M/S NARAYAN DAS SARRAF & SONS,VARANASI vs. D/ACIT, RANGE - 01, VARANASI

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ITA 20/VNS/2021Status: DisposedITAT Varanasi29 September 2023AY 2012-20132 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal, following the majority opinion of the Third Member who concurred with the Judicial Member, decided to delete the penalty levied under Section 271(1)(c).

What were the facts?

The assessee filed an appeal against an order related to the assessment year 2012-13. The primary issue concerned a penalty levied under Section 271(1)(c) of the Income Tax Act.

What were the issues?

The key legal issue was the validity and deletion of the penalty imposed under Section 271(1)(c) of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, CIRCUIT BENCH : VARANASI

Before: SHRI B.R. BASKARAN & SHRI AMIT SHUKLA

For Respondent: Shri A.K. Singh, Sr. DR
Hearing: 29.09.2023Pronounced: 29.09.2023

ORDER

PER B.R. BASKARAN, AM:

1.

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.

2.

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.

3.

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.

4.

In the result, the appeal filed by the assessee stands allowed.

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