Ito Wd 51 4 Kolkata Kolkata v. Sri Rabindra Nath Sikdar Kolkata

In The Income Tax Appellate Tribunal Kolkata Bench A Kolkata Before Shri Veeravalli Durga Rao Jm And Shri Waseem Ahmed Am I T A No 360 Kol 2016 Assessment Year 2006 07 Ito Ward 51 4 Appellant Block Ds 2 3 Maniktala Civic Centre Uttarpara Kolkata 700054 Sri Rabindra Nath Sikar Respondent Bc 126 Samar Pally Krishnapur Kolkata 700102 Pan Aotps 2045 G Appearances By Shri Sallong Yaden Addl Cit Appearing On Behalf Of The Revenue None Appearing On Behalf Of The Assessee Date Of Concluding The Hearing December 12 2017 Date Of Pronouncing The Order December 15 2017 Order Per Veeravalli Durga Rao Jm This Appeal Is Filed By The Department Directed Against The Order Passed By The Commissioner Of Income Tax Appeals 15 Kolkata Dated 10 12 2015 For The A Y 2006 07 2 Facts Are In Brief That The Assessee Is Engaged In Trading Of Rice And Pulse Filed A Return Of Income By Declaring A Total Income Of Rs 84 397 During The Course Of The Assessment Proceedings The Assessee Was Not Appeared Before The A O Therefore The A O Has Completed The Assessment By Estimating Net Profit 5 Of The Total Turnover Of The Assessee Thereafter The A O Has Initiated Penalty Proceedings Under Section 271 1 C Of The Act During The Course Of The Penalty Proceedings The Assessee Has Not Appeared Before The 2 I T A No 360 Kol 2016 Assessment Year 2006 07 Rabindra Nath Sikdar A O Therefore The A O Has Levied A Penalty Under Section 271 1 C Of The Income Tax Act Of Rs 25 81 568 On The Ground That The Assessee Conceal The Particulars Of Income And Furnished Inaccurate Particulars Of Income 3 On Being Aggrieved The Assessee Carried The Matter Before The Cit A It Was Submitted Before The Ld Cit A That All The Details Was Filed Before The A O During The Course Of The Assessment Proceedings The A O Only Estimated The Income Of The Assessee Therefore No Penalty Can Be Levied Under Section 271 1 C Of The Act The Ld Cit A After Considering The Explanation Of The Assessee He Has Observed That The Estimation Made By The A O On Net Profit Of 5 The Cit Has Reduced To 1 And Therefore Penalty Cannot Be Levied Under Section 271 1 C Of The Act 4 Revenue Carried The Appeal Before The Tribunal None Appeared For The Assessee 5 We Have Heard The Learned Dr We Have Considered The Order Passed By The Authorities Below In This Case The Assessing Officer Estimated Net Profit Of Business At 5 Of Turnover The Same Is Reduced By The Ld Cit A To 1 As Per The Cit Orders We Find That The A O Has Passed By The Assessment Order By Estimating The Income Of The Assessee The Very Same Estimation Has Been Reduced By The Cit A Under These Facts And Circumstances We Are Of The Opinion That It Is Not A Fit To Impose The Penalty Under Section 271 1 C Of The 3 I T A No 360 Kol 2016 Assessment Year 2006 07 Rabindra Nath Sikdar Act We Find No Infirmity In The Orders Passed By The Ld Cit A This Appeal By The Revenue Is Dismissed 6 In The Result The Appeal Of The Revenue Is Dismissed Order Pronounced In The Open Court On 15 Th December 2017 Sd Sd Waseem Ahmed Veeravalli Durga Rao Accountant Member Judicial Member Dated 15 12 2017 Biswajit Sr Ps Copy Of Order Forwarded To 1 Sri Rabindra Nath Sikdar Bc 126 Samar Pally Krishnapur Kolkata 700102 2 Ito Ward 51 4 Block Ds 2 3 Manicktala Civic Centre Uttarapan Kolkata 700054 3 The Cit A 4 The Cit 5 Dr True Copy By Order Sr P S H O O Itat Kolkata