Assessment Year: 2012-13
Appellant: Ramjilal Construction Pvt. Ltd., New Delhi
Respondent: ITO, Ward-21(1), New Delhi
Case Filed On: 24th May 2019
Date of Order: 3rd March 2023
Order Type: Final Tribunal Order
Pronounced On: 3rd March 2023
The appeal in ITA No. 4736/DEL/2019 was filed by M/s Ramjilal Construction Pvt. Ltd. against the order dated 4th April 2019 of the learned Commissioner of Income-Tax (Appeals)-7, New Delhi, confirming the penalty imposed under Section 271(1)(c) of the Income-Tax Act, 1961, for the assessment year 2012-13.
The primary issue in this appeal was the imposition of penalty under Section 271(1)(c) for alleged concealment of income and furnishing inaccurate particulars of income.
The appeal was heard on 8th December 2022. The appellant did not appear, and the hearing proceeded ex parte based on the material available on record, represented by Sh. K. K. Mishra, Senior Departmental Representative (Sr. DR).
During the scrutiny assessment proceedings, the Assessing Officer made the following additions:
The assessee appealed the addition. The Commissioner (Appeals) upheld the addition and imposed the penalty under Section 271(1)(c) for furnishing inaccurate particulars of income and concealment of income.
Based on the sustained additions, the Assessing Officer imposed a penalty alleging furnishing of inaccurate particulars of income and concealment of income. The assessee claimed that the amount was voluntarily surrendered due to the lack of quantitative details caused by the health issues of the company’s director.
The Income Tax Appellate Tribunal (ITAT) examined the submissions and the record:
The Tribunal referred to several judgments, including:
Based on these precedents, the Tribunal concluded that the penalty levied was not justified and was to be obliterated.
The appeal was allowed, and the penalty under Section 271(1)(c) was set aside.
Members:
Dr. B. R. R. Kumar, Accountant Member
Sh. Yogesh Kumar US, Judicial Member
Dated: 3rd March 2023
Copy forwarded to:
Assistant Registrar, ITAT New Delhi
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