Shri Amit Nagindas Kapadia, Surat V. The Dy.CIT.,Cent.Circle-4, Surat

ITSSA 467/AHD/2013

• Counselvise Citation: [2016] 122 COUNSELVISE.COM (IT) 2493 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 10 month(s) 1 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 28-10-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 14-10-2016
• Assessment Year: 2005-2006
• Appeal Filed On: 27-12-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Unexplained investment

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, AHMEDABAD BEFPRE SHRI N.K. BILLAIYA, ACCOUNTNAT MEMBER SHRI S.S.GODARA, JUDICIAL MEMBER AND ./ I.T.A. NO.467/AHD/2013 ( / ASSESSMENT YEAR : 2005-06) SHRI AMIT NAGINDAS KAPADIA 3/1810, GHAMLAWAD SALABATPUR SURAT, GUJARAT-395 003 / VS. THE DY.CIT CENTRAL CIRCLE-4 SURAT ./ ./ PAN/GIR NO. : AKDPK 2449 J ( / APPELLANT ) .. ( / RESPONDENT ) / APPELLANT BY : WRITTEN SUBMISSION / RESPONDENT BY : SHRI JAMES KURIAN, SR.DR / DATE OF HEARING 14/10/2016 !'# / DATE OF PRONOUNCEMENT 2810/2016 / O R D E R PER SHRI S.S. GODARA, JUDICIAL MEMBER : THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR (AY) 20 05-06 IS DIRECTED AGAINST THE CIT(A)-II, AHMEDABADS ORDER D ATED 28.10.2013 PASSED IN CASE NO.CIT(A)-II/CC.4/21 TO 2 2/2012-13 CONFIRMING PENALTY OF RS.21,136/- AS IMPOSED BY THE ASSESSING OFFICER (AO) VIDE HIS ORDER DATED 19.3.2012, IN PRO CEEDINGS ITA NO.467/AHD/ 2013 SHRI AMIT NAGINDAS KAPADIA VS. DY.CIT ASST.YEAR 2005-06 - 2 - U/S.271(1)(C) OF THE INCOME TAX ACT, 1961 (HEREINAF TER REFERRED TO AS THE ACT). 2. CASE CALLED TWICE. NONE APPEARS AT ASSESSEES B EHEST. HE APPEARS TO HAVE FILED WRITTEN SUBMISSIONS DATED 12. 10.2016 STATING THEREIN THAT THE IMPUGNED PENALTY OF RS.21,136/- A RISES FROM AN UNEXPLAINED INVESTMENT OF RS.70,455/- MADE BY THE A O AS WELL AS CIT(A) IN QUANTUM PROCEEDINGS. THE ASSESSEE THEREA FTER SUBMITS THAT HE HAD FILED IT(SS)A NO.150/AHD/2011 BEFORE TH IS TRIBUNAL . A CO-ORDINATE BENCH IN ITS ORDER DATED 22.3.2016 R EMITTED THE QUANTUM ISSUE BACK TO THE AO TO VERIFY ASSESSEES C ONTENTION THAT THE ABOVE AMOUNT OF UNEXPLAINED INVESTMENT WAS NOT INVESTED DURING THE IMPUGNED ASSESSMENT YEAR SINCE IT WAS AC TUALLY A BALANCE BROUGHT FORWARD FROM PREVIOUS YEARS. LD.DE PARTMENTAL REPRESENTATIVE FAILS TO REBUT THIS FACTUAL POSITION . 3. WE HAVE HEARD THE REVENUE. CASE FILE PERUSED. IT HAS ALREADY COME ON RECORD THAT QUANTUM ADDITION IN THE INSTANT CASE ITA NO.467/AHD/ 2013 SHRI AMIT NAGINDAS KAPADIA VS. DY.CIT ASST.YEAR 2005-06 - 3 - FORMING THE BASIS OF THE IMPUGNED PENALTY STANDS RE MITTED TO THE AO. WE THUS CONCLUDE THAT THE IMPUGNED PENALTY AC CORDINGLY DOES HAVE NO LEGS TO STAND. WE DIRECT THE AO IN THESE FACTS AND CIRCUMSTANCES TO ADJUDICATE UPON THE IMPUGNED PENAL TY AFRESH IN VIEW OF HIS CONSEQUENTIAL QUANTUM FINDINGS. THIS APPEAL IS ACCEPTED FOR STATISTICAL PURPOSES. 4. THIS ASSESSEES APPEAL SUCCEEDS FOR STATISTICAL PURPOSES. THIS ORDER PRONOUNCED IN OPEN COURT ON 28/10/2016 SD/- SD/- ( N.K. BILLAIYA ) ( S.S. GODAR A ) ACCOUNTNAT MEMBER JUDICIAL MEMBER AHMEDABAD; DATED 28/ 10 /2016 &.., .(../ T.C. NAIR, SR. PS !'#$#! / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. )*+ , / CONCERNED CIT 4. , ( ) / THE CIT(A)-II, AHMEDABAD 5. /01 ((*+ , *+# , ) / DR, ITAT, AHMEDABAD 6. 145 6 / GUARD FILE. / BY ORDER, / ( //TRUE COPY// / ( DY./ASSTT.REGISTRAR) , / ITAT, AHMEDABAD