The ITO, Ward-1(1), Surat V. Ekta Prints Pvt. Ltd., Surat

ITSSA 163/AHD/2009

• Counselvise Citation: [2011] 124 COUNSELVISE.COM (IT) 8294 (ITAT-AHMEDABAD)
• Duration Of Justice: 1 year(s) 7 month(s) 18 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 15-07-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 13-07-2011
• Assessment Year: misc
• Appeal Filed On: 27-11-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: JASBIR S CHOUHAN SRDR

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCH C AHMEDABAD BEFORE SHRI D.K.TYAGI, HONBLE JUDICIAL MEMBER, AND SHRI A. MOHAN. ALANKAMONY, HONBLE ACCOUNTANT MEMBE R IT(SS)A NO.163/AHD/2009 BLOCK PERIOD FROM A,T, 1991-92 TO 24-07-2000 DATE OF HEARING:13.7.11 DRAFTED:14.7.11 INCOME TAX OFFICER, WARD-1(1), SURAT V/S . M/S. EKTA PRINTS PVT, LTD. 167, GIDC, PANDESARA, SURAT PAN NO.AAACE5108L (APPELLANT) .. (RESPONDENT) APPELLANT BY :- SHRI JASBIR S CHOUHAN, SR-DR RESPONDENT BY:- NONE (WRITTEN SUBMISSIONS) O R D E R PER D.K.TYAGI, JUDICIAL MEMBER:- THIS IS REVENUES APPEAL AGAINST THE ORDER OF COMM ISSIONER OF INCOME- TAX(APPEALS)-II, AHMEDABAD DATED 14-09-2009 FOR THE BLOCK PERIOD A.Y. 1991- 92 TO 24-07-2000. THE REVENUE HAS TAKEN THE FOLLOWI NG GROUND:- 1) ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE AND IN LAW, THE LD. CIT(A) HAS ERRED IN DELETING THE PENALTY LEVIED BY THE ASSESSING OFFICER ZU/S.158BFA(2) OF THE I.T. ACT OF RS.14,15,938/- FO R CONCEALMENT OF INCOME AND FURNISHING OF INACCURATE PARTICULARS OF INCOME IN RESPECT OF UNDISCLOSED INVESTMENT OF RS.20,17,008 IN PURCHASE OF A PLOT OF LAND AT SACHIN UDHYOGNAGAR SAHKARI MANDLI LTD. 2. THE BRIEF FACTS OF THE CASE ARE THAT RETURN OF I NCOME WAS FILED BY THE ASSESSEE-COMPANY ON 27-10-2005. THE BLOCK ASSESSMEN T WAS COMPLETED U/S.158BC OF THE INCOME-TAX ACT,1961 DETERMINING T OTAL INCOME AT RS.20,17,007/- AFTER MAKING ADDITION OF RS.20,17,00 8/- ON ACCOUNT OF UNDISCLOSED INVESTMENT ITA NO. PAGE 2 OF PLOT PURCHASED THROUGH SASHIKANT V TAMAKUWALA, B ROKER. SINCE THE ASSESSEE HAD FURNISHED INACCURATE PARTICULARS OF INCOME IN RESPE CT OF AFORESAID UNDISCLOSED INVESTMENT OF RS.20,17,008/- WITHIN THE MEANING OF SECTION 158BFA (2) OF THE ACT THE ASSESSING OFFICER INITIATED AND LEVIED A PENALTY OF RS.14,15,938/- U/ S 158BFA(2) OF THE ACT. THIS PENALTY WAS DELETED BY LD. CIT(APPEALS) WHEN ASSESSEE WENT IN A PPEAL BEFORE HIM. 3. AGGRIEVED BY THIS ORDER OF LD. CIT(APPEALS) NOW REVENUE IS IN APPEAL BEFORE US. 4. AT THE TIME OF HEARING NONE APPEARED ON BEHALF O F ASSESSEE DESPITE THE FACT THAT NOTICE WAS SERVED UPON ASSESSEE. HOWEVER, WRITTEN S UBMISSION OF THE ASSESSEE IS AVAILABLE ON RECORD. SO WE PROCEED TO DECIDE THE APPEAL AFTER HEARING LD. DR AND WRITTEN SUBMISSION OF THE ASSESSEE. 5. AFTER HEARING LD. DR AND GOING THROUGH THE W.S. WE FIND THAT HONBLE ITAT VIDE IT(SS)A NO.117/AHD/2006 DATED 13-10-2009 IN QUANTUM APPEAL QUASHED THE ORD ER PASSED BY THE ASSESSING OFFICER. THUS, THE BASIS ON WHICH THE PENALTY WAS LEVIED BY THE ASSESSING OFFICER DOES NOT EXIST AND PENALTY LEVIED BY AO IS NOT SUSTAINABLE AND THEREFORE THE ORDER PASSED BY LD. CIT(APPEALS) DELETING THE PENALTY IS HEREBY UPHELD. THIS GROUND OF REVENUES APPEAL IS DISMISSED. 6. IN THE RESULT, REVENUES APPEAL IS DISMISSED. ORDER PRONOUNCED IN OPEN COURT ON 15 /07/2011 SD/- SD/- (A.MOHAN.ALANKAMONY) (D.K. TYAGI) (ACCOUNTANT MEMBER) (JUDICIAL MEMBER) AHMEDABAD, DATED : 15/07/2011 *DKP COPY OF THE ORDER FORWARDED TO :- 1. THE ASSESSEE. 2. THE REVENUE. 3. THE CIT(APPEALS)-II, AHMEDABAD 4. THE CIT CONCERNS. 5. THE DR, ITAT, AHMEDABAD 6. GUARD FILE. /TRUE COPY/ BY ORDER, DEPUTY / ASSTT.REGISTRAR ITAT, AHMEDABAD