SMT. JASMINDER KAUR,AMRITSAR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-IV AMRITSAR

ITA 314/ASR/2017Status: DisposedITAT Amritsar25 March 2019AY 2005-065 pages
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What did the Tribunal hold?

The Tribunal held that the assessee had misrepresented facts by showing the investment as a business asset. However, the penalty calculation had inconsistencies regarding the period of investment and the interest rate.

What were the facts?

The assessee reflected an investment in property as a fixed asset, but the sale deed was in her son's name. She later executed a gift deed in his favour. Interest on borrowed funds for this investment was disallowed.

What were the issues?

Whether the assessee furnished inaccurate particulars of income by treating the investment in property as a business asset. Whether the penalty levied for furnishing inaccurate particulars was correctly calculated.

Which sections of the Income-tax Act were involved?

Section 271(1)(c),Section 36(1)(iii)

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Income Tax Appellate Tribunal, AMRITSAR BENCH, AMRITSAR (SMC

Before: SH. SANJAY ARORA

Hearing: 06.03.2019Pronounced: 29.03.2019

Per Sanjay Arora, AM: This is an Appeal by the Assessee directed against the Order by the Commissioner of Income Tax (Appeals)-2, Amritsar ('CIT(A)' for short) dated 03.03.2017, confirming the levy of penalty imposed u/s. 271(1)(c) of the Income Tax Act, 1961 ('the Act' hereinafter) for the Assessment Year (AY) 2005-06 vide order dated 06.07.2012. 2. The assessee, manufacturing netted cloth (through her proprietory concern, M/s. Narula Nets, Batala Raod, Amritsar), made an investment in the property at C-55, Focal Point, Amritsar during the relevant previous year (i.e., fy 2004-05) at Rs.7,32,234/-, and which was accordingly reflected in her balance-sheet as at 31.03.2005, the year-end, as a fixed asset. The

The order continues below.

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