M/S. GUPTA GLOBAL EXIM PVT. LTD.,GANDHIDHAM vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, GANDHIDHAM CIRCLE, GANDHIDHAM

ITA 214/RJT/2015Status: DisposedITAT Rajkot01 June 2020AY 2001-029 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the penalty was not sustainable because the Assessing Officer failed to specify whether the penalty was for concealment of income or furnishing inaccurate particulars. The Tribunal relied on jurisdictional High Court decisions stating that a clear finding on the specific charge is mandatory.

What were the facts?

During a survey operation, incriminating documents were found, leading to an addition to the assessee's income. The Assessing Officer initiated penalty proceedings under Section 271(1)(c) of the Income Tax Act.

What were the issues?

Whether penalty under Section 271(1)(c) can be levied without specifying the exact charge (concealment or inaccurate particulars). Whether additions made on an estimated basis can sustain a penalty.

Which sections of the Income-tax Act were involved?

Section 271(1)(c),Section 133A,Section 143(3),Section 147

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Cases cited in this judgment(3)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, “RAJKOT” BENCH, RAJKOT

Before: SHRI WASEEM AHMED

For Appellant: Shri Suhas Mistry, Sr. D.R

PER BENCH:

All three captioned appeal have been filed at the instance of the assessee against the orders of the Commissioner of Income Tax

ITA Nos. 215/Rjt/15, 254 & 255/Rjt/14[M/s. Gupta Global Exim Pvt. Ltd. vs. ACIT] A.Ys. 2001-02, 1999-2000 & 2005-06 - 2 -

(Appeals)-3, Rajkot (CIT(A) in short) dated 28/04/2015 relevant to Assessment Year (AY) 2001-02 & CIT(A)-II, Rajkot

The order continues below.

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