Smt. Punita Lal, Gurgaon vs. ACIT, New Delhi
In the result, the appeal filed by the assessee is allowed
ITA 6121/DEL/2015[2011-12]Status: DisposedITAT Delhi19 Apr 2016AY 2011-12
Bench: Smt. Diva Singh & Sh. O.P. Kantassessment Year: 2011-12 Smt. Punita Lal, 909B, The Aralias Vs. Asstt. Commissioner Of Income Tax, Range-47, 3Rd Floor, Block-B, Civic Dlf, Golf Links, Gurgaon Centre, Minto Road, New Delhi. Pan : Abqpl3616A (Appellant) (Respondent) Appellant By Mr. Rupesh Jain, Advocate & Ms. Shaily Gupta, Ca Respondent By Sh. P. Dam Kanunjna, Sr.Dr Date Of Hearing 08.03.2016 Date Of Pronouncement 19.04.2016 Order Per O.P. Kant, A.M.: This Appeal Of The Assessee Is Directed Against Order Dated 24/09/2015 Of Learned Commissioner Of Income-Tax(Appeals) For Assessment Year 2011-12 Confirming The Penalty, Levied Under Section 271(1)(C) Of The Income-Tax Act, 1961 (For Short “The Act”) By The Assessing Officer. The Grounds Of Appeal Raised By The Assessee Are As Under: 1. That The Commissioner Of Income Tax(Appeals) Erred On Facts & In Law In Not Holding That The Impugned Order Dated 24.07.2014 Levying Penalty Of Rs. 18,35,000/- Under Section 271(1)(C) Of The Income Tax Act, 1961 (‘The Act’) Is Without Jurisdiction, Bad In Law & Void-Ab-Initio. 1.1 That The Commissioner Of Income Tax(Appeals) Erred On Facts & In Law In Not Appreciating That The Impugned Penalty Order Was Passed Without Recording Proper Satisfaction In The Assessment
Section 143(2)Section 143(3)Section 271(1)(c)
…income by the assessee on detection of bona fide/inadvertent mistake by the assessee, the ld. AR relied on the following case laws: 5 AY: 2011-12 1. CIT versus Manjunatha cotton and ginning factory 359 ITR 565 (Karnataka High Court) 2. CIT versus Sania Mirza 259 CTR 386 (Andhra Pradesh High Court) 3. CIT versus Saket Aggarwal 147 ITD 686 (Delhi Tribunal) 7. On the contrary, ld. DR relied on the order of the lower authorities and submitted that the assessee not only exercised the option of ESOP but also sold the same during the year but omitted to declare the same in the return of income, which amounted to concea…
