Shri Dipakkumar Kumarpal Sheth, Ahmedabad v. The Income tax Officer,Ward-6(3),, Ahmedabad

ITA 2081/AHD/2013 | 2008-2009
Pronouncement Date: 29-09-2016 | Result: Allowed

Appeal Details

RSA Number 208120514 RSA 2013
Assessee PAN AINPS2560C
Bench Ahmedabad
Appeal Number ITA 2081/AHD/2013
Duration Of Justice 3 year(s) 1 month(s) 22 day(s)
Appellant Shri Dipakkumar Kumarpal Sheth, Ahmedabad
Respondent The Income tax Officer,Ward-6(3),, Ahmedabad
Appeal Type Income Tax Appeal
Pronouncement Date 29-09-2016
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted SMC
Tribunal Order Date 29-09-2016
Date Of Final Hearing 30-06-2016
Next Hearing Date 30-06-2016
Assessment Year 2008-2009
Appeal Filed On 07-08-2013
Judgment Text
I.T.A. NO . 2081 /AHD/201 3 A SSESSMENT Y EAR: 200 8 - 09 PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCH SMC AHMEDABAD [CORAM: PRAMOD KUMAR AM] I.T.A. NO. 2081 /AHD/ 20 1 3 ASSESSMENT Y EAR : 200 8 - 09 DIPAKKUMAR KUMARPAL SHETH ................... . APPELLANT ADC BANK BUILDING ST ROA D SANAND DT. AHMEDABAD 382 110 . [ PAN: AINPS 2560 C ] VS. INCOME TAX OFFICER WARD 6(3) AHMEDABAD . ...... . ... . RESPONDENT APPEARANCES BY: S.N. DIVATIA FOR THE APPELLANT KEYUR PATEL FOR THE RESPONDENT D ATE OF CONCLUDING THE HEARI NG : 30 .06.2016 DATE OF PRONOUNCING THE ORDER : 29 . 0 9 .2016 O R D E R 1. BY WAY OF THIS APPEAL THE A SSESS EE APPELLANT HAS CHALLENGED CORRECTNESS OF THE ORDER DATED 1 4 TH JUNE 2013 PASSED BY THE LEARNED CIT(A) IN THE MATTER OF PENA LTY UNDER SECTION 2 71(1)(C) OF THE INCOME TAX ACT 1961 FOR THE ASSESSMENT YEAR 200 8 - 09. 2. GRIEVANCE OF THE ASSESSEE IS THAT ON THE FACTS AND IN THE CIRCUMSTANCES OF THE C A SE LEARNED CIT (A) ERRED IN CONFIRMING THE PENALTY OF RS. 4 53 580/ - IMPOSED UNDER S ECTION 271(1)(C) OF THE ACT. 3. DURING THE COURSE OF SCRUTINY ASSESSMENT PROCEEDINGS THE ASSESSING OFFIC E R NOTICED THAT THE SHORT TERM CAPITAL GAIN OF RS.14 24 800/ - ON SALE OF CERTAIN PROPERTY WAS OFF E RED TO T A X ONLY DURING THE ASSESSMENT PROC EE DING AN D THAT IT WAS NOT DISCLOSED IN THE INCOME TAX RETURN. IT WAS IN THIS BACKDROP THAT THE PENALTY PROCEEDING S WERE INITIATED . I.T.A. NO . 2081 /AHD/201 3 A SSESSMENT Y EAR: 200 8 - 09 PAGE 2 OF 2 THE ASSESSEE S EXPLANATION WAS THAT THE SAID INCOME WAS OFFERED ON ASSESSEE S OWN THAT THE SALE CONSIDERATION WAS DULY ACCOUNTED F OR AND THAT THE MISTAKE OF THE ASSESSEE IN NOT DISCLOSING THE SHORT TERM CAPITAL GAIN IN INCOME TAX RETURN WAS INADVERTENT BONAFIDE AND UNINTENTIONAL . HOWEVER THE ASSESSING OFFICER REJECTED THE EXPLANATION AND PROCEEDED TO IMPOSE THE PENALTY FOR CONCEA LMENT OF INCOME. AGGRIEVED ASSESSEE CARRIED THE MATTER IN APPEAL BEFORE LEARNED CIT ( A ) BUT WITHOUT SUCCESS. NOT SATISFIED THE A SSESSEE IS IN FURTHER APPEAL BEFORE ME. 4. HAVING HEARD THE RIVAL CONTENTIONS AND HAVING PERUS E D THE MATERIAL ON RECORD I FI ND THAT AS A MATTER OF RECORD THE SHORT TERM CAPITAL G A IN WAS OFFERED TO TAX BY THE ASSESSEE MUCH BEFORE THE ASSESSING OFFICER H A VING DETECTED THE SAME AND ISSUING RESPECTIVE NOTICE. IN THIS VIEW OF THE MATTER THE ASSESSEE S CL A IM OF INADVERTENT MIS TAK E CANNOT BE BRUSHED ASIDE. THE SALE PROCEEDS WERE ROUTED THROUGH THE BANK ACCOUNT DULY DISCLOSED TO REVENUE AUTHORITIES. KEEPING IN MIND ALL THESE FACTORS AS ALSO ENTIRETY OF THE CASE I AM INCLINED TO DELETE THE IMPUGNED PENALTY. I ORD E R SO. 5 . IN TH E RESULT THE APPEAL IS ALLOWED . PRONOUNCED IN THE OPEN COURT ON THIS 29 TH DAY OF SEPTEMBER 2016. SD/ - PRAMOD KUMAR (ACCOUNTANT MEMBER) DATED: THE 29 TH DAY OF SEPTEMBER 2016. PBN/* COPIES TO: (1) THE APPELLANT (2) THE RESPONDENT (3) CIT (4) CIT(A) (5) DR (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCHES AHMEDABAD