M/s. PNG Jewellery & Gems, Pune v. ACIT, Pune

ITA 307/PUN/2009 | 1999-2000
Pronouncement Date: 27-08-2010 | Result: Allowed

Appeal Details

RSA Number 30724514 RSA 2009
Bench Pune
Appeal Number ITA 307/PUN/2009
Duration Of Justice 1 year(s) 5 month(s) 24 day(s)
Appellant M/s. PNG Jewellery & Gems, Pune
Respondent ACIT, Pune
Appeal Type Income Tax Appeal
Pronouncement Date 27-08-2010
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted B
Tribunal Order Date 27-08-2010
Assessment Year 1999-2000
Appeal Filed On 05-03-2009
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B PUNE BEFORE SHRI I.C. SUDHIR JUDICIAL MEMBER AND SHRI D. KARUNAKARA RAO ACCOUNTANT MEMBER I.T.A. NO. 307/PN/2009 ( ASSTT.YEAR. 1999-2000 ) M/S. PNG JEWELLERY & GEMS APPELLANT 693 NARAYAN PETH KUNTE CHOWK LAXMI ROAD PUNE 411 030 PAN : AAADFP5196K VS. ACIT CENTRAL CIRCLE 1(2) RESPONDENT INCOME TAX OFFICE PMT BUILDING SWARGATE PUNE -411 037 APPELLANT BY: SHRI M.R. BHAGWAT RESPONDENT BY: SHRI G.S. GULATI ORDER PER D. KARUNAKARA RAO AM THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE IMPUGNED ORDER OF THE CIT(A)-I PUNE PASSED U/S. 271(1)(C ) LEVYING PENALTY OF RS. 68 195/-. THE GROUNDS RAISED READ AS UNDER : THE ASSESSEE FIRM BEING AGGRIEVED BY THE ORDER AND DECISION OF THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) PUNE HAS PREFERRED THIS APPEAL ON THE FOLLOWING GROUNDS :- 1) ON THE FACTS OF THE CASE THE LEARNED COMMISSIONER(APPEALS) ERRED IN SUSTAINING THE PENAL TY UNDER SEC. 271(1)(C ) OF RS.68195/- ON THE ASSESSEE. 2) ON THE FACTS OF THE CASE THE LEARNED COMMISSIONE R (APPEALS) ERRED IN NOT APPRECIATING THAT THE DEFAUL T OF CONCEALMENT OF INCOME OR FURNISHING OF INACCURATE P ARTICULARS OF INCOME WAS NOT COMMITTED BY THE ASSESSEE FIRM. 3) THE PENALTY U/S 271 (1) (C ) OF RS. 68195/- MAY BE CANCELLED. 4) SUCH OTHER ORDERS BE PASSED AS DEEMED FIT AND P ROPER. PAGE 2 OF 2 ITA NO.307/PN/2009 M/S. PNG JEWELLERY & GEMS A.Y. 1999-2000 2. DURING THE PROCEEDINGS BEFORE AT THE VERY OUTSE T LD COUNSEL INFORMED US THAT THE QUANTUM ADDITIONS ARE DELETED BY THE TRIBUNAL VIDE ITA NO. 434/PN/2007 ORDER DT. 26 TH FEBRUARY 2009. LD DR FOR THE REVENUE RELIED ON THE ORDER OF THE AO. WE HAVE HEARD THE PARTIES AND PERUSED THE MATERIAL ON RECORD. 3. ON PERUSAL WE FIND THAT THE QUANTUM APPEAL IS D ECIDED IN FAVOUR OF THE ASSESSEE VIDE ITA NO. 434/PN/2007 ORD ER DT. 26 TH FEBRUARY 2009. SINCE THE VERY ADDITIONS ARE DELETED BY THE TRIBUNAL THE LEVY OF PENALTY ON THOSE ADDITIONS DOES NOT STA ND. WE THEREFORE DELETE THE PENALTY LEVIED AND CONFIRMED BY THE CIT(A). ACCORDINGLY THE GROUNDS OF THE ASSESSEE ARE ALLOWED . 3. IN THE RESULT ASSESSEES APPEAL IS ALLOWED . ORDER PRONOUNCED ON THE 27TH AUGUST 2010. SD/- SD/- ( I.C. SUDHIR) JUDICIAL MEMBER (D. KARUNAKARA RAO ) ACCOUNTANT MEMBER PUNE DATED THE 27TH AUGUST 2010 US COPY OF THE ORDER IS FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A)- I PUNE 4. THE CIT- (CENTRAL) PUNE 5. THE D.R B BENCH PUNE 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL PUNE