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Income Tax Appellate Tribunal, AHMEDABAD “A” BENCH AHMEDABAD
IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “A” BENCH AHMEDABAD
BEFORE, SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER ITA No. 1845/Ahd/2014 (Assessment Year: 2005-06) Balex Private Limited, 30-31, Navi Jethardi, Karjan- Sinor Road, Baroda - 391240 Appellant Vs. The DCIT, Circle 1(1), Aayakar Bhavn, Baroda Respondent PAN: AAACB7665B
आवेदक क� ओर से/By Assessee : None राज�व क� ओर से/By Revenue : Shri Dinesh Singh, Sr. D.R. सुनवाई क� तार�ख/Date of Hearing : 08.11.2017 घोषणा क� तार�ख/Date of Pronouncement : 29.11.2017
ORDER PER S. S. GODARA, JUDICIAL MEMBER
This assessee’s appeal for assessment year 2005-06 arises against the CIT(A)-I, Baroda’s order dated 21.04.2014 in case no. CAB-I/044/2013-14, affirming Assessing Officer’s action imposing penalty of Rs.11.50lacs pertaining to two quantum addition of Section 68 addition of Rs.30.35lacs as unsecured loans and estimated net profits of Rs.6.05lacs @1% total sales, in proceedings u/s. 271(1)(c) of the Income Tax Act, 1961; in short “the Act”.
None appears at assessee’s behest. It is accordingly proceeded ex parte.
ITA No. 1845/Ahd/14 [Balex Private Ltd. vs. DCIT] A.Y. 2005-06 - 2 -
A perusal of the instant case file reveals that the above quantum additions emanated from assessment order dated 19.11.2007. The matter travelled up to the tribunal. A co-ordinate bench in assessee’s quantum appeal ITA No.764/Ahd/2012 decided on 14.06.2016 has restored back both the above quantum issues of unsecured loans addition as well as estimated net profits back to the Assessing Officer for a fresh adjudication. Relevant order forms part of record in the instant case file. The Assessing Officer as well as the CIT(A) have penalized the assessee u/s.271(1)(c) of the Act in the intervening period. We therefore are of the opinion that the impugned penalty does have no legs to stand as of now. We accordingly restore the instant penalty appeal as well back to the Assessing Officer to be decided after finalization of consequential assessment proceedings.
This assessee’s appeal is accepted for statistical purposes.
[Pronounced in the open Court on this the 29th day of November, 2017.]
Sd/- Sd/- (PRADIP KUMAR KEDIA) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER Ahmedabad: Dated 29/11/2017 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 ।