ACIT, CIRCLE, BHILWARA vs. M/S. SURAJ FABRICS INDUSTRIES LTD. , KOLKATA
In the result appeal of the revenue is dismissed
ITA 475/JODH/2017[2010-11]Status: DisposedITAT Jodhpur11 Aug 2023AY 2010-11
Bench: Shri Pavan Kumar Gadale & Dr. Dipak P. Ripoteassessment Year: 2010-11 Assistant Commissioner M/S Suraj Fabrics Industries Of Income-Tax, Circle, Vs Ltd., 224A, Elegant Tower, Bhilwara A.J.C. Bose Road, Kolkata, West Bengal Pan: Aabcs8988B Appellant / Revenue Respondent / Assessee Revenue By Smt. Alka Rajvanshi Jain, Cit-Dr Assessee By None Date Of Hearing 11.08.2023 Date Of Pronouncement 11.08.2023 Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Department Against The Order Of Ld. Commissioner Of Income Tax (Appeals), Ajmer Dated 06.09.2017 Deleting The Penalty Under Section 271(1)(C) Of The Act For A.Y. 2010-11. The Assessee Has Raised Following Grounds Of Appeal As Under:- “1. Cancelling The Penalty Levied For Addition Of Unexplained Cash Credit On A/C Of Share Capital Of 10,00,00,000/- Without Appreciating The Facts That The Quantum Addition Made By The Ao Was Confirmed By The Ld.Cit(A) As The Identity & M/S Suraj Fabrics Industries Ltd.
Section 271(1)(c)Section 40A(3)Section 50CSection 68
iii) Regarding the addition of Rs. 28,950/- made under the head
"long term capital gain", the appellant, relying on the decision of ITAT "E" Bench Mumbai in the case of ACIT, 14(1), Mumbai vs.
M/s Sunland Metal Recycling (ITA No. 6454/Mum/2011, A.Y.
2008-09) has contended that no penalty u/s 271(1)(c) can be levied in respect
