PEARL BEVERAGES LTD,NEW DELHI vs. ACIT, CENTRAL RANGE-2, NEW DELHI

ITA 2346/DEL/2022Status: DisposedITAT Delhi06 July 2023AY 2018-196 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the notice issued under Section 133(6) to a third party was not served due to an incomplete address. Therefore, the matter was remanded to the AO for fresh adjudication after issuing the notice to the correct address.

What were the facts?

The assessee received cash of Rs. 9,90,907/- which was inadvertently reported in the Statement of Financial Transaction (SFT) as exceeding the limit under Section 269ST. The Assessing Officer (AO) initiated penalty proceedings under Section 271DA.

What were the issues?

Whether the penalty under Section 271DA for contravention of Section 269ST is sustainable when the AO's independent verification notice was not properly served. Whether an inadvertent mistake in filing SFT warrants penalty.

Which sections of the Income-tax Act were involved?

Section 269ST,Section 271DA,Section 133(6)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH ‘F’: NEW DELHI

For Appellant: Ms Timsi Sharma, CA
For Respondent: Ms. Beena, Sr. DR
Hearing: 20/06/2023Pronounced: 06/07/2023

PER YOGESH KUMAR U.S., JM: This appeal by Assessee is filed against the order of Learned

Commissioner of Income Tax (Appeals)-24, New Delhi [Ld. CIT(A)”,

for short], dated 16/08/2022 for Assessment Year 2018-19. Grounds taken in this appeal are as under: M/s Pearl Beverages Limited vs. ACIT

“1. That on the facts and in the circumstances of the appellant’s case, the learned Commissioner of Income Tax (Appeals)-24, Delhi erred both in facts and in law in upholding penalty levied by the learned AO under section 271DA amounting to Rs.9,90,907/- for alleged violation of provisions of section 269ST as per Statement of Financial Transaction filed by appellant in Form 61A wherein inadvertent, unintentional and bona-fide mistake

The order continues below.

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