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Unidyes Chemical Supplier Versus Income-tax Officer, Ward 30 (2) , New Delhi

2016 (8) TMI 323 - ITAT DELHI

Penalty u/s 271(1)(c)- addition made under section 68 - Held that:- The appellant has shown correct business income in their return of income. He has not filed any inaccurate particulars of income because in the computation part, the income has been shown correctly and no such ambiguity is pointed out therein. Schedule CYLA and BFLA is with respect to the adjustment of income as per provisions of the IT Act. The assessee has also filed return for the assessment year 2008-09 in which also, the as .....

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ded in favour of assessee. - ITA No. 1287/Del./2016 - Dated:- 29-6-2016 - SMT. DIVA SINGH, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER For The Appellant : Sh. Rohit Garg, C.A. For The Respondent : Sh. Manoj Kumar Chopra, Sr. DR ORDER Per L.P. Sahu, Accountant Member: This is an appeal filed by the assessee against the order of ld. CIT(A)XVI, New Delhi dated 07.12.2015 for the assessment year 2007-08 on the following grounds : 1. That the Commissioner of Income Tax (Appeals) [CIT(A)] er .....

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ch as (i) the reassessment order was illegal and beyond jurisdiction; (ii) addition made in the quantum proceedings was on account of inadvertent error in the return of income; (iii) all the facts material to the aforesaid claim were duly disclosed by the appellant during the course of assessment as well as reassessment proceedings. 1.2 That the CIT(A) erred on facts and in law in not appreciating that the penalty proceedings are independent of quantum proceedings and mere non-filing of appeal a .....

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The case was selected for scrutiny and assessment was completed u/s. 143(3) at an income of ₹ 4,96,250/-. Subsequently, after recording reasons on 06.06.2012, notice u/s. 148 of the Act was issued to the assessee, in response to which the assessee stated that the return filed u/s. 139(1) may be treated as return filed in compliance to the notice u/s. 148 of the Act. The objections raised by assessee on validity of re-assessment proceedings were disposed of by the A.O. During the re-assessm .....

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s income from profit and gains from business or profession. Same amount has been shown at page No. 16 - Schedule BP-computation of income from business or profession. At page No. 21, Schedule CYLA - Details of income after set off of current years losses- at Sl. No. ii-Business (including speculation profit), ₹ 11,74,227/- is shown in column No. (1) as Income of current year. Similarly, at page 22, Schedule BFLA - Details of income after set off of brought forward losses of earlier years, .....

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re the ld. CIT(A), surrendered the amount to buy peace of mind. The AO thereafter initiated penalty proceedings and imposed penalty u/s. 271(1)(c) of the IT Act for filing inaccurate particulars of income. Aggrieved by penalty order, the appellant preferred an appeal before the ld. CIT(A), who confirmed the order of the Assessing Officer observing as under : 4. Findings:- I have considered the submission of the assessee and the assessment order as well as the order imposing penalty u/s 271(1)(c) .....

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hands of the assessee for the year under consideration. As assessee has furnished inaccurate particulars of income. I am initiating penalty proceedings u/s 271(1)(c) of the Act 1961 separately" . From the observation above it can be gathered that the Assessing Officer was very clear in his mind while initiating the penalty proceedings. He has given a categorically finding that he was initiating penalty proceeding as the assessee has furnished inaccurate particulars of its income. The main t .....

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Ld AR has raised hypothetical issues in his submission and then went on to answer them that the penalty and assessment proceedings are separate, that it was an-inadvertent error which had crept in the software that the additions made in the re-assessment order were not warranted (i.e. in spite of the fact that assessee admitted that an error occurred on his part while filing the income tax return, I have carefully considered of these issues. They make for a good presentation, however are not re .....

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filing the return, i.e., electronically, the mistake as pointed out by the authorities below crept due to software error. However, the assessee has shown correct income in the return of income. The return has been filed after getting the account books audited by the Chartered Accountant and correct profit has been shown in the prescribed columns of the return. The computation part of the return is showing correct income as shown by the assessee. Schedule CYLA and BFLA are regarding set off of l .....

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. We have heard both the parties and perused the material available on record. The ld. AR submitted copy of ITR-V, which is a prescribed return form for the partnership firm. After careful examination of the return form, we find that the assessee has shown correct income in the operative part of the return of income. At page 7 of the Return-Part A-P&L: Profit and Loss account for the previous year 2006-07, at Sl. No. 43, profit before tax (40-41-42), and also at Sl. No. 47-profit after tax ( .....

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