AMBUJA GINNING PRESSING & OIL CO. P. LTD.,,BHAVNAGAR vs. THE INCOME TAX OFFICER, WARD-1(2),, BHAVNAGAR

The solitary ground of appeal of the assessee is filed against the order of ld. CIT(A) in confirming the action of Assessing Officer in levying penalty u/s. 271(1)(c) of Rs. 17,92,000/- on account of non-disclosure of additional income for excess stock noticed in the course of survey action u/s. 69B of the Act.

During the course of appellate proceedings before us, the ld. counsel has brought to our notice that the quantum addition on the basis of which the impugned penalty was levied had been adjudicated by the ITAT vide order dated 04-10-2018 and the addition on account of unaccounted income on the basis of which the penalty was levied was restored to the file of the Assessing Officer for re-adjudication. The ld. Departmental Representative was fair enough not to controvert these facts. Considering the above facts and the order of the Co-ordinate Bench of the ITAT vide which the quantum addition was set aside to the file of Assessing Officer for deciding the issue afresh , we restore this issue also to the file of Assessing Officer for deciding afresh on the basis of set aside proceedings on quantum addition.

In the result, the appeal of the assessee is allowed for statistical purposes. Order pronounced in the open court on 07-10-2020 Sd/- Sd/- (RAJPAL YADAV) (AMARJIT SINGH) VICE PRESIDENT ACCOUNTANT MEMBER Ahmedabad : Dated 07/10/2020 आदेश क� ��त�ल�प अ�े�षत / Copy of Order Forwarded to:- 1. Assessee 2. Revenue 3. Concerned CIT 4. CIT (A) 5. DR, ITAT, Ahmedabad 6. Guard file.