Court :
ITAT Ahmedabad
Brief :
The captioned appeal has been filed at the instance of the Assessee against the order of the Commissioner of Income Tax(Appeals)-1, Ahmedabad (?CIT(A)? in short), dated 07.08.2018 arising in the penalty order dated 30.06.2017 passed by the Assessing Officer (AO) under s. 271(1)(c) of the Income Tax Act, 1961 (the Act) concerning AY 2007-08.
Citation :
ITA 2082/AHD/2018
IN THE INCOME TAX APPELLATE TRIBUNAL
“A” BENCH, AHMEDABAD
(Convened through Virtual Court)
BEFORE SHRI RAJPAL YADAV, VICE PRESIDENT AND
SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER
I.T.A. No. 2082/Ahd/2018
Assessment Year : 2007-08)
M/s. Aagam Shares &
Commodities Pvt. Ltd.
607, Pipardi Ni Pole,
Hajapatels Pole, Relief
Road, Kalupur,
Ahmedabad - 380001
PAN/GIR No. : AABCK4493P
Appellant)
Vs.
DCIT
Central Circle -1(1)(1),
Ahmedabad - 380015
Respondent)
Appellant by : Shri P. D. Shah, A.R.
Respondent by : Shri S. S. Shukla, Sr.DR
Date of Hearing 04/03/2021
Date of Pronouncement 26/03/2021
O R D E R
PER PRADIP KUMAR KEDIA - AM:
The captioned appeal has been filed at the instance of the Assessee against the order of the Commissioner of Income Tax(Appeals)-1, Ahmedabad (CIT(A) in short), dated 07.08.2018 arising in the penalty order dated 30.06.2017 passed by the Assessing Officer (AO) under s. 271(1)(c) of the Income Tax Act, 1961 (the Act) concerning AY 2007-08.
2. The ground of appeal raised by assessee read hereunder:
“1. That the learned CIT(A) has erred in laws and facts by confirming the penalty of Rs.13,50,000/- u/s. 271(1)(c) of the Actand therefore the ld.AO should be directed to delete the said penalty of Rs.13,50,000/-.”
3. Briefly stated, the assessee company earlier named KGMSFinancial Services Pvt. Ltd. is engaged in the business of dealingstock market and purchase and sale of shares. The assessee filedreturn of income for AY 2007-08 declaring total income of Rs.24,60,420/-. The return filed by the assessee was subjected toscrutiny assessment under s.143(3) of the Act wherein total incomewas determined at Rs.69,69,045/-. The AO inter alia made anaddition of Rs.45 Lakhs under s.68 of the Act on account of introduction of share capital at premium in the books of account and consequently imposed a penalty of Rs.13,50,000/- thereon. The quantum addition was sustained by the CIT(A) as well as the ITAT. The imposition of penalty of Rs.13,50,000/- was challenged before the CIT(A) without any success
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