SHRI ALOK KALA, Jaipur v. ACIT, Jaipur

ITA 512/JPR/2012 | 2005-2006
Pronouncement Date: 21-11-2014 | Result: Allowed

Appeal Details

RSA Number 51223114 RSA 2012
Assessee PAN AFDPK2191N
Bench Jaipur
Appeal Number ITA 512/JPR/2012
Duration Of Justice 2 year(s) 5 month(s) 27 day(s)
Appellant SHRI ALOK KALA, Jaipur
Respondent ACIT, Jaipur
Appeal Type Income Tax Appeal
Pronouncement Date 21-11-2014
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted A
Tribunal Order Date 21-11-2014
Assessment Year 2005-2006
Appeal Filed On 24-05-2012
Judgment Text
ITA NO. 512/JP/2012 SHRI ASHOK KALA VS. ACIT CIRCLE- 5 JAIPUR 1 IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH JAIPUR (BEFORE SHRI R.P. TOLANI AND SHRI T.R. ME ENA) ITA NO. 512/JP/2012 ASSESSMENT YEAR: 2005-06 PAN : AFDPK 2191 N SHRI ASHOK KALA VS. THE ACIT A-95 JANTA COLONY CIRCLE- 5 JAIPUR JAIPUR (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI RAJEEV SOGANI DEPARTMENT BY: MRS. NEENA JEEPH DATE OF HEARING: 27-10-2014 DATE OF PRONOUNCEMENT: 21-11-2014 ORDER PER R.P. TOLANI JM THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST T HE ORDER OF THE LD. CIT(A)-III JAIPUR DATED 09-03-2012 WHEREIN THE ASSESSEE HAS RAISED FOLLOWING GROUND IN HIS APPEAL. 1 IN THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW THE LD. CIT(A) HAS ERRED IN CONFIRMING THE ACTI ON OF THE AO IN IMPOSING PENALTY U/S 271(1)(C ) OF I.T. ACT 196 1 AMOUNTING TO RS. 15 150/-. THE ACTION OF THE LD. CIT(A) IS IL LEGAL UNJUSTIFIED ARBITRARY AND AGAINST THE FACTS OF THE CASE. RELIEF MAY PLEASE BE GRANTED BY QUASHING THE PENALTY OF RS . 15 150/- IMPOSED U/S 271(1) (C ) OF THE ACT. ITA NO. 512/JP/2012 SHRI ASHOK KALA VS. ACIT CIRCLE- 5 JAIPUR 2 2.1 BRIEF FACTS OF THE CASE ARE THAT IN ORIGINAL AS SESSMENT FOLLOWING ADDITIONS ARE MADE. (I) INCOME FROM SHARE BUSINESS RS. 2 94 317/- (II) UNREPORTED CLOSING STOCK RS. 20 000/- (III) ADVERTISEMENT INCOME RS. 2 000/- THE ASSESSEE WENT IN APPEAL AND THE ITAT FINALLY SE TTLED THE QUANTUM ASSESSMENT BY RETAINING THE FOLLOWING TWO ADDITIONS . (I) ADDITION ON ACCOUNT OF CLOSING STOCK RS. 25 000/- (II) ADDITION ON ACCOUNT OF ADVERTISEMENT RS. 20 000/- THE AO INITIATED THE PENALTY PROCEEDINGS QUA THE AD DITIONS RETAINED BY ITAT AND HELD THAT THE ASSESSEE HAD FURNISHED INACCURAT E PARTICULARS OF INCOME. 2.2 THE ASSESSEE PREFERRED FIRST APPEAL WHERE IT WA S CONTENDED THAT THE ADDITIONS WERE FINALLY RETAINED AFTER MUCH DEBATE A ND PARTICULARS ABOUT THE ADDITIONS EMANATED FROM THE ASSESSEE'S RETURN ONLY. ACCORDING TO THE ASSESSEE NO INACCURATE PARTICULARS OF INCOME WERE FURNISHED. THE ASSESSEE'S EXPLANATION DID NOT FIND FAVOUR FROM THE LD. CIT(A) WHO CONFIRMED IMPUGNED PENALTY OF RS. 15 150/- ON THE ASSESSEE . 2.3 AGGRIEVED THE ASSESSEE IS BEFORE US. 2.4 THE LD. COUNSEL FOR THE ASSESSEE CONTENDS THAT THE ISSUE ABOUT STOCK PERTAINS TO UNSOLD MAGAZINES AND THESE UNSOLD MAGAZ INES RELATE TO PERIODICALS ON TOURISM WHICH CONTAINS NO VALUE. SIM ILARLY PARTIAL ADDITION TOWARDS ADVERTISEMENT INCOME WAS ON ACCOUNT OF MIST AKE IN THE TDS ITA NO. 512/JP/2012 SHRI ASHOK KALA VS. ACIT CIRCLE- 5 JAIPUR 3 CERTIFICATE. ALL THE FACTS IN THIS REGARD WERE EMAN ATED FROM ASSESSEE'S RETURN. THE JUDGEMENT OF HON'BLE SUPREME COURT IN THE CASE OF CIT VS. RELIANCE PETROPRODUCTS (P) LTD. (2010) 322 ITR 158 (SC) IS APPLICABLE. THERE IS NO QUESTION OF FURNISHING ANY INACCURATE PARTICULARS O F INCOME. THUS THE PENALTY SHOULD BE DELETED. 2.5 THE LD. DR SUPPORTED THE ORDERS OF THE LOWER AU THORITIES. 2.6 WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE MATERIALS AVAILABLE ON RECORD. WE FIND MERIT IN THE ARGUMENTS OF THE LD. COUNSEL FOR THE ASSESSEE. CONSIDERING THE DECISION OF HON'BLE SUPREME COURT IN THE CASE OF CIT VS. RELIANCE PETROPRODUCTS (P) LTD. (20 10) 322 ITR 158 THE PENALTY IMPOSED IS DELETED. 3.0 IN THE RESULT THE APPEAL OF THE ASSESSEE IS AL LOWED. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 2 1 -11-2014 SD/- SD/- (T.R. MEENA) (R.P. TOLANI) ACCOUNTANT MEMBER JUDICIAL MEMBER JAIPUR DATED: 21 ST NOV 2014 *MISHRA COPY FORWARDED TO:- 1. SHRI ALOK KALA JAIPUR BY ORDER 2. THE ACIT CIRCLE- 5 JAIPUR 3. THE LD. CIT(A) 4. THE LD. CIT 5..THE LD. DR 6.THE GUARD FILE (IT NO. 512/JP/2012) AR ITAT JA IPUR