Bela K.Jhaveri, Ahmedabad V. The Dy.CIT.,Cent.Circle-1(3), Ahmedabad

ITSSA 332/AHD/2012

• Counselvise Citation: [2015] 122 COUNSELVISE.COM (IT) 1033 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 3 month(s) 17 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 23-10-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Next Hearing Date: 23-10-2015
• Assessment Year: 2006-2007
• Appeal Filed On: 06-07-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S N SOPARKAR
• Assessee Lawyers: VIBHA BHALLA

Judgement Text

IT(SS) A NO. 332 /AHD/201 2 A SSESSMENT Y EAR : 200 6 - 07 PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD C BENCH , AHMEDABAD [CORAM: PRAMOD KUMAR AM AND KUL BHARAT JM ] IT(SS)A NO . 332 / AHD/201 2 A SS ESS MENT YEAR: 200 6 - 07 BELA K. JHAVERI ....... .. .. . ..... APPELLANT A/3, EMBASSY APARTMENT, DR. V.S. ROAD, AMBAVADI, AHMEDABAD. [PAN: A APPJ 8305 C ] VS. DEPUTY COMMISSIONER OF INCOME TAX .... ........ .... .. .. .. .... .. RESPONDENT CENTRAL CIRCLE 1(3), AHMEDABAD. APPEARANCES BY: VIBHA BHALLA , FOR THE APPELLANT S.N. SOPARKAR, FOR THE RESPONDENT DATE OF CONCLUDING THE HEARING : OCTOBER 23 RD , 201 5 DATE OF PRONOUNCING THE ORDER : OCTOBER 23 RD , 2015 O R D E R PER BENCH : 1. THIS APPEAL IS DIRECTED AGAINST LEARNED CIT ( A ) S ORDER DATED 23 RD MAY , 201 2 UPHOLDING PENALTY OF RS. 18,00,000/ - IMPOSED UNDER SECTIO N 271(1)(C) OF THE INCOME T A X ACT , 1961 ( T HE ACT FOR SHORT), FOR THE ASSESSMENT YEAR 200 6 - 07. 2 . VIDE OUR ORDER OF EVEN DA T E, THE RELATED QUANTUM ASSESSMENT HAS BEEN RESTORED TO THE FILE OF THE LD. CIT(A). WHILE DOING SO, WE HAVE OBSERVED AS FOLLOWS : - 6. WE HAVE NOTED THAT IN THE IMPUGNED ORDER, LEARNED CIT ( A ) HAS MERELY FOLLOWED DECISION OF A CO - ORDINATE BENCH IN THE CA S E OF SUGAMCHAND C . SHAH VS. ACIT (SUPRA), WHICH, AS LEARNED REPRESENTATIVES FAIRLY AGREE, IS NO LONGER GOOD LAW. THERE IS NO IT(SS) A NO. 332 /AHD/201 2 A SSESSMENT Y EAR : 200 6 - 07 PAGE 2 OF 2 ADJUD ICATION ON THE CORE ISSUE IN THE APPEALS I.E. WHETHER OR NOT THE ACTIVITY PURSED BY THE ASSESSEE , ON THE FACTS OF THIS CASE, CONSTITUTES AN ADVENTURE IN THE NATURE OF TRADE. AS A MATTER OF FACT, THERE IS NO FINDING OR ADJUDICATION ON THE NATURE OF ACTIVIT IES PURSUED BY THE ASSESSEE EITHER. LD. CIT(A) HAS BEEN S OMEWHAT SUPERFLUOUS IN HIS APPROACH. WHEN THIS WAS PUT TO THE LEARNED REPRESENTATIVES , BOTH THE PARTIES AGREED FOR THE MATTER BEING REMITTED T O THE FILE OF THE LD . CIT ( A ) FOR FR E SH ADJUDICATION IN ACCORDANCE WITH THE LAW, BY WAY OF A SPE A KING O RD ER AND AFTER GIVING YET ANOTHER OPPORTUNITY OF HEARING TO T HE AS S ESSE E . WE, THEREFOR E , REMIT THE MATTER TO THE FILE OF THE LD . C IT(A) IN THE ABOVE T ERMS. 3 . IN VIEW OF THE ABOVE DEVELOPMENT, IN ALL FAIRNE SS, THE PENALTY MATTER MUST ALSO STAND RESTORED TO THE FILE OF THE LD. CIT(A) FOR FRESH ADJUDICATION AFTER DECIDING THE QUANTUM ASSESSMENT MATTER. WE DIRECT SO. 4 . IN THE RESULT, T HE APP E AL IS ALLOWED FOR STATISTICAL PURPOSES . IT WAS SO PRONOUNCED IN TH E OPEN C OURT IMMEDIATELY UPON CONCLUSION OF HE A RING TODAY ON 23 RD DAY OF OCTOBER, 2015. SD/ - SD/ - KUL BHARAT PRAMOD KUMAR (JUDICIAL MEMBER) (ACCOUNTANT MEMBER) AHMEDABAD , 23 RD DAY OF OCTOBER , 2015 PBN/* COPIES TO: (1) THE APPELLANT (2) THE RESPONDENT (3) COMMISSIONER (4) CIT(A) (5) DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCHES, AHMEDABAD