Income Tax Appellate Tribunal - Kolkata
International Seaports (Haldia) Pvt. ... vs Department Of Income Tax on 14 August, 2013
आयकर अपीलीय अधीकरण, Ûयायपीठ - "A" कोलकाता,
IN THE INCOME TAX APPELLATE TRIBUNAL "A" BENCH: KOLKATA
(सम¢)Before ौी ूमोद कुमार,
मार लेखा सदःय एवं/and ौी महावीर िसंह, Ûयायीक सदःय)
[Before Shri Pramod Kumar, AM & Shri Mahavir Singh, JM]
आयकर अपील संÉया /I.T.A No. 220/Kol/2012
िनधॉरण वषॅ/Assessment Year: 2007-08
Income-tax Officer, Wd-12(3), Kolkata. Vs. M/s. International Seaports (Haldia) Pvt. Ltd.
(PAN:AAACI9468D)
(अपीलाथȸ/Appellant) (ू×यथȸ/Respondent)
Date of hearing: 14.08.2013
Date of pronouncement: 14.08.2013
For the Appellant: Shri Snehotpal Dutta, Sr. DR
For the Respondent: Shri Somnath Ghosh, Advocate
आदे श/ORDER
महावीर िसंह, Ûयायीक सदःय:
Per Mahavir Singh, JM/महावीर सदःय
This appeal by revenue is arising out of order of CIT(A)-XIX, Kolkata in Appeal No.54/CIT(A)-XIX/ITO,Ward-12(3)/Kol/11-12 dated 21.11.2011. Assessment was framed by ITO, Ward-12(3), Kolkata u/s. 143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") for Assessment Year 2007-08 vide his order dated 31.12.2009. Penalty in dispute was levied by ITO, Ward-12(3), Kolkata u/s. 271(1)(c) of the Act vide his order dated 28.06.2010.
2. The only issue in this appeal of revenue is against the order of CIT(A) deleting the penalty levied by AO u/s. 271(1)(c) of the Act amounting to Rs.20,99,417/- for furnishing inaccurate particulars of income.
3. We have heard rival submissions and gone through facts and circumstances of the case. Briefly stated facts are that the income was assessed by AO u/s. 115JB r.w.s. 143(3) of the Act. It means that the assessment was framed on the book profit as per the books of account maintained by the assessee as per Companies Act with adjustment u/s. 115JB of the Act. The AO initiated penalty proceedings u/s. 271(1)(c) of the Act. The AO levied penalty for furnishing inaccurate articulars of income and levied penalty @ 100% on the concealed income at an amount of Rs.20,99,417/-. Aggrieved, assessee preferred appeal before CIT(A), who deleted the penalty. Aggrieved, revenue is in appeal before.
2 ITA No. 220/K/2012 International Seaports (Haldia) Pvt. Ltd.
A. Y 2007-08
4. At the outset, the Ld. counsel for the assessee stated that the issue is 100% covered in favour of assessee and against the revenue by the decision of Hon'ble Delhi High Court in the case of CIT Vs. Nalwa Sons Investments Ltd. (2010) 327 ITR 543 (Del) and Tribunal's orders viz., (i) ITA No. 6940 & 6941/Mum/2008 in the case of M/s. Ruchi Strips & Alloys Ltd. Vs. DCIT for Ays 2003-04 and 2005-06 dated 21.01.2011, (ii) ITA No. 6559/Mum/2011 in the case of BSEL Infrastructure Realty Ltd. Vs. ACIT for AY 2007-08 dated 13.04.2012, and (iii) ITA No.1464/Kol/2011 in the case of DCIT Vs. M/s. Rohit Ferro Tech Ltd. for AY 2005-06 dated 11.06.2013. In these cases, the unanimous view was that the assessment was made on income computed u/s. 115JB of the Act and tax paid on income so computed, the aforesaid additions tantamount to concealment of income leads to tax evasion or not. This has been answered in negative and no concealment can be attributed either on account of furnishing of inaccurate particulars of income or concealing the particulars of income and no penalty u/s. 271(1)(c) of the Act could be imposed on such assessee. It was excplained by assessee that even Hon'ble Supreme Court has confirmed the decision of Hon'ble Delhi High Court in the case of CIT Vs. Nalwa Sons Investment Ltd. (2012) 21 Taxmann 184 (SC), wherein it has been held that "When assessment was made on income computed under section 115JB and tax had been paid on income so computed, penalty under section 271(1)(c) would not be imposed with reference to additions that would have been made taking into account concealment made by assessee while making assessment under normal procedure (Assessment Year 2001-02)."
Respectfully following the above rulling, we dismis the revenue's apeal.
5. In the result, appeal of revenue is dismissed.
6. Order is pronounced in the open court.
Sd/- Sd/-
ूमोद कुमार,
मार लेखा सदःय महावीर िसंह, Ûयायीक सदःय
(Pramod Kumar) (Mahavir Singh)
Accountant Member Judicial Member
तारȣख)
तारȣख) Dated : 14th August, 2013
(तारȣख
वǐरƵ िनǔज सिचव Jd.(Sr.P.S.)
3 ITA No. 220/K/2012 International Seaports (Haldia) Pvt. Ltd.
A. Y 2007-08
आदे श कȧ ूितिलǒप अमेǒषतः- Copy of the order forwarded to:
1. अपीलाथȸ/APPELLANT - ITO, Ward-12(3), Kolkata.
2 ू×यथȸ/ Respondent - M/s. International Seaports (Haldia) Pvt. Ltd., "Kanak Building", 41, Jawarharlal Nehru Road, Kolkata-700 071.
3. आयकर किमशनर (अपील)/ The CIT(A) , Kolkata
4. आयकर किमशनर CIT, Kolkata
5. वभािगय ूितनीधी / DR, Kolkata Benches, Kolkata स×याǒपत ूित/True Copy, आदे शानुसार/ By order, सहायक पंजीकार/Asstt. Registrar.