ITO, BEAWAR V. KEKRI SAHAKARI BHOOMI VIKAS BANK LTD., Ajmer

ITA 955/JPR/2013

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 99322 (ITAT-JAIPUR)
• Duration Of Justice: 1 year(s) 9 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-09-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2007-2008
• Appeal Filed On: 04-12-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RAJ MEHRA

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR JH VH-VKJ-EHUK] YS[KK LNL; ,OA JH YFYR DQEKJ] U;KF; D LNL; DS LE{K BEFORE:SHRI T.R. MEENA,AM & SHRI LALIET KUMAR, JM VK;DJ VIHY LA-@ ITA NO. 955/JP/2013 FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2007-08 THE ITO WARD- 2 BEAWAR CUKE VS. M/S. KEKRI SAHAKARI BHUMI VIKAS BANK LTD. OPP. COURT, POST. KEKRI, AJMER LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN/GIR NO .: AAATK 3393 A VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT C.O. NO.5/JP/2014 (ARISING OUT OF VK;DJ VIHY LA-@ ITA NO. 955/JP/2013) FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2007-08 M/S. KEKRI SAHAKARI BHUMI VIKAS BANK LTD. OPP. COURT, POST. KEKRI, AJMER CUKE VS. THE ITO WARD- 2 BEAWAR LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN/GIR NO .: AAATK 3393 A VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT JKTLO DH VKSJ LS@ REVENUE BY : SHRI RAJ MEHRA, JCIT FU/KZKFJRH DH VKSJ LS@ ASSESSEE BY :NONE (ADJOURNMENT APPLICATION REJECTED) LQUOKBZ DH RKJH[K@ DATE OF HEARING : 10/09/2015 ?KKS'K .KK DH RKJH[K@ DATE OF PRONOUNCEMENT : 24/09/2015 2 ITA NO. 955/JP/2013 A.Y. 2007-08 ITO VS. KEKRI SAHAKARI BHUMI VIKAS BANK LTD. VKNS'K@ ORDER PER LALIET KUMAR, JM THIS IS AN APPEAL FILED BY THE REVENUE AGAINST T HE ORDER OF THE LD. CIT(A), AJMER DATED 10-09-2013 FOR THE ASSESSMENT YEAR 200 7-08. THE ASSESSEE HAS FILED THE CROSS OBJECTION. 2.1 THE GROUNDS RAISED BY THE REVENUE ARE AS UNDER: - IN VIEW OF THE FACTS AND CIRCUMSTANCES OF THE CA SE, THE LD. CIT(A), AJMER HAS ERRED IN:- 1. CANCELLING THE PENALTY U/S 271(1) (C) AMOUNTING TO RS. 21,54,087/- WITHOUT APPRECIATING THE FACTS OF THE C ASE; (2) CANCELLING THE PENALTY U/S 271(1)( C) AMOUNTIN G TO RS. 21,54,087/- WHEN THE ASSESSEE HAS WRONGLY CLAIMED D EDUCTION U/S 80P(2)(A)(I) THOUGH THE CASE OF THE ASSESSEE IS NOT COVERED IN TERMS OF THE EXPLANATION (B) OF SECTION 80P(4) OF THE I.T. A CT, 1961 3.1 THE SOLITARY GROUND RAISED BY THE ASSESSEE IN I TS C.O. IS AS UNDER:- THE AO HAS ERRED IN LAW AS WELL AS ON FACTS BY LE VYING PENALTY U/S 271(1) AMOUNTING TO RS. 21,54,087/- 4.1 NONE APPEARED ON BEHALF OF THE ASSESSEE. HOWEVE R, THE ADJOURNMENT APPLICATION SENT BY THE ASSESSEE AS TO C.O. WAS RE JECTED BY THE BENCH. THE BENCH THUS PROCEEDED TO DECIDE C.O. OF THE ASSESSEE EX- PARTE BASED ON THE MATERIAL AVAILABLE ON RECORD. 3 ITA NO. 955/JP/2013 A.Y. 2007-08 ITO VS. KEKRI SAHAKARI BHUMI VIKAS BANK LTD. 5.1 WE HAVE HEARD THE LD. DR AND PERUSED THE MATERI AL AVAILABLE ON RECORD. THE BENCH OBSERVED THAT THIS BENCH VIDE ITS ORDER DATED 24.9.2015 HAS ALLOWED THE APPEAL OF THE ASSESSEE WHEREBY WE HAVE HELD THAT TH E ASSESSEE IS ENTITLED TO BENEFIT OF DEDUCTION U/S 80P(2)(A)(I) OF THE ACT. SINCE WE HAVE ALLOWED THE QUANTUM APPEAL IN FAVOUR OF THE ASSESSEE, THEREFORE, THE PE NALTY INITIATED BY THE REVENUE AGAINST THE ASSESSEE IS LIABLE TO BE DISMISSED. THU S GROUND NO. 1 AND 2 OF THE REVENUE ARE DISMISSED. 5.2 AS REGARDS THE C.O. OF THE ASSESSEE IS CONCERNE D WHEREIN IT HAS BEEN PRAYED THAT PENALTY LEVIED AMOUNTING TO RS. 21,54,087/- BE DELETED. WE FIND FROM THE RECORDS THAT SINCE THIS BENCH HAS ALREADY ALLOWED T HE QUANTUM APPEAL IN FAVOUR OF THE ASSESSEE, THEREFORE, THE QUESTION OF LEVYING TH E PENALTY DOES NOT ARISE AGAINST THE ASSESSEE. THUS THE C.O. OF THE ASSESSEE IS INFR UCTUOUS ON THIS ISSUE. 6.0 IN THE RESULT, THE APPEAL OF THE APPEAL OF THE REVENUE AS WELL AS C.O. OF THE ASSESSEE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 24/09/2015. SD/- SD/- (T.R. MEENA) (LALIET KUMAR) YS[KK LNL;@ ACCOUNTANT MEMBER U;KF;D LNL;@ JUDICIAL MEMBER TK;IQJ@ JAIPUR FNUKAD@ DATED:- 24/09/ 2015 *MISHRA 4 ITA NO. 955/JP/2013 A.Y. 2007-08 ITO VS. KEKRI SAHAKARI BHUMI VIKAS BANK LTD. VKNS'K DH IZFRFYFI VXZSFKR@ COPY OF THE ORDER FORWARDED TO: 1. VIHYKFKHZ@ THE APPELLANT THE ITO, WARD- 2, BEAWAR 2. IZR;FKHZ@ THE RESPONDENT- M/S. KEKRI SAHAKARI BHUMI VIKAS BA NK LTD. 3. VK;DJ VK;QDRVIHY ) @ CIT(A) 3. VK;DJ VK;QDR@ CIT 4. FOHKKXH; IZFRFUF/K] VK;DJ VIHYH; VF/KDJ.K] T;IQJ@ DR, ITAT, JAIPUR 5. XKMZ QKBZY@ GUARD FILE (ITA NO.955/JP/2013) VKNS'KKUQLKJ@ BY ORDER, LGK;D IATHDKJ@ ASSISTANT. REGISTRAR