Income Tax Appellate Tribunal - Ahmedabad
Shri Rasiklal D. Shah,Huf,Karta Bharat ... vs The Acit.,Circle-2,, Ahmedabad on 29 September, 2017
IN THE INCOME TAX APPELLATE TRIBUNAL
AHMEDABAD "C" BENCH AHMEDABAD
BEFORE, SHRI S. S. GODARA, JUDICIAL MEMBER
AND SHRI MANISH BORAD, ACCOUNTANT MEMBER
IT(SS)A No. 53/Ahd/2015
(Block period ending on 31.07.2001)
Rasiklal D. Shah HUF
Karta Bharat Rasiklal, Ground
Floor, Nikumbh Complex,
C. G. Road, Ahmedabad Appellant
Vs.
Asst. CIT, Circle-2, Ahmedabad Respondent
PAN: AAFHS4228H
आवेदक क ओर से/By Assessee : Shri D. K. Parikh, A.R.
राज व क ओर से/By Revenue : Shri Prasoon Kabra, Sr. D.R.
सन
ु वाई क तार ख/Date of Hearing : 29.09.2017
घोषणा क तार ख/Date of
Pronouncement : 29.09.2017
ORDER
PER S. S. GODARA, JUDICIAL MEMBER
This assessee's appeal arises against the CIT(A)-10, Ahmedabad's order dated 10th February, 2015, in case no. CIT(A)-10/ACIT Cir 2/159/2014-15, upholding Assessing Officer's action imposing penalty of Rs.2,63,119/-, in proceedings u/s. 158BFA(2) of the Income Tax Act, 1961; in short "the Act".
2. Learned counsel representing assessee submits at the outset that the impugned penalty of Rs.2,63,119/- emanates from quantum addition of undisclosed income amounting to Rs.8,35,297/- in the nature of interest income. He then files before us this tribunal's order in IT(SS)A No.19/Ahd/2014 decided on 18.09.2017 IT(SS)A No. 53/Ahd/15 (Rasiklal D. Shah HUF vs. ACIT) -2- in assessee's case itself deleting the said quantum addition. The Revenue is fair enough in not disputing this crucial fact. We also have perused the said co-ordinate bench order forming part of the case file. We therefore conclude that the impugned penalty does have no legs to stand. The same is accordingly deleted.
3. This assessee's appeal is allowed.
[Pronounced in the open Court on this the 29th day of September, 2017.] Sd/- Sd/-
(MANISH BORAD) (S. S. GODARA)
ACCOUNTANT MEMBER JUDICIAL MEMBER
Ahmedabad: Dated 29/09/2017
True Copy
S.K.SINHA
आदे श क त ल
प अ े
षत / Copy of Order Forwarded to:-
1. राज व / Revenue
2. आवेदक / Assessee
3. संबं धत आयकर आयु!त / Concerned CIT
4. आयकर आयु!त- अपील / CIT (A)
5. )वभागीय ,-त-न ध, आयकर अपील य अ धकरण, अहमदाबाद / DR, ITAT, Ahmedabad
6. गाड3 फाइल / Guard file.
By order/आदे श से, उप/सहायक पंजीकार आयकर अपील य अ धकरण, अहमदाबाद ।