2013 (8) TMI 1127

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....aidya, A.R. ORDER PER BENCH: Both these appeals are filed by the assessee, which are directed against two separate orders of learned CIT (A) - IV, Surat, both dated 06.11.2012 for the same A.Y. 2008 - 09, in respect of Penalty u/s 271 (1) (c) & 271B respectively. 2. First, we take up the appeal in ITA No. 296/Ahd/2013 which is in respect of penalty u/s 271 (1) (c). 3. It was submitt....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s. 5.50 lacs on this account but the A.O. noted that a sum of Rs. 60,000/- was introduced by the assessee as seed money and he worked out the peak at Rs. 14,45,702/- total Rs. 15,05,702/- and after deducting Rs. 5.50 lacs, he made addition of Rs. 955,702/-. For this, he imposed a penalty of Rs. 507,300/- u/s 271 (1) (c) of I T Act since, the addition was upheld by learned CIT (A). Under these fact....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... and facts are similar in the present case, we find no reason to take a contrary view in the present case. Hence, by respectfully following this tribunal decision, we delete the penalty. 5. In the result, this appeal of the assessee is allowed. 6. Now, we take up the appeal in ITA No. 297/Ahd/2013 which is in respect of penalty u/s 271B. 7. It was submitted by the learned AR for the asses....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ffence is complete and after that, there can be no possibility of any offence as contemplated by section 44AB. It was held that on this reasoning, penalty imposed u/s 271B is erroneous and the same was deleted. In the present case also, it is admitted factual position that the assessee did not maintain the books as contemplated u/s 44AA. Hence, the facts are identical in the present case and we fi....