RATANLAL C. BAFNA,,JALGAON vs. ASSISTANT COMMISSIONER OF INCOME-TAX,,

These assessee’s twin appeals both for AY 2003-04 & 2004-05 arise against the CIT(A)-12, Pune’s common order dated 21.07.2016 passed in case No. PN/CIT(A) -12/9 & 10/2015-16; affirming the Assessing Officer’s action imposing penalties of Rs.38,52,797/- and Rs.14,20,283/-; assessment year wise, respectively in proceedings u/s.271(1)(c) of the IT Income Tax Act, 1961; in short "the Act”. Heard both the parties. Case files perused. A.Y. : 2003-04 & 2004-05 Ratanlal C. Bafna,

We straight way advert to the assessee’s identical sole substantive grievance raised herein that both the learned authorities have erred in law and on facts in imposing the impugned penalty(ies) as a consequence to his alleged undisclosed income unearthed during the course of search carried out at M/s. Chhoriya group dated 22.08.00 at Jalgaon. It further transpires that this tribunal’s common order dated 15.07.2019 in the assessee’s corresponding quantum appeals ITA 109 & 110/PUN/14 has restored all the issue(s) forming basis of impugned penalties; back to the Assessing Officer for his afresh adjudication/necessary factual verification. The Revenue is fair enough in not disputing all these clinching developments. We thus conclude in this factual background the assessee’s instant penalty appeals must also follow the suit being consequential in nature. Ordered accordingly. No other ground or argument has been raised or pressed before us at this stage.

These assessee’s twin appeals are allowed for statistical terms in above. A copy of this common order be placed in the respective case files. Order pronounced in the Open Court on this 21st day of September, 2022.