Ita/149/2015 Of Commissioner Of Income Tax Faridabad v. M/S Sobhag Textiles (P) Ltd. Faridabad

IN THE HIGH COURT OF PUNJAB AND HARYANA ATCHANDIGARH ITA1492015 (O&M)Date of decision:13.07.2015 Commissioner of Income Tax, Faridabad ..Appellant Versus. M/s Sobhag Textiles (P) Ltd. ...Respondent CORAMHONBLE MR. JUSTICE S.J. VAZIFDAR, ACTING CHIEF JUSTICEHON5BLE MR. JUSTICE G.S. SAANDHAWALI Present: Mr. Tajender K. Joshi, Advocate, for the appellant. S.J. VAZIFDAR, A.C.J. (QRAL) CMQO57Cll2015 (for condonation of delay in refiling the appeal) The application for condoning 633 days’ delay in re-filing the appeal in view of the averments made stands allowed. ITA1492015 This is an appeal against the order of the Tribunal dated28.09.2012 upholding the order of the CIT (Appeals) setting aside thepenalty imposed by the Assessing Officer under Section 271(1) of theIncome Tax Act, 1961 (in short the Act). The matter pertains to the assessment year 1996-1997. 2 |The quantum proceedings have attained finality. The addition of asum of aboutL56 lacs stands confirmed. 3The CIT (Appeals), however, found that the Assessing Officer had imposed penalty only in view of the addition made to the return of incomefiled by the respondent/assessee. The CIT (Appeals) and the Tribunal foundthat the assessee had provided complete details with respect to theloans/creditors and with respect to the miscellaneous expenses. The additions were made to the assessment year due to non-production ofcreditors and for disallowance of a part of the miscellaneous expenses.However, as noted by the CIT (Appeals) and the Tribunal, the assessee hadnot furnished inaccurate particulars of income either. 4In these circumstances, the discretion exercised by the |CIT (Appeals) and the Tribunal in not imposing penalty warrants nointerference. © 5 _Dismissed. 13.07.2015Amodh (S.J. VAZIFDAR)ACTING CHIEF JUSTICE(G.S. SANDHAWALIA) |JUDGE