Power Build Lomited, Dist.Anand v. The ACIT.,Anand Circle,, Anand

ITA.47-08 A.Y.1999-00 1 IN THE INCOME_TAX APPELLATE TRIBUNAL B BENCH AHMEDABAD BEFORE SHRI T.K. SHARMA AND SHRI D.C. AGRAWAL. ITA. NO.47/AHD/2008 (ASSESSMENT YEAR:1999-00) POWER BUILD LTD. ANAND SOJITRA ROAD VALLABH VIDYANAGAR TAL.& DIST.ANAND. VS THE ASSISTANT COMMISSIONER OF INCOME TAX ANAND CIRCLE ANAND. (APPELLANT) (RESPONDENT) PAN: AABCP 2464 K APPELLANT BY : SHRI SUNIL TALATI. RESPONDENT BY : SHRI S.C. TIWARI SR.D.R. ( (( ( )/ )/)/ )/ ORDER PER: SHRI T.K. SHARMA. THIS APPEAL BY THE ASSESSEE IS AGAINST THE ORDER DATED 1 5-10- 2007 OF C.I.T.(A)-IV BARODA CONFIRMING THE PENALTY OF RS.60 23 899/- LEVIED BY THE A/O/ U/S. 271(1)(C) OF THE INCOME TAX ACT 1961 FOR THE ASSESSMENT YEAR 1999-2000. 2. AT THE TIME OF HEARING ON BEHALF OF ASSESSEE SHRI SU NIL TALATI C.A. APPEARED AND CONTENDED THAT A.O. MADE THE ADDIT ION U/S. 41(2) OF THE I.T. ACT 1961 AMOUNTING TO RS.1 72 11 136/-. THIS WAS CONFIRMED BY THE LD. C.I.T. (A). ON THIS ADDITION A. O. LEVIED THE PENALTY OF RS.60 23 899/- U/S. 271(1)(C ). THE COUNSEL OF THE ITA.47-08 A.Y.1999-00 2 ASSESSEE FURTHER SUBMITTED THAT THE ENTIRE ADDITION OF R S.1 72 11 136/- ON WHICH PENALTY U/S. 271(1)(C) WAS LEVIED HAS BEEN DELE TED BY I.T.AT..-D BENCH VIDE ORDER DATED 5-6-2009 IN ITA NO .291/A/2006 FOR THE ASSESSMENT YEAR 1999-00. THE COPY OF SAID ORDER IS PLA CED ON RECORD. THE COUNSEL OF THE ASSESSEE POINTED OUT THAT SINCE T HE ADDITION HAS BEEN DELETED THE PENALTY OF RS.60 23 899/- BE CAN CELLED. 3. SHRI S.C. TIWARI D.R. FOR THE REVENUE COULD NOT CONTROVERT THE AFORESAID SUBMISSION MADE BY THE LD. COUNSEL OF THE ASSESSE E. 4. HAVING HEARD BOTH THE SIDES WE HAVE CAREFULLY GONE THROUGH ORDERS OF AUTHORITIES BELOW. 5. ADMITTEDLY THE PENALTY OF RS. 60 23 899/- WAS LEV IED BY A.O. U/S. 271(1) (C ) WAS IN RESPECT OF ADDITION MADE U/S. 41( 2) AMOUNTING TO RS.1 72 11 136/-. THE SAID ADDITION HAS BEEN DELETE D BY THE I.T.A.T. D-BENCH AHMEDABAD VIDE ORDER DT.5.6.2009 (SUPRA) WHE N ADDITIONS MADE IN THE ASSESSMENT ORDER ON THE BASIS OF WHICH PENAL TY FOR CONCEALMENT IS LEVIED ARE DELETED THERE REMAIN NO B ASIS AT ALL FOR LEVYING THE PENALTY FOR CONCEALMENT THEREFORE IN SUCH A CASE NO PENALTY CAN SURVIVE. IN VIEW OF THIS THE PENALTY OF R S. 60 23 899/- LEVIED BY A.O. AND CONFIRMED BY THE LD. C.I.T. IN TH E IMPUGNED ORDER IS HEREBY CANCELLED. 6. RESULTANTLY THE APPEAL OF THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN OPEN COURT ON 26 /04 /2010. ( D.C. AGRAWAL ) (T.K.SHARMA) ACCOUNTANT MEMBER. JUDICIAL MEM BER. ITA.47-08 A.Y.1999-00 3 AHMEDABAD. DATED:26/04/2010. S.A.PATKI. COPY OF THE ORDER FORWARDED TO: - 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT(APPEALS)- 4. THE CIT CONCERNED. 5. THE DR. ITAT AHMEDABAD. 6. GUARD FILE. BY ORDER DEPUTY/ASSTT.REGISTRAR ITAT AHMEDABAD.