BANSAL LAND DEVELOPERS,PANVEL vs. INCOME-TAX OFFICER WARD 1, PANVEL
आयकर अपीलीय अिधकरण ”ए” Ɋायपीठ पुणेमŐ।
IN THE INCOME TAX APPELLATE TRIBUNAL
PUNE BENCHES “A” :: PUNE
BEFORE DR.DIPAK P. RIPOTE, ACCOUNTANT MEMBER
AND SHRI VINAY BHAMORE, JUDICIAL MEMBER
आयकर अपील सं. / ITA No.2426/PUN/2024
िनधाᭅरण वषᭅ / Assessment Year: 2016-17
Bansal Land Developers,
E2, C Wing, Pushp Valley,
Vichumbe Taluka,
Panvel – 410206. V s
The Income Tax Officer,
Ward-1, Panvel.
PAN: AAJFB3643F
Appellant/ Assessee
Respondent / Revenue
Assessee by Shri Divesh Chawla – AR(Virtual)
Revenue by Shri Ramnath P Murkunde - DR
Date of hearing
24/04/2025
Date of pronouncement 25/04/2025
आदेश/ ORDER
PER DR. DIPAK P. RIPOTE, AM:
This appeal filed by the assessee is against the order of ld.Commissioner of Income Tax(Appeals)[NFAC], passed under section 250 of the Income Tax Act, 1961, dated 20.09.2024 for Assessment Year 2016-17. The assessee has raised the following grounds of appeal :
“1. The Commissioner of Income-tax (Appeal) (hereinafter referred to as the CIT(A) erred in confirming the penalty levied by AO of ITA No.2426/PUN/2024 [A]
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Rs.11,95,791 under Section 271(1)(c) for furnishing inaccurate particulars of income.
The Appellant prays that the penalty levied by AO and confirmation thereof by CIT(A) be deleted.”
Submission of ld.AR :
Ld.AR appeared virtually. Ld.AR submitted that this is an appeal against the penalty order under section 271(1)(c) of the Act, dated 26.10.2021for A.Y.2016-17. Ld.AR submitted that the ITAT Pune in Assessee’s own case for A.Y.2016-17 in ITA No.2424/PUN/2024 has deleted the additions made. Since the additions have been deleted, penalty is not maintainable.
Submission of ld.DR :
Ld.DR for the Revenue accepted that quantum addition has been deleted by ITAT Pune.
Findings & Analysis :
We have heard both the parties and perused the records. It is observed that the Assessing Officer has levied penalty u/s.27(1)(c) of the Act, with reference to addition of Rs.38,69,867/- made
ITA No.2426/PUN/2024 [A]
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u/s.43CA of the Act. On perusal of the ITAT order in ITA
No.2424/PUN/2024(supra), the Tribunal held as under “
“15.…………………
Since, admittedly in the instant case the assessee has received a part of the consideration as advance as per the agreement and the sale deeds were made on the basis of such agreement value, although the market price has gone up by that time, therefore, in view of the provisions of sub-section (3) and (4) of section 43CA of the Act, no addition is called for. In this view of the matter, the order of the Ld.CIT(A)/NFAC is set aside and the grounds raised by the assessee are allowed.”
1 Thus, ITAT has deleted the addition made for A.Y.2016-17. Therefore, the penalty does not have any legs to stand. Hence, the ld.Assessing Officer is directed to delete the penalty. Accordingly, grounds of appeal raised by the assessee are allowed.
In the result, appeal of the assessee is allowed. Order pronounced in the open Court on 25th April, 2025. (VINAY BHAMORE) ACCOUNTANT MEMBER पुणे / Pune; ᳰदनांक / Dated : 25th April, 2025/ SGR आदेशकᳱᮧितिलिपअᮕेिषत / Copy of the Order forwarded to : 1. अपीलाथᱮ / The Appellant. 2. ᮧ᭜यथᱮ / The Respondent. 3. The CIT(A), concerned. 4. The Pr. CIT, concerned. 5. िवभागीयᮧितिनिध, आयकर अपीलीय अिधकरण, “ए” बᱶच, पुणे / DR, ITAT, “A” Bench, Pune.
गाडᭅफ़ाइल / Guard File.
ITA No.2426/PUN/2024 [A]
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आदेशानुसार / BY ORDER,
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Senior Private Secretary
आयकर अपीलीय अिधकरण, पुणे/ITAT, Pune.