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Income Tax Appellate Tribunal, AHMEDABAD “D” BENCH AHMEDABAD
PER S. S. GODARA, JUDICIAL MEMBER
This assessee’s appeal for assessment year 2008-09 arises against the CIT(A)-XXI, Ahmedabad’s order dated 15.09.2014 in case no. CIT(A)- XXI/260/12-13, upholding Assessing Officer’s action levying penalty of Rs.3,55,990/-, in proceedings u/s. 271(1)(c) of the Income Tax Act, 1961; in short “the Act”.
We notice at the outset that the impugned penalty pertains to quantum addition of Rs.10lacs received by the assessee from M/s. ICICI Prudential Co. Ltd. in the nature of Keyman Insurance Policy proceeds in its name taken by M/s.
ITA No. 3188/Ahd/14 [Shri Hemendra B. Shah vs. ITO] A.Y. 2008-09 - 2 -
Vastupal Steel & Spares Pvt. Ltd. The CIT(A)’s quantum order dated 01.02.2012 affirmed the Assessing Officer’s action. This made both the lower authorities to impose the impugned penalty u/s.271(1)(c) of the Act. It emerges that the assessee filed quantum appeal ITA No. 707/Ahd/2012 before this tribunal. A co-ordinate bench has accepted the same on 22.09.2017 after holding that the said proceeds are entitled for exemption u/s.10(10D) of the Act since the remedial amendment therein came w.e.f. 01.04.2014 only not applicable in earlier assessment years. Learned Departmental Representative does not dispute these intervening developments. We therefore conclude that the impugned penalty does have no legs to stand. It is accordingly deleted.
This assessee’s appeal is allowed.
[Pronounced in the open Court on this the 18th day of December, 2017.]
Sd/- Sd- (PRADIP KUMAR KEDIA) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER Ahmedabad: Dated 18/12/2017 True Copy S.K.SINHA आदेश क� ��त�ल�प अ�े�षत / Copy of Order Forwarded to:- 1. राज�व / Revenue 2. आवेदक / Assessee 3. संबं�धत आयकर आयु�त / Concerned CIT 4. आयकर आयु�त- अपील / CIT (A) 5. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, अहमदाबाद / DR, ITAT, Ahmedabad 6. गाड� फाइल / Guard file. By order/आदेश से,
उप/सहायक पंजीकार आयकर अपील�य अ�धकरण, अहमदाबाद ।