SHRI HEERA CHAND JAIN,JAIPUR vs. INCOME TAX OFFICER, WARD-1-3, JAIPUR

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ITA 964/JPR/2018Status: DisposedITAT Jaipur30 April 2019AY 2003-049 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the addition made by the AO, based only on a statement under Section 133A without corroborating material, cannot automatically lead to the conclusion of concealment or furnishing inaccurate particulars. Therefore, the penalty levied under Section 271(1)(c) is not sustainable.

What were the facts?

During a survey, unaccounted stock and other documents were found. The assessee surrendered income, but the Assessing Officer (AO) made an addition based solely on the statement recorded under Section 133A, which was higher than the disclosed income.

What were the issues?

Whether penalty under Section 271(1)(c) can be levied solely on the basis of a statement recorded under Section 133A without any other incriminating material. Whether the addition made by the AO, which was not based on specific incriminating material, can attract penalty.

Which sections of the Income-tax Act were involved?

Section 271(1)(c),Section 133A,Section 148

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Cases cited in this judgment(5)Show list

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Income Tax Appellate Tribunal, JAIPUR BENCHES,”A” JAIPUR

Before: SHRI RAMESH. C. SHARMA, AM & SHRI VIJAY PAL RAO, JM vk;dj vihy la-@ITA No. 964/JP/2018

For Appellant: Shri S.R. Sharma (C.A.) &, Shri Rajani Kant Bhatra (C.A.) jktLo dh vksj ls@
Hearing: 23/04/2019Pronounced: 30/04/2019

Shri Hira Chand Jain vs. ITO In the result, the appeal filed by the assessee is allowed Order pronounced in the open court on 30/04/2019

Sd/- Sd/- ¼ jes’k lh0 “kekZ ½ ¼fot; iky jko½ (Ramesh. C. Sharma) (Vijay Pal Rao) ys[kk lnL;@Accountant Member U;kf;d lnL;@Judicial Member Tk;iqj@Jaipur fnukad@Dated:- 30/04/2019. *Santosh. आदेश की प्रतिलिपि अग्रेf’ात@ब्वचल वf जीम वतकमत वितूंतकमक जवरू 1. vihykFkhZ@The Appellant- Shri Hira Chand Jain, Jaipur. 2. izR;FkhZ@ The Respondent- ITO, Ward-1(3), Jaipur. 3. vk;dj vk;qDr@ CIT 4. vk;dj vk;qDr@ CIT(A) 5. विभागीय प्रतिनिधि] आयकर अपीलीय अधिकरण] जयपुर@क्त्ए प्ज्Aज्ए Jंपचनत. 6. xkMZ QkbZy@ Guard File {ITA No. 964/JP/2018} vkns'kkuqlkj@ By order,

सहायक पंजीकार@Aेेज. त्महपेजतंत

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