Assessment Year: 2011-12
Appellant: Ramjilal Construction Pvt. Ltd., New Delhi
Respondent: ITO, Ward-21(1), New Delhi
Case Filed On: 24th May 2019
Date of Order: 29th September 2022
Order Type: Final Tribunal Order
Pronounced On: 29th September 2022
The appeal in ITA No. 4735/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 2011-12.
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 22nd September 2022. Despite multiple notices, the appellant did not appear, nor did they request an adjournment. The hearing proceeded ex parte based on the material available on record, and the representation was made by Ms. Maimum Alam, Senior Departmental Representative (Sr. DR).
During the scrutiny assessment proceedings, the Assessing Officer made the following additions:
The assessee appealed the additions. The Commissioner (Appeals) provided partial relief:
Based on the sustained additions, the Assessing Officer imposed a penalty of Rs. 4,77,465 under Section 271(1)(c). The Commissioner (Appeals) deleted the penalty related to the auditor payment but upheld the penalty on undervaluation of closing stock and unexplained cash credits.
The Income Tax Appellate Tribunal (ITAT) examined the submissions and the record:
The Tribunal set aside the penalty order and restored the issue to the Assessing Officer for fresh adjudication following the Tribunal’s directions in the quantum proceeding.
The appeal was allowed for statistical purposes, with the penalty issue remanded to the Assessing Officer.
Members:
Shri Saktijit Dey, Judicial Member
Shri Anadee Nath Misshra, Accountant Member
Dated: 29th September 2022
Copy forwarded to:
Assistant Registrar, ITAT New Delhi
Manage the increasing number of hearings effortlessly by leveraging the legal AI revolution We are India's Leading revolutionary AI-powered legal platform where you can get enough insights into top cases and judgements.
Research Platform