The ACIT., Circle-1(1), Baroda V. Gujarat Metal Cast Industries Ltd., Baroda

MA 254/AHD/2017

• Counselvise Citation: [2018] 124 COUNSELVISE.COM (IT) 6142 (ITAT-AHMEDABAD)
• Duration Of Justice: 4 month(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 20-02-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2005-2006
• Appeal Filed On: 20-10-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: T SANKAR
• Assessee Lawyers: T P HEMANI
• Keywords: Unexplained cash credit

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD D BENCH AHMEDABAD BEFORE, SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER M.A. NO. 254/AHD/2017 (IN ITA NO. 457/AHD/2014) (ASSESSMENT YEAR: 2005-06) M/S. GUJARAT METAL CAST INDUSTRIES LIMITED, PANCHRATNA BUILDING, GROUND FLOOR, SUBHANPURA, VADODARA APPELLANT VS. THE ASST. CIT, CIRCLE-1(1)(1), VADODARA 1 ST FLOOR, AAYKAR BHAVAN, RACE COURSE CIRCLE, VADODARA - 390007 RESPONDENT/APPLICANT PAN: AAACG8433G /BY ASSESSEE : SHRI T. P. HEMANI, A.R. /BY REVENUE : SHRI T. SANKAR, SR. D.R. /DATE OF HEARING : 05.01.2018 /DATE OF PRONOUNCEMENT : 20.02.2018 ORDER PER S. S. GODARA, JUDICIAL MEMBER REVENUE HAS PREFERRED THIS INSTANT MISCELLANEOUS AP PLICATION U/S. 254(2) OF THE INCOME TAX ACT, 1961, IN SHORT THE ACT SEEKS TO RECALL/RECTIFY OUR ORDER DATED 28.04.2017 ACCEPTING ASSESSEES APPEAL PREFERRED AG AINST BOTH THE LOWER AUTHORITIES IMPOSING PENALTY OF RS.28.73LACS AS IMPOSED BY BOTH THE LOWER AUTHORITIES IN PROCEEDINGS U/S.271(1)(C) OF THE ACT. HEARD BOTH THE PARTIES. CASE FILE PERUSED. M. A. NO. 254/AHD/2017 (M/S. GUJARAT METAL CAST IND USTRIES LTD.) A.Y. 2005-06 - 2 - 2. THE REVENUES SOLE SUBSTANTIVE GROUND PLEADED IN ITS INSTANT MISCELLANEOUS APPLICATION IS THAT OUR ORDER IN QUESTION DATED 28. 04.2017 HAS DELETED THE ABOVESTATED PENALTY OF RS.28.73LACS WHICH INCLUDED THE PENALTY AMOUNT PERTAINING TO ADDITION OF RS.67,000/- IN THE NATURE OF UNEXPLA INED CASH CREDITS. LEARNED DEPARTMENTAL REPRESENTATIVE STATES THAT THE ABOVE L ATTER ADDITION FINDS NO MENTION IN OUR ORDER SOUGHT TO BE RECALLED. THE REVENUES CASE THEREFORE IS THAT OUR ORDER DELETING THE IMPUGNED PENALTY TO THIS EXTENT SUFFER S FROM AN APPARENT MISTAKE ON RECORD. WE FIND NO REASON TO ACCEPT THE SAME. WE FIND THAT OUR ORDER HAS DELETED THE IMPUGNED PENALTY ONLY QUA THE FORMER ISSUE OF I NTEREST WAIVER ADDITION AMOUNTING TO RS.77,81,667/-. LEARNED COUNSEL REPRES ENTING ASSESSEE IS ALSO FAIR ENOUGH IN SUBMITTING THAT THE RELEVANT SOLE SUBSTAN TIVE GROUND RAISED IN MAIN APPEAL NOWHERE CHALLENGES THE IMPUGNED PENALTY ACTI ON RELEVANT TO THE LATTER ISSUE OF UNEXPLAINED CASH CREDITS. THIS CLINCHING ASPECT HAS GONE UNREBUTTED FROM REVENUES SIDE. WE THUS SEE NO APPARENT MISTAKE IN OUR ORDER DATED 28.04.2017. 3. THE REVENUES MISCELLANEOUS APPLICATION IS THERE FORE DISMISSED. [PRONOUNCED IN THE OPEN COURT ON THIS THE 20 TH DAY OF FEBRUARY, 2018.] SD/- SD/- ( PRADIP KUMAR KEDIA ) (S. S. G ODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD: DATED 20/02/2018 TRUE COPY S.K.SINHA / COPY OF ORDER FORWARDED TO:- / REVENUE 2 / ASSESSEE ! / CONCERNED CIT 4 !- / CIT (A) ( )*+ ,--. . /0 / DR, ITAT, AHMEDABAD 1 +23 / GUARD FILE. BY ORDER / . // . /0