2017.... 6. DATE ON WHICH THE FILE GOES TO THE HEAD CLERK : . 7. THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT REGISTRAR FOR SIGNATURE ON THE ORDER: