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BRIGHT CONSTRUCTION Versus INCOME TAX OFFICER

2015 (10) TMI 2165 - ITAT AHMEDABAD

Penalty under section 271(1)(c) - failure to include interest income on account of refund under section 244A in the income tax return - Held that:- On appeal, the assessee has filed a statement of fact, running into four lines. In the last line, it has pleaded that submissions dated 16.1.2013 has not been considered by the AO before levy of penalty. The ld.CIT(A) has also failed to take cognizance of this aspect.

Assessee pleaded that neither we have been informed by issuing any notic .....

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o we have been not received till the date any letter of demand adjustment or refund order for the A.Y. 2007-08 & 2009-10 however he has not considered our view and ordering penalty u/s. 271(1)(c). As the ld.First Appellate Authority has not considered this specific plea of the assessee First Appellate Authority has erred in confirming the penalty - Decided in favour of assessee. - ITA No.2127/Ahd/2015 - Dated:- 24-9-2015 - SHRI RAJPAL YADAV, JUDICIAL MEMBER ANDSHRI MANISH BORAD, ACCOUNTANT MEMBE .....

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in the business of construction. It has filed its return of income on 7.10.2010 declaring NIL income. The ld.AO has selected the case of the assessee for scrutiny assessment and notice under section 143(2) of the Act, 1961 dated 29.8.2011 was duly issued and served upon the assessee. On scrutiny of the accounts, the ld.AO has observed that a refund of ₹ 6,73,880/- included interest of ₹ 72,204/- pertaining to the Asstt. Year 2007-08 was paid to the assessee on 16.5.2009. Similarly, .....

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that the alleged refund was recognized by way of internal adjustment. The assessee was not given any amount through the cheque etc. The assessee was not aware about this adjustment and no notice was given to the assessee. The ld.AO in the penalty proceedings has observed that notice under section 271 was issued on 3.6.2013 and 12.6.2013. The assessee did not reply to these notices, hence, it has nothing to say in its defence for the penalty notice. He imposed a penalty of ₹ 75,000/- under .....

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en able to discharge the onus casted upon it for furnishing plausible and satisfactory explanation for the penalty. 5. With the assistance of the ld. Representatives, we have gone through the record carefully. In the submissions before the ld.CIT(A), the assessee has taken the following specific plea: "6. Neither we have been informed by issuing any notice of adjustment U/s 245 nor any amount of refund issued through Bank. It was internally adjusted against the demand of previous years whic .....

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