M/S SILVER OAKS TOWNSHIP LTD.,BATHINDA vs. DCIT-CC-III, LUDHIANA
आयकर अपीलȣय अͬधकरण,चÖडीगढ़ Ûयायपीठ, चÖडीगढ़
IN THE INCOME TAX APPELLATE TRIBUNAL
CHANDIGARH BENCH, ‘B’, CHANDIGARH
BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENT &
SHRI KRINWANT SAHAY, ACCOUNTANT MEMBER
आयकर अपील सं./ ITA No. 183/CHD/2021
Ǔनधा[रण वष[ / Assessment Year : 2012-13
M/s Silver Oaks Township
Ltd.,
163, Urban Estate,
Phase II,
Bhatinda 151001
Vs.
बनाम
The DCIT,
Central Circle-III,
Ludhiana
èथायी लेखा सं./PAN No: AAJCS3445B
अपीलाथȸ/ APPELLANT
Ĥ×यथȸ/ REPSONDENT
( PHYSICAL HEARING )
Ǔनधा[ǐरती कȧ ओर से/Assessee by : Shri Sudhir Sehgal, Adv.
राजèव कȧ ओर से/ Revenue by : Dr. Ranjit Kaur, Addl. CIT, Sr. DR
सुनवाई कȧ तारȣख/Date of Hearing
:
02.01.2025
उदघोषणा कȧ तारȣख/Date of Pronouncement
:
03 .02.2025
आदेश/Order
Per Krinwant Sahay, A.M.:
Appeal in this case has been filed by the Assessee against the order of the ld. CIT(A)-5, Ludhiana dated
18.06.2021 for assessment year 2012-13. 2. Grounds of appeals are as under:-
939-Chd-2018
M/s Silver Oaks Township Ltd, Bhatinda
That the Ld. CI(A), Ludhiana has erred in confirming the levy of penalty u/s 271(1)(c) amounting to Rs.7,39,283/-, which have been imposed in contravention to the provisions of section 40A(3) of the Income Tax Act. 2. That the Ld. CIT(A) has failed to appreciate that all such particulars of the payments having been made u/s 40A(3) have already been disclosed and the disallowance has been made on account of deeming provisions and, therefore, no penalty u/s 271(1)(c) could be imposed. 3. That the Appellant craves leave to add or amend the grounds of appeal before the appeal is finally heard or disposed off.
Brief facts of the case, as per written submissions filed by the Counsel of the Assessee, are as under: - 1. The Assessee Company filed his return of income on 22.09.2012 declaring income of Rs. 18,49,600/-.
The case of the Assessee was selected for scrutiny under CASS.
The Assessee Company during the year under consideration has purchased properties amounting to Rs. 8,30,12,790/-. The Assessee has made maximum payments through cheques and has made part payment to the tune of Rs. 23,92,500/- in cash. Exceeding Rs. 20,000/-. The AO by applying the provisions of section 40A(3) of the Act made the addition to the tune of Rs. 23,92,500/- and also initiated the penalty proceedings u/sec 271(1)(c) of the Act.
939-Chd-2018
M/s Silver Oaks Township Ltd, Bhatinda
There is no dispute regarding the identity of the seller of the land. The copies of the purchase deeds were duly filed with the CIT(A). There is no dispute regarding the source of the amount paid as the amount has been paid from the regular books of accounts of the Assessee. Most importantly the amount has been paid before the Sub-