Income Tax Appellate Tribunal - Delhi
Dcit, New Delhi vs Sh. Ram Narain Jindal, New Delhi on 28 February, 2018
INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH "C": NEW DELHI
BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER
AND
SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER
ITA Nos.:- 3276, 3277, 3278 & 3279/Del/2016
A.Y.s: 2004-05, 2005-06, 2007-08 & 2008-09
DCIT, Ram Narain Jindal
Central Circle-20, Room 3083, Mohalla Dassan,
No. 106, ARA Centre, E-2, Vs. Hauz Khas
Jhandewalan Extn. New Delhi 110 034
New Delhi. PAN AFVPJ7597R
(Appellant) (Respondent)
Department by: Shri Amit Jain, Sr. DR
Assessee by : Ms. Sumangla Saxena,
Advocate
Date of Hearing 28/02/2018
Date of 28/02/2018
pronouncement
ORDER
PER AMIT SHUKLA, In the aforesaid appeals have been filed by the revenue against common order dated 11.3.2016, passed by the Ld. CIT(Appeals) -27 New Delhi in relation to the penalty proceedings u/s 271(1)(c) for the assessment years 2004-05 to 2008-09. The revenue is aggrieved by levy of penalty u/s 271(1)(c) mainly on account of addition made under the head "long term capital gain" instead of "long term capital loss" shown by the assessee.
2. At the outset, Ld. Counsel submitted that the Tribunal in the quantum proceedings has deleted the addition made on account of 'long term capital gain' on the ground that no incriminating material was found in the course of search which could justify the substitution of actual sale consideration disclosed by the assessee by adopting circle rate as per stamp act. The said judgment of the Tribunal has been upheld by the Hon'ble High Court on the ground that in absence of any incriminating material concerning such addition found during the course of search, then addition could not be made in the assessment made u/s 153A.
4. Whence in the quantum proceeding addition has been deleted, then levy of penalty u/s 271(1) (c) has not legs to stand and accordingly we hold that Ld. CIT (A) has rightly deleted the penalty for the impugned years.
In the result, all the appeals filed by the revenue are dismissed. Order pronounced in the open court on 28th February, 2018.
sd/- sd/- 2 (PRASHANT MAHARISHI) (AMIT SHUKLA) ACCOUNTANT MEMBER JUDICIAL MEMBER Dated: 28/02/2018 Veena Copy forwarded to 1. Applicant 2. Respondent 3. CIT 4. CIT (A) 5. DR:ITAT ASSISTANT REGISTRAR ITAT, New Delhi 3