Assessment Year: 2015-16
Appellant: Additional CIT, Special Range-3, New Delhi
Respondent: Delhi Tourism Transportation and Development Corporation Ltd., New Delhi
Case Filed On: 24th May 2019
Date of Order: 14th September 2023
Order Type: Final Tribunal Order
Pronounced On: 14th September 2023
The appeal in ITA No. 4737/DEL/2019 was filed by the Additional CIT, Special Range-3, New Delhi, against the order dated 18th March 2019 of the learned Commissioner of Income-Tax (Appeals), New Delhi, concerning the penalty imposed under Section 271(1)(c) of the Income-Tax Act, 1961, for the assessment year 2015-16. The respondent, Delhi Tourism Transportation and Development Corporation Ltd., challenged the imposition of this penalty.
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 17th August 2023. The appellant was represented by Mr. Pancham Sethi, Chartered Accountant, and the respondent was represented by Mr. Vivek Kumar Upadhyay, Senior Departmental Representative (Sr. DR).
During the scrutiny assessment proceedings, the Assessing Officer made the following additions:
The respondent appealed the additions. The Commissioner (Appeals) upheld the penalty imposed 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 respondent claimed that the amount was related to the income from advance excise deposits and unspent revenue grants, which were adjusted as per accounting standards and government norms.
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:
Shri N. K. Billaiya, Accountant Member
Shri Yogesh Kumar U.S., Judicial Member
Dated: 14th September 2023
Copy forwarded to:
Assistant Registrar, ITAT New Delhi
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