Mohan Lal Goyal, Agra v. I.T.O.-4(2), Agra

ITA 441/AGR/2010 | 2001-2002
Pronouncement Date: 25-11-2011 | Result: Allowed

Appeal Details

RSA Number 44120314 RSA 2010
Assessee PAN ABXPG2701N
Bench Agra
Appeal Number ITA 441/AGR/2010
Duration Of Justice 11 month(s) 22 day(s)
Appellant Mohan Lal Goyal, Agra
Respondent I.T.O.-4(2), Agra
Appeal Type Income Tax Appeal
Pronouncement Date 25-11-2011
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted DB
Tribunal Order Date 25-11-2011
Date Of Final Hearing 24-11-2011
Next Hearing Date 24-11-2011
Assessment Year 2001-2002
Appeal Filed On 03-12-2010
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL AGRA BENCH AGRA BEFORE SHRI H.S. SIDHU JUDICIAL MEMBER AND SHRI B.P. JAIN ACCOUNTANT MEMBER ITA NO. 441/AGRA/2010 ASSTT. YEAR : 2001-02 SHRI MOHAN LAL GOYAL VS. INCOME-TAX OFFICER C.O M/S. MOOL CHAND SHYAM LAL 4(2) AGRA. 28/201 RATAN PURA BELANGANJ AGRA. (PAN : ABXPG 2701 N) (APPELLANT) (RESPONDENT) FOR APPELLANT : SHRI NAVIN GARGH ADVOCATE. FOR RESPONDENT : SHRI A.K. SHARMA JR. D.R. DATE OF HEARING : 24.11.2011 DATE OF PRONOUNCEMENT : 25.11.2011 ORDER PER BENCH: THE ASSESSEE HAS FILED THE PRESENT APPEAL AGAINST THE IMPUGNED ORDER DATED 21.09.2010 PASSED BY THE LD. CIT(A)-II AGRA ON THE FOLLOWING GROUNDS : 1. BECAUSE IN ANY VIEW THE LD. CIT(A) HAS ERRED I N CONFIRMING THE PENALTY U/S. 271(1)(C) AT RS.27 433/-. 2. BECAUSE IN ANY VIEW AND WITHOUT PREJUDICE TO T HE AFORESAID GROUND THE ORDER PASSED U/S. 271(1)(C) SHOW CAUSE NOTICE ISSU ED AND THE PENALTY IMPOSED U/S. 271(1)(C) IS WRONG ILLEGAL AND AGAINST THE FA CTS AND LAW OF THE CASE. 2. THE FACTS RELATING TO THE ISSUE IN DISPUTE ARE T HAT THE ASSESSEE IS AN INDIVIDUAL AND FILED RETURN OF INCOME ON 30.03.2002 DECLARING INCOME OF RS.1 86 724/-. THE ASSESSING OFFICER ISSUED NOTICE U/S. 148 ON 27.09.2005. IN RESPONSE TO THE S AME THE ASSESSEE FILED RETURN OF INCOME DECLARING INCOME OF RS.2 93 340/- INCLUDING RS.1 1 3 444/- AS INCOME FROM OTHER SOURCES WHICH AROSE FROM THE SALE OF 1500 SHARES OF A COMPANY NAM ED M/S. CRABTREE SECURITIES AND CREDIT 2 LIMITED. THE ASSESSEE SURRENDERED RS.1 13 443/- UND ER THE HEAD OTHER SOURCES IN THE RETURN FILED IN RESPONSE TO THE NOTICE U/S. 148 OF THE ACT . ACCORDING TO THE ASSESSEE HE HAS OFFERED THIS AMOUNT AT THE TIME OF ASSESSMENT TO PURCHASE PEACE OF MIND AND TO AVOID LITIGATION SUBJECT TO THAT NO PENALTY MAY BE LEVIED IN THE CASE OF ASSESSEE. B UT AFTER CONSIDERING THE EVIDENCES THE LD. ASSESSING OFFICER LEVIED THE PENALTY @ 100% OF THE TAX SOUGHT TO BE EVADED AMOUNTING TO RS.34 714/- U/S. 271(1)(C) OF THE ACT BECAUSE THE A SSESSEE HAS FURNISHED DELIBERATELY INACCURATE PARTICULARS OF HIS INCOME VIDE ORDER DATED 28.08.2 006. AGGRIEVED BY THE SAME THE ASSESSEE FILED APPEAL BEFORE THE FIRST APPELLATE AUTHORITY WHO VID E ORDER DATED 21.09.2010 PARTLY ALLOWED THE APPEAL OF THE ASSESSEE BY HOLDING THAT ACCORDING TO THE REPORT OF THE ASSESSING OFFICER DATED 14.03.2007 THE TAX ON THE INCOME SOUGHT TO BE EVAD ED WORKED OUT TO RS.27 433/- AND NOT RS.34 717/- AND HE CONFIRMED THE PENALTY TO THE EXT ENT OF RS.27 433/-. NOW THE ASSESSEE IS AGGRIEVED BY THE IMPUGNED ORDER AND FILED THE PRESE NT APPEAL. 3. AT THE TIME OF HEARING THE LD. COUNSEL FOR THE ASSESSEE STATED THAT THE ASSESSEE HAS NEITHER CONCEALED THE INCOME NOR FILED INACCURATE PARTICULA RS THEREOF. HE FURTHER STATED THAT THE ASSESSEE HAS OFFERED RS.1 13 443/- IN THE RETURN FILED IN RE SPONSE TO THE NOTICE U/S. 148 OF THE ACT. THE LD. COUNSEL FOR THE ASSESSEE STATED THAT THERE ARE VARI OUS DECISIONS RENDERED BY HONBLE SUPREME COURT AS WELL AS HONBLE HIGH COURT WHICH COVER THE ISSUE IN DISPUTE IN FAVOUR OF ASSESSEE THEREBY DELETING THE PENALTY IN THE SIMILAR FACTS A ND CIRCUMSTANCES. HE FURTHER STATED THAT THERE IS NO DIFFERENCE IN THE RETURNED INCOME AND ASSESSED I NCOME U/S. 143(3)/147. THUS THERE IS NO INACCURATE PARTICULARS OF INCOME FURNISHED BY ASSES SEE AS HELD BY THE AO. 4. ON THE CONTRARY THE LD. DR RELIED UPON THE ORDE R OF THE LD. FIRST APPELLATE AUTHORITY. 3 5. WE HAVE HEARD THE BOTH PARTIES AND HAVE PERUSED THE MATERIAL AVAILABLE WITH US. WE ARE OF THE CONSIDERED OPINION THAT IT IS ADMITTED THAT THAT THE ASSESSEE FILED ORIGINAL RETURN OF INCOME OF RS.1 86 724/- AND LONG-TERM CAPITAL GAIN OF RS.1 05 664/- ON 30.03.2002 AND AFTER THAT IN COMPLIANCE OF THE NOTICE U/S. 148 HE SURRENDERED A N AMOUNT OF RS.1 13 443/- AS INCOME FROM OTHER SOURCES WHICH HAS ALREADY BEEN SHOWN AS SALE OF 1500 SHARES OF THE COMPANY NAMED CRABTREE SECURITIES AND CREDITS LIMITED WHICH HAS B EEN PURCHASED THROUGH SHARE BROKER NAMED M/S. JRD STOCK BROKERS PVT. LTD. DELHI. THE ASSESSE E IS AN OLD ASSESSEE AND BEING ASSESSED TO INCOME-TAX FOR MORE THAN 25 YEARS AND IS DOING PERS ONAL BUSINESS BESIDES THE SHARES IN THE PARTNERSHIP FIRM. HE ALSO SUBMITTED THE BALANCE SHE ET ALONG WITH PROFIT AND LOSS ACCOUNT AND COPIES OF ACCOUNTS ALONG WITH VARIOUS DOCUMENTARY E VIDENCES LIKE BANK ACCOUNT PASSBOOK ETC. AFTER PERUSING THE RECORD WE ARE OF THE VIEW THAT THERE IS NO DIFFERENCE IN THE RETURNED INCOME AND ASSESSED INCOME U/S. 143(3)/147. THEREFORE THE RE IS NO CONCEALMENT OF INCOME BY FURNISHING INACCURATE PARTICULARS OF SUCH INCOME. INITIALLY RE TURN OF INCOME WAS FILED ON 30.03.2002 SHOWING GROSS TOTAL INCOME OF RS.1 86 724/- (TOTAL INCOME RS.1 79 890/-) AND LONG-TERM CAPITAL GAIN OF RS.1 05 864/- ON SALE OF SHARES FOR RS.1 13 442/-. THE TAX @ 10% WAS PAID ON LONG-TERM CAPITAL GAIN OF RS.1 05 864/-. THE ASSESSEE HAS FIL ED ALL THE EVIDENCES WITH THE RETURN OF INCOME WHICH IS AVAILABLE WITH THE DEPARTMENT. THE ASSESSI NG OFFICER HAVING NO MATERIAL ON RECORD TO ESTABLISH THAT THE ASSESSEE HAS FILED INACCURATE PA RTICULARS OF INCOME. AS PER VARIOUS DECISIONS CITED BY THE ASSESSEE IN THE WRITTEN SUBMISSIONS BE FORE THE LD. FIRST APPELLATE AUTHORITY AS WELL AS THE AO AND AFTER CONSIDERING THE SAME WE ARE OF TH E VIEW THAT THE ASSESSEE IS IN A GOOD FAITH AND TO AVOID FURTHER LITIGATION WITH THE DEPARTMENT HAS SHOWN THE LONG-TERM CAPITAL GAIN OF RS.1 05 864/- ON THE SALE OF SHARES FOR RS.1 13 442 /- AS INCOME FROM OTHER SOURCES IN THE RETURN 4 OF INCOME FILED IN COMPLIANCE OF NOTICE U/S. 148 OF THE ACT. AS THE ASSESSING OFFICER HAS NO MATERIAL OR EVIDENCE AGAINST THE ASSESSEE JUSTIFYIN G ANY CONCEALMENT OF INCOME AND FURNISHING OF INACCURATE PARTICULARS OF INCOME THE PENALTY IN DI SPUTE DESERVES TO BE CANCELLED. THEREFORE THE APPEAL OF THE ASSESSEE DESERVES TO BE ALLOWED. 6. IN THE RESULT THE APPEAL IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 25.11.2011. SD/- SD/- (B.P. JAIN) (H.S. SIDHU) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 25 TH NOVEMBER 2011 *AKS/- COPY OF THE ORDER FORWARDED TO : 1. APPELLANT 2. RESPONDENT 3. CIT(A) BY ORDER 4. CIT CONCERNED 5. DR ITAT AGRA 6. 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