Parvati Chanda, Kolkata v. ITO,Ward-30-(4), Kolkata, Kolkata

ITA 558/KOL/2012 | 2003-2004
Pronouncement Date: 14-11-2014 | Result: Allowed

Appeal Details

RSA Number 55823514 RSA 2012
Assessee PAN AEXPC5122J
Bench Kolkata
Appeal Number ITA 558/KOL/2012
Duration Of Justice 2 year(s) 7 month(s) 3 day(s)
Appellant Parvati Chanda, Kolkata
Respondent ITO,Ward-30-(4), Kolkata, Kolkata
Appeal Type Income Tax Appeal
Pronouncement Date 14-11-2014
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted A
Tribunal Order Date 14-11-2014
Assessment Year 2003-2004
Appeal Filed On 11-04-2012
Judgment Text
I.T.A. NO . 558 /KOL./201 2 ASSESSMENT YEAR: 200 3 - 20 0 4 PAGE 1 OF 4 IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA A BENCH KOLKATA BEFORE SHRI SHAMIM YAHYA (ACCOUNTANT MEMBER) AND SHRI GEORGE MATHAN (JUDICIAL MEMBER) I.T.A. NO. 558 /KOL . / 20 1 2 ASSESSMENT YEAR : 200 3 - 20 0 4 PARVATI CHANDA ............................. .......... .................. .. .APP ELL ANT FLAT NO. 202 172 RASH BEHARI AVENUE KOLKATA - 700 029 [PAN : A EXPC 5122 J] - VS. - INCOME TAX OFFICER ................................. ..... .... ........ . RESPONDENT WARD - 30(4) KOLKATA AAYAKAR BHAVAN D AKSHIN 2 GARIAHAT ROAD (SOUTH) KOLKATA - 700 068 APPEARANCES BY: SHRI I. BANERJEE FCA FOR THE ASSESSEE SHRI IMLIMEREN JAMIR JC IT SR. D.R. FOR THE DEPARTMENT DATE OF CONCLUDING THE HEARING : NOVEM BER 1 3 2 01 4 DATE OF PRONOUNCING THE ORDER : NOVEM BER 14 201 4 O R D E R PER GEORGE MATHAN : THIS IS AN APPEAL FILED BY THE ASSESSE E AGAINST THE ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS) - XIV KOLKATA IN APPEAL NO. 134 / CIT(A) - XIV/08 - 09 DATED 18 . 0 1 .20 1 2 FOR THE ASSESSMENT YEAR 200 3 - 0 4 C ONFIRMING THE PENALTY LEVIED UNDER SECTION 271(1)(C) OF THE INCOME TAX ACT . 2 . SHRI I. BANERJEE FCA REPRESENTED ON BEHALF OF THE ASSESSEE AND SHRI IMLIMEREN JAMIR J CIT SR. D.R. REPRESENTED ON BEHALF OF THE REVENUE. I.T.A. NO . 558 /KOL./201 2 ASSESSMENT YEAR: 200 3 - 20 0 4 PAGE 2 OF 4 3 . AT THE TIME OF HEARING IT WAS SUBMITTED BY THE LD. A.R. THAT THE ASSE S SEE IS AN INDIVIDUAL . SHE HAD ORIGINALLY FILED HER RETURN OF INCOME FOR THE RELEVANT ASSESSMENT YEAR ON 21.04.2004. NOTICE UNDER SECTION 148 HAD BEEN ISSUED ON THE ASSESSEE ON 27.04.2005 AND THE ASSESSEE HAD FILED HE R RETURN IN RESPONSE TO THE NOTICE UNDER SECTION 148 ON 12.07.2005. IT WAS THE SUBMISSION THAT IN THE MEANTIME THE ASSESSEE HAD ALSO APPROACHED THE HON BLE SETTLEMENT COMMISSION WITH A DISCLOSURE OF CERTAIN INVESTMENTS WITH ICICI PRUDENTIAL MUTUAL FUNDS FO R AN AMOUNT OF RS.11 00 000/ - . IT WAS THE SUBMISSION THAT THE HON BLE SETTLEMENT COMMISSION HAD DISMISSED THE SETTLEMENT APPLICATION AT THE ADMISSION STAGE ITSELF BY HOLDING THAT THERE IS ABSOLUTELY NO EVIDENCE THAT THE AMOUNT DEPOSITED IN BANK ACCOUNT BE LONGED TO THE APPLICANT. ON THE CONTRARY CIRCUMSTANTIAL EVIDENCE BY WAY OF APPLICANT S HUSBAND S SOURCE OF INCOME AND DETAILS OF DEDUCTION CLAIMED TH E REIN POINT TO THAT AS THE REAL SOURCE OF FUNDS . THIS ORDER WAS PASSED ON 27.04.2007. IT WAS THE SUBMISSI ON THAT THE ASSESSMENT ORDER CAME TO BE COMPLETED ON 27. 12 .2007 WHEREIN THE INVESTMENT IN THE MUTUAL FUNDS WAS TREATED AS UNDISCLOSED INVESTMENT OF THE ASSESSEE. THE ASSESSEE HAD ALSO PAID THE TAX ON THE SAID INVESTMENT IN THE MUTUAL FUND ON 29.08.2007 W HICH WA S BEFORE THE COMPLETION OF THE ASSESSMENT. IT WAS THE SUBMISSION THAT THE HON BLE SETTLEMENT COMMISSION HAVING HELD THAT THE SAID INVESTMENT DID NOT HAVE SOURCE IN THE HANDS OF THE ASSESSEE BUT THE SAME HAVING BEEN ASSESSED IN THE HANDS OF THE ASSES SEE NO PENALTY WAS LIABLE TO BE LEVIED IN THE HANDS OF THE ASSESSEE. 4. IN REPLY LD. SR. D.R. VEHEMENTLY SUPPORTED THE ORDER OF THE ASSESSING OFFICER AND LD. CIT(APPEALS). 5 . WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. T HE ORDER DATED 27.04.2007 OF THE HON BLE SETTLEMENT COMMISSION AT PAGE 4 IN PARA 9 IS EXTRACTED BELOW : - I.T.A. NO . 558 /KOL./201 2 ASSESSMENT YEAR: 200 3 - 20 0 4 PAGE 3 OF 4 9. WE HAVE CAREFULLY GONE THROUGH THE FACTS OF THE CASE AND CONSIDERED THE ARGUMENTS OF BOTH SIDES. THERE IS ABSOLUTELY NO EVIDENCE THAT THE AMOUNT DEPOSITED IN BANK ACCOUNT BELONGED TO THE APPLICANT. ON THE CONTRARY CIRCUMSTANTIAL EVIDENCE BY WAY OF APPLICANT S HUSBAND S SOURCE OF INCOME AND DETAILS OF DEDUCTION CLAIMED THEREIN POINT TO THAT AS THE REAL SOURCE OF FUNDS. THE APPLICANT HAS THEREFORE NOT COME OUT WITH TRUE AND FULL DISC LOSURE THE BANK BRANCH IN WHICH FUNDS ARE DEPOSITED IS ALREADY KNOWN TO THE DEPARTMENT. WE ARE CONVINCED THAT FACTS AND CIRCUMSTANCES OF THE CASE AND ALLEGED INVOLVEMENT OF COMPLEXITIES DO NOT JUSTIFY ADMISSION OF THE CASE U/S. 245C(1) OF THE I.T. ACT. ACC ORDINGLY THE PETITION SHALL NOT BE PROCEEDED WITH AND IS DISMISSED . A PERUSAL OF THE ORDER OF THE HON BLE SETTLEMENT COMMISSION CLEARLY SHOWS THE SOURCE OF THE INVESTMENT OF MUTUAL FUNDS WAS IN THE HANDS OF THE ASSESSEE S HUSBAND. THIS ORDER IS DATED 27. 04.2007 OF THE HON BLE SETTLEMENT COMMISSION. THE ASSESSMENT ORDER WA S PASSED ON 27.12.2007 I.E. AFTER PASSING THE ORDER OF THE HON BLE SETTLEMENT COMMISSION . THIS CLEARLY SHOWS THAT THE ADDITION ITSELF IS UN SUSTAINABLE IN THE HANDS OF THE ASSESSEE IN VIE W OF THE ORDER OF THE HON BLE SETTLEMENT COMMISSION. HOWEVER THE INCOME HAVING BEEN ADDED AND THE SAME HAVING BEEN ACCEPTED IT WOULD NOT MEAN THAT THERE WAS CONCEALMENT OF INCOME IN THE HANDS OF THE ASSESSEE. IN THESE CIRCUMSTANCES ON THE FACTS OF THE AS SESSEE S CASE WE ARE OF THE VIEW THAT NO PENALTY IS LEVIABLE IN THE HANDS OF THE ASSESSEE AND CONSEQUENTLY WE CANCEL THE PENALTY LEVIED BY THE ASSESSING OFFICER AND CONFIRMED BY THE LD. CIT(APPEALS). 6 . IN THE RESULT THE APPEAL OF THE ASSESSE E S TANDS AL LOWED . ORDER PRONOUNCED IN THE OPEN COURT ON 14 TH NOVEM BER 2014. SD/ - SD/ - SHAMIM YAHYA GEORGE MATHAN ( ACCOUNTANT MEMBER) ( JUDICIAL MEMBER) KOLKATA THE 14 TH D AY OF NOVEM B ER 201 4 I.T.A. NO . 558 /KOL./201 2 ASSESSMENT YEAR: 200 3 - 20 0 4 PAGE 4 OF 4 COPIES TO : (1) PARVATI CHANDA FLAT NO. 202 172 RASH BEHARI AVENUE KOLKATA - 700 029 (2) INCOME TAX OFFICER WARD - 30(4) KOLKATA AAYAKAR BHAVAN DAKSHIN 2 GARIAHAT ROAD (SOUTH) KOLKATA - 700 068 (3) COMMISSIONER OF INCOME - TAX (APPEALS) (4) COMMISS IONER OF INCOME TAX ( 5 ) THE DEPARTMENTAL REPRESENTATIVE ( 6 ) GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCHES KOLKATA LAHA/SR. P. S.