2018 (9) TMI 450

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....pondent : Sh. Bhasha Ram, A.R. ORDER Per : Devender Singh The appellants are in appeal against the impugned order dt. 23.02.2018 passed by the Commissioner (Appeals). 2. Brief facts of the case are that the appellants are engaged in the manufacture of tractor parts. An audit was conducted by the Department and on scrutiny of Profit and Loss account for the year ending 31st March, 2007,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the Commissioner (Appeals), however, their appeal was rejected. Aggrieved from the same, the appellants have filed this appeal. 3. Ld. Advocate for the appellants submits that the Income Tax survey was done on 01.09.2006, wherein the surrender of the cash as well as the stock was made. He points out that the show cause notice has been issued on 22.04.2013 after a gap of six and half years and t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....es and examined the record. 6. I find that the entire case started with the surrender of cash and stock, which was made during the course of Income Tax survey on 01.09.2006. This was reflected in the Profit and Loss account of the appellants for the year ending 31st March, 2007. Department's case is built on the information which was disclosed to the Income Tax Authorities and no further invest....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....use notice has been issued more than five years after the detection, the same is completely time barred and no penalty is imposable in such circumstances in the absence of demand. In this regard, the judgment of Hon'ble Supreme Court in the case of Nagpur Alloys Castings Ltd. (supra) reproduced below is directly applicable to the facts of this case: "The Tribunal has, by the impugned orde....