M/S NARAYAN DAS SARRAF & SONS,,VARANASI vs. D/ACIT, RANGE - 01,, VARANASI
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Income Tax Appellate Tribunal, CIRCUIT BENCH : VARANASI
Before: SHRI B.R. BASKARAN & SHRI AMIT SHUKLA
IN THE INCOME TAX APPELLATE TRIBUNAL CIRCUIT BENCH : VARANASI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBER ITA No.20/VNS/2021 Assessment Year: 2012-13 M/s Narayan Das Sarraf & Sons, Vs DCIT, CK-21/39-A, Thatheri Bazar, Range-1, Varanasi, Varanasi. Uttar Pradesh – 222 001. PAN: AAHFN2075K (Appellant) (Respondent) Assessee by : None Revenue by : Shri A.K. Singh, Sr. DR Date of Hearing : 29.09.2023 Date of Pronouncement : 29.09.2023 ORDER PER B.R. BASKARAN, AM: The assessee has filed this appeal challenging the order dated 12.07.2021 passed by Ld CIT(A), NFAC, Delhi, and it relates to the assessment year 2012-13.
The issue urged in this appeal related to penalty levied u/s 271(1)(c) of the Act. This appeal was heard earlier by the coordinate Bench. Since Members differed in their view, the Hon’ble President nominated a Third Member. The Hon’ble Third Member has since passed an order and he has concurred with the view taken by the Hon’ble Judicial Member, in deleting the penalty, levied u/s 271(1)(c) of the Act.
ITA No.20/VNS/2021
In view of the majority opinion, the penalty levied by the AO u/s 271(1)(c) of the Act is liable to be deleted. We order accordingly.
In the result, the appeal filed by the assessee stands allowed.
Order pronounced in the open court on 29.09.2023. Sd/- Sd/- (AMIT SHUKLA) (B.R. BASKARAN) JUDICIAL MEMBER ACCOUNTANT MEMBER Dated: 29th September, 2023 dk Copy forwarded to 1. Appellant 2. Respondent 3. CIT 4. CIT(A) 5. DR Asstt. Registrar