M/S FREE TRADE UNION MULTIPURPOSE PROJECTS TRUST,MUMBAI vs. ITO (E) 1 (3), MUMBAI

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ITA 7537/MUM/2019Status: DisposedITAT Mumbai02 September 2021AY 2003-047 pages

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

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the penalty notice was invalid because the Assessing Officer failed to strike off the irrelevant limb of the charge, i.e., whether the penalty was for concealment of income or furnishing inaccurate particulars. Relying on the Bombay High Court's decision, the Tribunal quashed the penalty.

What were the facts?

The assessee, a trust, had its income assessed at Rs. 1,30,99,930/- after a search operation and reassessment proceedings. Subsequently, the Assessing Officer initiated penalty proceedings under Section 271(1)(c) of the Income Tax Act, 1961.

What were the issues?

Whether a penalty under Section 271(1)(c) is vitiated if the penalty notice fails to strike off the irrelevant charge, and if the assessment order can cure such a defect in the notice.

Which sections of the Income-tax Act were involved?

Section 271(1)(c),Section 143(3),Section 147,Section 148,Section 13(1)(c),Section 13(3),Section 274

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “F” BENCH, MUMBAI

For Appellant: Shri NR Aggarwal, AR
For Respondent: Ms. Usha Gaikwad, DR
Hearing: 06.09.2021Pronounced: 07.09.2021

आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to : 1. अपीलाथ� / The Appellant 2. ��यथ� / The Respondent. 3. संबं�धत आयकर आयु�त / The CIT(A) 4. आयकर आयु�त(अपील) / Concerned CIT �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, अहमदाबाद / DR, ITAT, Mumbai 5.

M/s. Free Trade Union Multipurpose Projects Trust, Mumbai - 7 -

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