SHIVGANGA COLD STORAGE PVT. LTD.,GANDHINAGAR vs. THE INCOME TAX OFFICER, WARD-4, GANDHINAGAR

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ITA 1498/AHD/2016Status: DisposedITAT Ahmedabad22 March 2019AY 2014-158 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee's failure to compute and pay MAT was an inadvertent omission, not a deliberate act of concealment or furnishing inaccurate particulars. The necessary particulars for computation were available in the audited accounts.

What were the facts?

The assessee filed its return of income declaring a loss. During assessment, it was found that the assessee had not declared book profit and MAT as per Section 115JB, though it had furnished the necessary audit report later. The Assessing Officer levied penalty for furnishing inaccurate particulars of income.

What were the issues?

Whether penalty under Section 271(1)(c) is leviable for non-disclosure of book profit and MAT when the necessary particulars were otherwise available and the omission was inadvertent.

Which sections of the Income-tax Act were involved?

Section 115JB,Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(4)Show list

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Income Tax Appellate Tribunal, “C” BENCH, AHMEDABAD

Before: SHRI PRAMOD KUMAR, HON’BLE & SHRI MAHAVIR PRASAD

For Appellant: DR यथ क ओर से /

PER MAHAVIR PRASAD, JUDICIAL MEMBER

1.

The Revenue moved an application dated 18/07/2019. It is stated in the said application that the Asst. Year has wrongly been mentioned as '2014- 15' at the heading of the order instead of Asst. Year 2012-13 and made request to rectify the order dated 22.03.2019 passed in the above appeal by fresh order mentioning a correct Asst. Year, as "2012-13" in the heading in place of A.Y.2014-15.

ITA No.1498/Ahd/2016 [Shivganga Cold Storage Pvt. Ltd. vs. ITO] A.Y. 2012-13 - 8 - 2. We have gone through an application filed on behalf of the Revenue for issuance of Corrigendum and our order referred above and find that the error is apparent on record which needs rectification:

(i) In view of the above, we make correction that Assessment Year 2014-15 to be read as Assessment Year 2012-13 in the captioned of the order pronounced on 22.03.2019.

Sd/- Sd/- (PRAMOD KUMAR) (MAHAVIR PRASAD) VICE PRESIDENT JUDICIAL MEMBER Ahmedabad: Dated 20/08/2019 TANMAY TRUE COPY Copy of the Order forwarded to:- 1. The Appellant. 2. The Respondent. 3. The CIT (Appeals) – 4. The CIT concerned. 5. The DR., ITAT, Ahmedabad. 6. Guard File. By ORDER

Deputy/Asstt.Registrar ITAT,Ahmedabad

1.D

ate of dictation on 12.03.2019 2.Date on which the typed draft is placed before the Dictating Member 13.03.2019 3.Date on which the approved draft comes to the Sr.P.S./P.S. 22.03.2019 4.Date on which the fair order is placed before the Dictating Member for pronouncement 22.03.2019 5.Date on which the fair order comes back to the Sr.P.S./P.S 22.03.2019 6.Date on which the file goes to the Bench Clerk 22.03.2019 7.Date on which the file goes to the Head Clerk…………. 8.The date on which the file goes to the Asstt. Registrar for signature on the order…………………… 9.Date of Despatch of the Order………

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