The ACIT, Circle-2,, RAJKOT-GUJARAT v. M/s Shree Rajmoti Industries,, RAJKOT-GUJARAT

ITA 1209/RJT/2010 | 2004-2005
Pronouncement Date: 11-11-2011 | Result: Dismissed

Appeal Details

RSA Number 120924914 RSA 2010
Assessee PAN AAHFS6930M
Bench Rajkot
Appeal Number ITA 1209/RJT/2010
Duration Of Justice 1 year(s) 1 month(s) 5 day(s)
Appellant The ACIT, Circle-2,, RAJKOT-GUJARAT
Respondent M/s Shree Rajmoti Industries,, RAJKOT-GUJARAT
Appeal Type Income Tax Appeal
Pronouncement Date 11-11-2011
Appeal Filed By Department
Order Result Dismissed
Bench Allotted DB
Tribunal Order Date 11-11-2011
Date Of Final Hearing 16-05-2011
Next Hearing Date 16-05-2011
Assessment Year 2004-2005
Appeal Filed On 06-10-2010
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH RAJKOT BEFORE SHRI T.K. SHARMA (JUDICIAL MEMBER) AND SHRI A.L. GEHLOT (AM) I.T.A. NO1209/RJT/2010 (ASSESSMENT YEAR 2004-05) ACIT CIR.2 VS M/S SHREE RAJMOTI INSDUSTRIES RAJKOT BHAVNAGAR ROAD RAJKOT PAN : AAHFS6930M (APPELLANT) (RESPONDENT) DATE OF HEARING : 11-11-2011 DATE OF PRONOUNCEMENT : 11-11-2011 APPELLANT BY : SHRI VILAS V SHINDE RESPONDENT BY: SHRI RD LALCHANDANI O R D E R PER AL GEHLOT (AM) THIS APPEAL OF THE ASSESSEE IS DIRECTED AGAINST TH E ORDER OF CIT(A)- III RAJKOT DATED 08-07-2010 FOR THE ASSESSMENT YEA R 2004-05. 2. THE GROUND RAISED IS IN RESPECT OF LEVY OF PENAL TY OF RS. 16 50 300/- U/S 271(1)(C) OF THE ACT. 3. THE BRIEF FACTS OF THE CASE ARE THAT THE ASSESSE E IS A MANUFACTURER OF GROUND NUT REFINED OIL COTTON SEED OIL AND ITS ALL IED PRODUCTS. THE ASSESSING OFFICER MADE ADDITION OF RS. 46 00 137 ON ACCOUNT OF GROSS PROFIT ITA NO.1209/RJT/2010 2 AS IT WAS FOUND THAT THE GROSS PROFIT FELL BY 0.502 %. THE CIT(A) UPHELD THE ADDITION TO THE EXTENT OF RS. 94 312. THE ITAT HAS SET ASIDE THE ORDER OF CIT(A) AND CONFIRMED THE ORDER OF THE ASSESSING OFF ICER. A PENALTY OF RS.16 50 300 HAS BEEN LEVIED ON ACCOUNT THAT THE AS SESSEE HAS FURNISHED INACCURATE PARTICULARS TO THE EXTENT OF INCOME OF R S.46 00 137. THE CIT(A) CANCELLED THE PENALTY ON THE GROUND THAT THE EXPLAN ATION FILED BY THE ASSESSEE WAS NOT FOUND FALSE AND THE SAME WAS FOUND BONA FIDE. 4. THE LD.AR AT THE OUTSET SUBMITTED THAT THE ITA T ORDER DATED 24-07- 2009 ON THE BASIS OF WHICH THE ASSESSING OFFICER LE VIED PENALTY HAS BEEN SUBSEQUENTLY RECALLED IN MA NO.625/RJT/2009 FILED B Y THE ASSESSEE AND HAS BEEN PARTLY ALLOWED VIDE ORDER DATED 16-10-2009 . THE REVENUE HAS ALSO FILED MISCELLANEOUS APPLICATION WHICH WAS ALSO ALLOWED VIDE ORDER DATED 24-07-2009 IN M.A. NO.36/RJT/2010 AND BOTH TH E APPEALS OF THE ASSESSEE AND THE REVENUE HAVE BEEN REFIXED FOR FRES H HEARING. IN THE FRESH ORDER THE ITAT HAS DELETED THE ENTIRE ADDITI ON VIDE ORDER DATED 30- 09-2011 IN ITA NO.424 & 512/RJT/2008. 5. AFTER HEARING THE LD.DR WE FIND THAT THE ORDER O F ITAT ON WHICH THE ASSESSING OFFICER HAS RELIED UPON AND LEVIED PENALT Y HAS BEEN RECALLED BY THE ITAT VIDE ORDER DATED 24-07-2009 IN MA NO.36/RJ T/2010 AND HEARD THE APPEAL AFRESH. WHILE DECIDING AFRESH THE ITAT VI DE PARAGRAPH NO.9 HAS ITA NO.1209/RJT/2010 3 DELETED THE ENTIRE ADDITION INCLUDING THE ADDITION OF RS.94 312 SUSTAINED BY THE CIT(A). WE FIND THAT THE BASIS ON WHICH THE AS SESSING OFFICER LEVIED PENALTY DID NOT EXIST. THEREFORE THE GROUND RAISE D BY THE REVENUE IN THE APPEAL BECOMES ACADEMIC. IN THE LIGHT OF THE FACT WE DISMISS THE APPEAL FILED BY THE REVENUE. ORDER PRONOUNCED IN THE OPEN COURT ON 11-11-2011. SD/- SD/- (T.K. SHARMA) (A.L. GEHLOT) JUDICIAL MEMBER ACCOUNTANT MEMBER RAJKOT DT : 11 NOVEMBER 2011 PK/- COPY TO: 1. ASSESSEE 2. REVENUE 3. THE CIT(A)-III RAJKOT 4. THE CIT-II RAJKOT 5. THE DR I.T.A.T. RAJKOT (TRUE COPY) BY ORDER ASSTT.REGISTRAR ITAT RAJKOT