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Manohar Lal Thakral Versus Addl. Commissioner of Income Tax, Panipat

2010 (2) TMI 1224 - ITAT DELHI

ITA No. 3826(Del)2008 - Dated:- 2-2-2010 - A.D. JAIN AND B.P. JAIN JJ. Appellant by: Shri K.L. Aneja, Advocate Respondent by: Shri G.S. Sahota, Sr. DR ORDER PER A.D. JAIN, J.M. This is assessee s appeal for the assessment year 2003-04 taking the following grounds:- 1. That the penalty of ₹ 11,02,600/- imposed for the alleged contravention of the provisions of section 269 T of the Act, 1961 making the assessee liable to alleged default u/s 271 E of the act is illegal and wrong. 2. That the .....

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proprietor of the concern M/s. Fancy Wool Enterprises and was enjoying rent, interest and dividend income . Return declaring income of ₹ 1,35,010/- for the financial year 2002-03 relevant to assessment year 2003-04 was filed on 30.11.2003, which was processed u/s 143(1)(a) vide order dated 31.12.2003, D & C.R. No. 10108/2003-04. 3. The assessee, Manohar Lal Thakral had old deposit of his wife Smt. Kusum Lata, brought forward, as on 1.4.2002 ₹ 13,31,999/- in her account, who furth .....

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egistered office at ½, 2873 Ram Nagar, Shahdra and its office at 13 Madhya Marg, DLF City, Phase II. M/s. Babylon Builders Pvt. Ltd. were further authorized and empowered by virtue of tripartite agreement dated 9.5.2001 to get prepared the building plans of raising of construction of a commercial complex. 5. From the account of Smt. Kusum Lata Thakral with Fancy Wool Enterprises Prop: Manohar Lal Thakral following payments were made to M/s. Babylon Builders Pvt. Ltd., Gurgaon, against con .....

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Kusum Lata Thakral for the asstt.year 2003-04, the AO, Ward 3, Panipat, examined and found having payments made by the assessee on behalf of Smt. Kusum Lata Thakral to M/s. Babylon Builders Pvt. Ltd., Gurgaon, from 21.5.2002 to 29.10.2002. Thus it was taken that instead of making the payments to Smt. Kusum Lata Thakral, the assessee made payments to M/s. Babylon Builders Pvt. Ltd. in contravention of the provisions of section 269 T of the Income Tax Act, 1961. The matter was referred by the AO, .....

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ging the order under appeal, the learned counsel for the assessee has contended before us that the impugned order is illegal inasmuch as it has wrongly confirmed the penalty order; that this is so, because the very initiation of the penalty proceedings against the assessee was illegal, since the return of the assessee was processed as on 31.12.2003 (copy at page 1 of the assessee s paper book) and the notice u/s 274 read with section 271 E of the I.T. Act having been issued on 12.6.2007 (copy at .....

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