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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN
Before: Shri Satbeer Singh Godara & Shri Amarjit Singh
IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member ITA No.526/Coch/2023 : Asst.Year 2017-2018 The Kozhikode District Co- The Assistant Commissioner operative Rubber Marketing of Income-tax, Circle 1(1) & v. TPS, Kozhikode. Society Limited, PB No.161 Cherootti Road Kozhikode – 673 001. PAN : AAAAT2816L. (Appellant) (Respondent)
Appellant by : --- None --- Respondent by : Smt.V.Swarnalatha, Sr.DR Date of Pronouncement : 25.09.2024 Date of Hearing : 13.08.2024 O R D E R Per Bench : This assessee’s appeal ITA No.526/Coch/2023 for assessment year 2017-2018 arises against the CIT(A)/NFAC’s DIN & Order No.ITBA/NFAC/S/250/2023-24/1053213551(1) dated 26.05.2023, in the proceedings u/s.270A of the Income-tax Act, 1961; in short “the Act” hereinafter.
Case called twice. None appears at assessee’s behest. It is accordingly proceeded ex parte.
Coming to the assessee’s sole substantive grievance therein seeking to reverse both the lower authorities action imposing section 270A penalty amounting to Rs.1,06,038, we note that it had claimed sec.80P deduction qua rental income
2 ITA No.526/Coch/2023. The Kozhikode Dist Co-op Rubber Mktg So Ltd. derived from godown after letting out the same to its members. The Assessing Officer’s assessment dated 10.07.2019 disallowed the said claim on the ground that it was let out to some non-members for commercial purposes. Learned DR vehemently submits in these factual backdrop the impugned penalty reserves to be sustained.
We find that no merit in the revenue’s instant argument as once the legislature itself has made it clear in sec.270A(6)(a) that even a bonafide explanation tendered by an assessee excludes operation of the impugned penalty provision in case of bonafide explanation with disclosure of all the relevant facts. We thus treat it as a case of bonafide mistake to delete the impugned penalty in the very terms.
This assessee’s appeal ITA No.526/Coch/2023 is allowed. Order pronounced in the open court on this 25th day of September, 2024. Sd/- Sd/- (Amarjit Singh) (Satbeer Singh Godara) ACCOUNTANT MEMBER JUDICIAL MEMBER Cochin ; Dated : 25th September, 2024. Devadas G* Copy to : 1. The Appellant. 2. The Respondent. 3. The CIT(A), Concerned. 4. The CIT Concerned. 5. The DR, ITAT, Cochin. 6. Guard File. Asst.Registrar/ITAT, Cochin