Deputy Commissioner of Income-tax, Circle , Malegaon V. Vyankatesh Co-operative Bank Limited, Nashik

MA 145/PUN/2022

AI Insights

The case involves the Deputy Commissioner of Income Tax (DCIT), Circle, Malegaon as the applicant and Vyankatesh Cooperative Bank Ltd. as the respondent. The Revenue filed a miscellaneous application seeking to recall/rectify an order that had previously deleted a penalty imposed on the bank. The Tribunal's decision was influenced by a Full Bench decision which had settled the law in favor of the assessee, thereby rejecting the Revenue's arguments and application.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 137544 (ITAT-PUNE)
• Duration Of Justice: 3 year(s) 1 month(s) 2 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 16-02-2023
• Appeal Filed By: Department
• Order Result: DismissedDismissed
• Bench Allotted: B
• Next Hearing Date: 19-01-2023
• Assessment Year: 2013-2014
• Appeal Filed On: 13-01-2020
• Other Referred Cases: Mohd. Farhan A. Shaikh vs. DCIT [2021] 434 ITR 1 (Bom.)
• Laws Referred To: sec.271(1)(c)
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE SHRI S.S. GODARA, JUDICIAL MEMBER AND SHRI G.D. PADMAHSHALI, ACCOUNTANT MEMBER MA No.145/PUN/2022 Arising out of ITA No.2494/PUN/2017 - Assessment Year : 2013-14 DCIT, Circle, Malegaon vs. Vyankatesh Cooperative Bank Ltd., Camp Road, Market Yard, Malegaon – 423105 PAN: AAAJS0296A Applicant Respondent Assessee by : Shri Nikhil S Pathak Revenue by : Shri Ramnath P Murkunde Date of hearing : 20.01.2023 Date of pronouncement : 17.02.2023 आदेश / ORDER PER SATBEER SINGH GODARA, JM : This Revenue’s Miscellaneous Application seeks to recall/rectify our common order dated 19.07.2019 deleting the impugned penalty of Rs.6,46,817/- for the precise reason that the Assessing Officer’s corresponding show cause notice had not specified as to whether the assessee had concealed its taxable income or furnished inaccurate particulars thereof, as the case may be. Heard both the parties. Case file perused. 2. Suffice to say, it emerges during the course of hearing that hon’ble jurisdictional Full Bench decision in MA No.145/PUN/2022 arising out of ITA No.2494/PUN/2017 2 Mohd. Farhan A. Shaikh vs. DCIT [2021] 434 ITR 1 (Bom.) has already settled the law in assessee’s favour and against the department so far as the validity of sec.271(1)(c) penalty owing an instance of foregoing default on the Assessing Officer’s part is concerned. Their lordships have rejected the Revenue’s very arguments therein in other words. Faced with the situation, we see no merit in the Revenue’s instant miscellaneous application raising the very issue. Ordered accordingly. 3. This Revenue’s miscellaneous application is rejected in above terms. Order pronounced in the Open Court on 17.02.2023. Sd/- Sd/- Sd/- (G.D. PADMAHSHALI) (SATBEER SINGH GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER प ु णे Pune; Ǒदनांक Dated : 17 th February, 2023 VBP/- आदेश कȧ ĤǓतͧलͪप अĒेͪषत/Copy of the Order is forwarded to: 1. अपीलाथȸ / The Appellant; 2. Ĥ×यथȸ / The Respondent; 3. The concerned CIT(A), 4. 5. The concerned Pr.CIT िवभागीय Ůितिनिध, आयकर अपीलीय अिधकरण, पुणे “B” / DR ‘B’, ITAT, Pune 6. गाडŊ फाईल / Guard file आदेशान ु सार/ BY ORDER, / True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण ,पुणे / ITAT, Pune