Smt Jaynaben Ramesh Tailor, Vyara V. The ACIT.,Cent.Circle-2, Surat

ITSSA 600/AHD/2012

• Counselvise Citation: [2014] 122 COUNSELVISE.COM (IT) 0470 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 16 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 23-12-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 28-11-2014
• Assessment Year: 2003-2004
• Appeal Filed On: 07-12-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DINESH SINGH
• Assessee Lawyers: R B SHAH
• Keywords: Unexplained investment
• Section: 153A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, AHMEDABAD BEFORE SHRI MUKUL KR. SHRAWAT, JUDICIAL MEMBER AND SHRI N.S. SAIN I , ACCOUNTANT MEMBER IT (SS) A NO . 600/ AHD/20 1 2 A. Y. 200 3 - 0 4 SMT. JAYNABEN RAMESHBHAI TAILOR MAIN BAZAR, VYARA PAN: AA WPT 9897N VS A CIT, CENTRAL CIRCLE - 2, SURAT. (APPELLANT) (RESPONDENT) REVENUE BY : SHRI DINESH SINGH , SR.D.R. , ASSESSEE(S) BY : SHRI R.B. SHAH, A.R. / DATE OF HEARING : 28 / 1 1 /201 4 / DATE OF PRONOUNCEMENT: 23 / 1 2 /201 4 / O R D E R PER BENCH THIS IS AN A PPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF LEARNED CIT(A), AHMEDABAD DATED 28.09.201 2 . 2. THE SOLE ISSUE INVOLVED IN THIS APPEAL IS THAT THE CIT(A) ERRED IN CONFIRMING THE PENALTY OF RS.8,33,900/ - LEVIED U/S. 271(1)(C) OF THE ACT IN RESPECT OF ALLEGED UNACCOUNTED INVESTMENT IN LAND. 3. THE BRIEF FACTS OF THE CASE ARE THAT IN THE ASSESSM ENT FRAMED U/S.143(3) R.W.S. 153A OF THE INCOME TAX ACT , T HE AO MAD E ADDITION OF RS.26,47,280/ - ON ACCOUNT OF INVESTMENT IN PURCHASE OF LAND WHICH WAS CONFIRMED IN APPEAL BY THE CIT(A). IT (SS) A NO. 600 /AHD/201 2 SMT . JAYABEN RAMESH TAILOR VS. ACIT, CENTRAL CIRCLE - 2, SURAT . FOR A.Y. 200 3 - 04 - 2 - 4. THEREAFTER, THE ASSESSING OFFICER LEVIED PENALTY U/S.271(1)(C) OF THE ACT OF RS.8,33,894/ - BEING 100% OF THE TAX SOUGHT TO BE EVADED FOR FURNISHING OF INACCURATE PARTICULARS OF INCOME AND CONCEALMENT OF RETURN. ON APPEAL FILED BY THE ASSESSEE, THE CIT(A) CONFIRMED THE LEVY OF PENALTY. 5. THE AR OF THE ASSESSEE HAS FILED BEFORE US A COPY OF ORDER OF THIS BENCH OF THE TRIBUNAL IN THE CASE OF ASSESSEE ITSELF DATED 22.08.2014 PASSED IN ITA NOS. 187, 240 AND 241/AHD/2010 AND SUBMITTED THAT THE ISSUE OF ADDITION OF RS.26,47,280/ - ON ACCOUNT OF UNEXPLAINED INVESTMENT IN LAND H AS BEEN RESTORED BACK TO THE FILE OF THE AO FOR ADJUDICATING THE ISSUE AFRESH. THEREFORE , I F THE VERY BASIS OF LEVY OF PENALTY DOES NOT SURVIVE , THE PENALTY IS LIABLE TO BE DELETED. THE D R RELIED UPON THE ORDERS OF LOWER AUTHORITIES. 6. WE HAVE HEARD THE RIVAL SUBMISSION AND PERUSED THE ORDERS OF THE LOWER AUTHORITIES AND MATERIAL AVAILABLE ON RECORD. THE DISPUTED FACT OF THE CASE ARE THAT THE ASSESSING OFFICER MADE ADDITION FOR RS.26,47,280 / - ON ACCOUNT OF UNACCOUNTED INVESTMENT IN LAND BY THE ASSESSEE WH ICH WAS CONFIRMED BY THE CIT(A) IN THE APPEAL FILED BY THE ASSESSEE . T HEREAFTER , AO LEVIED PENALTY OF RS.8,33,900/ - U/S.271(1)(C) OF THE ACT ON THE GROUND OF FURNISHING OF INACCURATE PARTICULARS OF INCOME AND CONCEALMENT OF INCOME. 7. ON A PPEAL , LEARNED C IT(A) CONFIRMED THE LEVY OF PENALTY BY THE AO. IT (SS) A NO. 600 /AHD/201 2 SMT . JAYABEN RAMESH TAILOR VS. ACIT, CENTRAL CIRCLE - 2, SURAT . FOR A.Y. 200 3 - 04 - 3 - 8. THE AR HAS FILED BEFORE US A COPY OF THE ORDER OF THE TRIBUNAL DATED 28.08.2014 PASSED IN THE CASE OF THE ASSESSEE ITSELF WHEREBY THE ISSUE OF ADDITION OF RS.26,47,280/ - BEING UNACCOUNTED INVESTMENT IN LAN D HAS BEEN RESTORED BACK TO THE FILE OF THE AO FOR FRESH ADJUDICATION. THUS, THE BASIS FOR LEVY OF PENALTY AFTER THIS ORDER OF THE TRIBUNAL DOES NOT SURVIVE, THEREFORE, WE SET ASIDE THE ORDERS OF THE LOWER AUTHORITIES AND RESTORE THE ISSUE OF LEVY OF PENAL TY U/S.271(1)(C) OF THE ACT BACK TO THE FILE OF THE AO FOR ADJUDICATION AFRESH IN THE LIGHT OF THE DECISION TAKEN IN THE SET ASIDE PROCEEDINGS. THUS, THIS GROUND OF THE APPEAL IS ALLOWED FOR STATISTICAL PURPOSE. 9. IN THE RESULT, THE APPEAL OF THE ASSESSE E IS ALLOWED FOR STATISTICAL PURPOSE. SD/ - SD/ - ( MUKUL KR. SHRAWAT ) ( N.S. SAINI ) JUDICIAL MEMBER ACCOUNTANT MEMBER AHMEDABAD; DATED 23 / 1 2 /20 1 4 PRABHAT KR. KESARWANI , SR. P . S . / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. / CONCERNED CIT 4. ( ) / THE CIT(A) - III, AHMEDABAD 5. , , / DR, ITAT, AHMEDABAD 6. / GUARD FILE . / BY ORDER, / ( DY./ASSTT.REGISTRAR) , / ITAT, AHMEDABAD