Balex Pvt.Ltd.,, Baroda v. The Dy.CIT.,Circle-1(1),, Baroda

ITA 1845/AHD/2014 | 2005-2006
Pronouncement Date: 29-11-2017 | Result: Allowed

Appeal Details

RSA Number 184520514 RSA 2014
Assessee PAN AAACB7665B
Bench Ahmedabad
Appeal Number ITA 1845/AHD/2014
Duration Of Justice 3 year(s) 5 month(s) 10 day(s)
Appellant Balex Pvt.Ltd.,, Baroda
Respondent The Dy.CIT.,Circle-1(1),, Baroda
Appeal Type Income Tax Appeal
Pronouncement Date 29-11-2017
Appeal Filed By Assessee
Tags No record found
Order Result Allowed
Bench Allotted A
Tribunal Order Date 29-11-2017
Assessment Year 2005-2006
Appeal Filed On 18-06-2014
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH AHMEDABAD BEFORE SHRI S. S. GODARA JUDICIAL MEMBER AND SHRI PRADIP KUMAR KEDIA ACCOUNTANT MEMBER ITA NO. 1845/AHD/2014 (ASSESSMENT YEAR: 2005-06) BALEX PRIVATE LIMITED 30-31 NAVI JETHARDI KARJAN- SINOR ROAD BARODA - 391240 A PPELLANT VS. THE DCIT CIRCLE 1(1) AAYAKAR BHAVN BARODA RESPO NDENT PAN: AAACB7665B /BY ASSESSEE : NONE /BY REVENUE : SHRI DINESH SINGH SR. D.R. /DATE OF HEARING : 08.11.2017 /DATE OF PRONOUNCEMENT : 29.11.2017 ORDER PER S. S. GODARA JUDICIAL MEMBER THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2005-06 ARISES AGAINST THE CIT(A)-I BARODAS ORDER DATED 21.04.2014 IN CASE N O. CAB-I/044/2013-14 AFFIRMING ASSESSING OFFICERS ACTION IMPOSING PENAL TY OF RS.11.50LACS PERTAINING TO TWO QUANTUM ADDITION OF SECTION 68 ADDITION OF RS.3 0.35LACS AS UNSECURED LOANS AND ESTIMATED NET PROFITS OF RS.6.05LACS @1% TOTAL SALES IN PROCEEDINGS U/S. 271(1)(C) OF THE INCOME TAX ACT 1961; IN SHORT TH E ACT. 2. NONE APPEARS AT ASSESSEES BEHEST. IT IS ACCORD INGLY PROCEEDED EX PARTE. ITA NO. 1845/AHD/14 [BALEX PRIVATE LTD. VS. DCIT] A.Y. 2005-06 - 2 - 3. A PERUSAL OF THE INSTANT CASE FILE REVEALS THAT THE ABOVE QUANTUM ADDITIONS EMANATED FROM ASSESSMENT ORDER DATED 19.11.2007. T HE MATTER TRAVELLED UP TO THE TRIBUNAL. A CO-ORDINATE BENCH IN ASSESSEES QUANTU M APPEAL ITA NO.764/AHD/2012 DECIDED ON 14.06.2016 HAS RESTORED BACK BOTH THE AB OVE QUANTUM ISSUES OF UNSECURED LOANS ADDITION AS WELL AS ESTIMATED NET P ROFITS BACK TO THE ASSESSING OFFICER FOR A FRESH ADJUDICATION. RELEVANT ORDER F ORMS PART OF RECORD IN THE INSTANT CASE FILE. THE ASSESSING OFFICER AS WELL AS THE CI T(A) HAVE PENALIZED THE ASSESSEE U/S.271(1)(C) OF THE ACT IN THE INTERVENING PERIOD. WE THEREFORE ARE OF THE OPINION THAT THE IMPUGNED PENALTY DOES HAVE NO LEGS TO STAN D AS OF NOW. WE ACCORDINGLY RESTORE THE INSTANT PENALTY APPEAL AS WELL BACK TO THE ASSESSING OFFICER TO BE DECIDED AFTER FINALIZATION OF CONSEQUENTIAL ASSESSM ENT PROCEEDINGS. 4. THIS ASSESSEES APPEAL IS ACCEPTED FOR STATISTIC AL PURPOSES. [PRONOUNCED IN THE OPEN COURT ON THIS THE 29 TH DAY OF NOVEMBER 2017.] SD/- SD/- ( PRADIP KUMAR KEDIA ) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIAL M EMBER AHMEDABAD: DATED 29/11/2017 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