DCIT CIRCLE 1, THANE vs. M/S ADVANCE ENZYME TECHNOLOGIES LTD. (FORMERLY KNOWN AS M/S ADVANCE BIOCHEMICALS LTD), THANE

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ITA 812/MUM/2020Status: DisposedITAT Mumbai01 October 2021AY 2011-124 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that since the substantial additions against which the penalty was levied were deleted by the Tribunal itself, the penalty would not survive. For other smaller additions, the Tribunal concurred with the CIT(A) that there was a bona fide mistake and no concealment of income or furnishing of inaccurate particulars.

What were the facts?

The revenue appealed against the deletion of a penalty of Rs. 292.30 Lacs levied under Section 271(1)(c) by the Assessing Officer. The penalty was based on additions made in the assessment order.

What were the issues?

Whether penalty under Section 271(1)(c) can be sustained when the primary additions leading to the penalty have been deleted. Whether bona fide mistakes in computation of income warrant penalty.

Which sections of the Income-tax Act were involved?

Section 271(1)(c),Section 35(2AB),Section 36(i)(va)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, “A” BENCH, MUMBAI

Before: HON’BLE SHRI VIKAS AWASTHY, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Ms. Dinkle Haria – Ld. AR
For Respondent: Shri Brajendra Kumar – Ld. Sr. DR, Ms. Dinkle Haria – Ld. AR

आयकर अपीलीय अधिकरण “ए” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI माननीय श्री विकास अिस्थी, न्यावयक सदस्य एवं माननीय श्री मनोज कुमार अग्रवाल ,लेखा सदस्य के समक्ष। BEFORE HON’BLE SHRI VIKAS AWASTHY, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing through Video Conferencing Mode) आयकरअपील सं./ (धििाारण वर्ा / Assessment Year: 2011-12) DCIT Circle – 1 M/s Advance Enzyme Technologies Ltd 6th floor, Ashar IT Park (formerly known as Advance Biochemicals Ltd.) बिाम A-Wing, 5th floor, Sun Magnetica R. No. 22, B-Wing / LIC Service Road, Louis Wadi Wagle Indl. Estate Vs. Thane-400 604 Road No. 16Z, Thane(W) Pin-400 604 स्थायीलेखासं./ जीआइआरसं./ PAN/GIR No. AABCA-4555-E (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Revenue by : Shri Brajendra Kumar – Ld. Sr. DR Assessee by : Ms. Dinkle Haria – Ld. AR सुनवाई की तारीख/ : 28/09/2021 Date of Hearing घोषणा की तारीख / : 01/10/2021 Date of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member)

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