CIT Vs. SACHIDANAND PULSE MILLS

JUDGEMENT

(1.) PRESENT appeal has been preferred by the Revenue challenging the impugned judgment and order passed by the learned Income Tax Appellate Tribunal dated 7.12.2012 passed in I.T.A. No. 74/Ahd./2010 with respect to the Assessment Year 2000 -01 by which the Tribunal has allowed the said appeal preferred by the assessee and has quashed and set aside the order passed by Commissioner (Appeals) confirming the order passed by assessing officer, imposing penalty under section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as ' the Act').

(2.) PENALTY was imposed by the Income Tax Officer, Ward -4, Anand under section 271(1)(c) of the Act of Rs. 23,02,326 for difference in the stock between the stock statements given to the bank while enjoying the overdraft facility availed from Charotar Nagrik Sahkari Bank Limited, Vasad Branch against hypothecation of stock and stock as per the books of account.

(3.) BEING aggrieved by and dissatisfied with the order passed by the Income Tax Officer imposing penalty under section 271(1)(c) of the Act the assessee preferred appeal before Commissioner (Appeals) and Commissioner (Appeals), by order dated 29 -10 -2009, dismissed the said appeal confirming the order passed by the Income Tax Officer imposing penalty under section 271(1)(c) of the Act.