9911796707
TMI Blog2018 (2) TMI 167X X X X Extracts X X X X X X X X Extracts X X X X ..... ds raised by the assessee are allowed. - ITA Nos. 2765 to 2771/DEL/2016, ITA Nos. 2775 to 2781/DEL/2016 - - - Dated:- 22-1-2018 - SHRI B.P. JAIN, ACCOUNTANT MEMBER AND SHRI KULDIP SINGH, JUDICIAL MEMBER For The Assessee : Shri Sanjay Aggarwal, CA For The Revenue : Shri Ravi Kant Gupta Sr. DR ORDER PER BENCH:- All the above 14 appeals filed by two different but connected assessees are directed against the two different orders dated 24.01.2014 of Commissioner of Income Tax (Appeals) - 24, New Delhi and relate to assessment years 2006-07 to 2012-13 against the confirmation of penalty u/s 271(1)(b) of the Income-tax Act, 1961 [hereinafter referred to as 'the Act' for short]. Since the issues in all the appeals of both the assessees were heard together pertaining to same group of assessee involving identical issues, therefore, we are disposing them off together by this common order for the sake of convenience and brevity. 2. First of all, we are taking up the matter of Shri Subhash Sathe in ITA No. 2767/DEL/2017 for assessment year 2007-08. Our order herein below shall be identically applicable in all the other years in the case of both the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty notice u/s 271(1) (b) of the IT Act 1961 was issued to the assessee on 13/12/2013 requesting him to explain as to why penalty under section 271(1 )(b) of the IT Act may not be imposed upon him for the alleged default. 2. The assessee has filed reply vide letter dated 30/12/2013 as under:- 3. That the assessee has duly submitted the information in respect of foreign bank account to the assessee's knowledge and belief while duly complying with the notices issued u/s 142(1) of the Act within the specified time. The assessee do not have any 2. document/information available other than the information tutored to the assessee by the Income Tax Officials and the fact has been always reiterated before your goodself and the other Income Tax Officials through various letters placed on records. 5. Even though the provisions of Section 271(1)(b) of the Act should not be invoked in the case of assessee is completely unaware about the existence of alleged bank account in HSBC Bank outside India. The fact has been unvaryingly submitted during the search and post-search proceedings before the Assistant Director of Income Tax (lnv.)-VI(1) and during the assessment proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nswer to Q No 13, I am now able to recall that I have one account at HSBC, Geneva with joint name of my wife Smt. Indrani S. Sathe. Q. No. 37. Kindly furnish the details of above mentioned bank account? Ans The above mentioned bank account as I have said as in the join name of mine and my wife Smt. Indrani S. Sathe. iBAN is CH 1608689050911000460 and CH 8508689050911000479 and client profile code is 5094492065 for my name Subhash Vasant Sathe the and client profile code for my wife Smt. Indrani Sathe is also the same. BUP number 5090153908. Q 43 Do you want to say anything? Ans : Yes, I want to state that the ₹ 56 lacs seized from my premise today may kindly be adjusted against tax liability arising on me for the money deposited in bank accounts abroad. This liability of tax may come around as per my understanding ₹ 1.5 to 2 crores or any other amount or any other tax liability outstanding or arising against me. Thank you It is clear from the statement of Sh. Subhash Vasant Sathe that during the course of the search operation in his statement, he has accepted that he is having foreign bank account abroad. In the statement recorded on 9/11/2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ire, ownership of the account, etc. On the said dated i.e. 15.05.2013, the assessee submitted part reply. The said reply is placed at paper book pages 69 to 71. Accordingly, the said notice u/s 142(1) also stands complied with. 9. As regards the third notice u/s 142(1) dated 11.07.2013 which was to be complied by 18.07.2013 has been complied on 17.07.2013, where information about HSBC Bank or any foreign bank were asked for. The assessee complied with same pleading that if any alleged account exists, the Income tax department may call for information and the said reply is available at paper books pages 72 73. 10. As regards the statement recorded during search operation on 09.11.2011, where the assessee Shri Subhash Sathe agree to the bank account and as per the answer to question No. 43, he agreed to adjust ₹ 56 lakhs seized from his bank account. According to us, the assessee having complied with the provisions of section 142(1) of the Act, penalty u/s 271(1)(b) of the Act cannot be levied. As per section 271(1)(b) of the Act, the Assessing Officer or the ld. CIT, if satisfied that any person fails to comply with the notice u/s 142(1) of the Act, then a sum of ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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