SHRI VITHALBHAI KADVABHAI KORAT,SURAT vs. INCOME TAX OFFICER, WARD - 3(3)(1), SURAT

ITA 205/SRT/2023Status: DisposedITAT Surat31 May 2023AY 2016-17Bench: SHRI PAWAN SINGH (Judicial Member)6 pages
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What did the Tribunal hold?

The Tribunal held that no penalty is leviable on additions based on estimation, as it is settled law. Furthermore, since the assessee voluntarily offered the interest expenditure for taxation, penalty was not warranted on that addition either.

What were the facts?

The Assessing Officer levied penalty under Section 271(1)(c) on additions made to the assessee's income, which included estimated agricultural income and interest-bearing funds used for non-business purposes. The assessee had voluntarily offered these amounts to tax during the assessment proceedings.

What were the issues?

Whether penalty under Section 271(1)(c) can be levied on estimated additions and on income voluntarily offered by the assessee during assessment.

Which sections of the Income-tax Act were involved?

Section 271(1)(c)

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Cases cited in this judgment(4)Show list

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आयकर अपीलीय अिधकरण, सुरत "ायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT “SMC” BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER आ.अ.सं./ITA No.205/SRT/2023 (AY 2016-17) (Hearing in Physical Court) Vithalbhai Kadvabhai Korat Income Tax Officer, Ward- 55,V.T. Nagar, Near Sarthana 3(3)(1), Surat, Aaykar Bhavan, Vs Jakatnaka, Varachha, Majura Gate, Surat-395006 Surat-395001 PAN No: ADKPK 2173 K अपीलाथ"/Appellant ""थ" /Respondent

िनधा"रती की ओर से /Assessee by Shri Mehul Shah, C.A राज" की ओर से /Revenue by Shri Vinod Kumar, Sr-DR अपील पंजीकरण/Date of filing appeal 24.03.2023 सुनवाई की तारीख/Date of hearing 31.05.2023 उद्घोषणा की तारीख/Date of 31 .05.2023 pronouncement Order under section 254(1) of Income Tax Act PER PAWAN SINGH, JUDICIAL MEMBER:

1.

This appeal by assessee is directed against the order of National Faceless Appeal Centre, Delhi [for short to as “NFAC/Ld. CIT(A)”] dated 17.02.2023 for assessment year 2016-17, which in turn arises out against the penalty levied by Assessing Officer/ Income Tax Officer, Ward-3(3)(5) Surat, under section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) dated 24.06.2019. The assessee has raised t

The order continues below.

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