INCOME TAX OFFICER, WARD-1, JALNA, AAYAKR BHAWAN, SIRASWADI ROAD, NR TV. CENTRE, JALNA vs. MAHESH NAGARI SAHAKARI PATHSANSTHA LIMITED, SAROJINIDEVI ROAD, JALNA
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Income Tax Appellate Tribunal, PUNE BENCHES “A” :: PUNE
Before: SHRI PARTHA SARATHI CHAUDHURYAND DR. DIPAK P. RIPOTE
PER DR. DIPAK P. RIPOTE, AM: This is an appeal filed by the Revenue against the order of ld.Commissioner of Income Tax(Appeals)[NFAC] passed under section 250 of the Income Tax Act, 1961 dated 26.09.2023 for A.Y.2018-19 emanating from penalty order under section 270A of the Act dated 01.10.2021. The Grounds of appeal raised by the Revenue are as under : “i) On the fact and in the circumstances of the case, the Ld. CIT(A) has erred in deletion of penalty u/s 270A of the Act as levied by the AO. Mahesh Nagari Sahakari Pathsanstha [R]
ii) On the fact and in the circumstances of the case, the Ld. CIT(A) has erred in deleting the penalty u/s 270A by allowing deduction u/s 80P(2)(a)(i) of the Act without appreciating the fact that the assessee has earned interest on investment which is not allowable for such deduction. iii) Any other ground of appeal that may be urged at the time of hearing.” Findings & Analysis :
We have heard ld.DR for the Revenue. It is observed that ld.CIT(A) has held as under:
“6. Held:- I have perused the order of the Assessing officer and examined the reply of the assessee. Since, the quantum appeal has been decided in favour of the appellant vide appellate order dated 26.09.2023 in appeal No.NFAC/2017-18/10088162 for A.Y.2018-19, the penalty levied u/s 270A becomes infructuous.”
1 Thus, ld.CIT(A) has held that since the quantum appeal has been decided in favour of the assessee penalty becomes infructuous. ITAT in ITA No.1229/PUN/2023 has decided the quantum appeal in favour of assessee. Therefore, there is no mis- reporting, hence, the penalty is not maintainable.
In the result, appeal of the Revenue is dismissed. Order pronounced in the open Court on 26th March, 2024. (PARTHA SARATHI CHAUDHURY) ACCOUNTANT MEMBER पुणे / Pune; "दनांक / Dated : 26th March, 2024/ SGR* 2 Mahesh Nagari Sahakari Pathsanstha [R]
आदेशक""ितिलिपअ"ेिषत / Copy of the Order forwarded to : अपीलाथ" / The Appellant.
""यथ" / The Respondent.
The CIT(A), concerned.
The Pr. CIT, concerned. िवभागीय"ितिनिध, आयकर अपीलीय अिधकरण, “ए” ब"च, 5. पुणे / DR, ITAT, “A” Bench, Pune. गाड"फ़ाइल / Guard File. 6. आदेशानुसार / BY ORDER, //// Senior Private Secretary आयकर अपीलीय अिधकरण, पुणे/ITAT, Pune.
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