ROOPCHAND JEWELLLERS DELHI,NEW DELHI vs. ITO WARD 52(4), NEW DELHI
Income Tax Appellate Tribunal, DELHI BENCH ‘SMC’, NEW DELHI
Before: Sh. Satbeer Singh Godara
This assessee’s appeal for Assessment Year 2015-16, arises against the CIT(A)/NFAC, Delhi’s DIN & order No.
ITBA/NFAC/S/250/2023-24/1059498922(1) dated 09.01.2024, in proceedings u/s 271(1)(c) of the Income Tax Act, 1961 (in short “the Act”).
Heard both the parties at length. Case file perused.
A perusal of the case file indicates at the outset that both the learned lower authorities have held the assessee to have furnished inaccurate particulars of income for the purpose of levying section 271(1)(c) penalty of Rs.1,40,466/- pertaining to the corresponding quantum addition of Rs.4,54,583/-, made on account of difference in business income after re-estimation of the profits element therein. (SC) that it is not each and every quantum disallowance which would automatically attract the impugned penalty provision, to delete the penalty levied in the assessee’s hands in very terms. It is reiterated that the assessee’s instant case involves a subjective issue of re-estimation of profits it’s the business turnover which could hardly be covered under the above penal provision. Deleted accordingly.
This assessee’s appeal is allowed. Order Pronounced in the Open Court on 02/06/2025. (Satbeer Singh Godara)
Judicial Member
Dated: 02/06/2025
*Subodh Kumar, Sr. PS*