ITO 28 (3)(5), MUMBAI vs. SMT. USHA B AGARWAL, MUMBAI

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ITA 6466/MUM/2019Status: DisposedITAT Mumbai29 July 2021AY 2009-103 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 the additions were merely estimated and did not constitute concealment of income or furnishing of inaccurate particulars. Furthermore, the Revenue's appeal was not maintainable due to the low tax effect as per CBDT Circular No. 17/2019.

What were the facts?

The Revenue appealed against the deletion of penalty levied under Section 271(1)(c) by the CIT(A). The penalty was levied on additions made for alleged bogus purchases, which were later restricted by the CIT(A).

What were the issues?

Whether penalty under Section 271(1)(c) can be levied on estimated additions for unproved purchases. Whether the Revenue's appeal is maintainable in light of the low tax effect circular.

Which sections of the Income-tax Act were involved?

Section 271(1)(c),Section 143(3),Section 147

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “F” BENCH, MUMBAI

Before: HON’BLE SHRI MAHAVIR SINGH, VP & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Respondent: Ms. Usha Gaikwad, Ld. Sr. DR

आयकर अपीलीय अधिकरण “एफ” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI माननीय श्री महावीर स िंह, उपाध्यक्ष एवुं माननीय श्री मनोज कुमार अग्रवाल ,लेखा दस्य के मक्ष। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing Through Video Conferencing Mode) 1. आयकरअपील िं./ (धििाारण वर्ा / Assessment Year: 2009-10) ITO 28(3)(5), Smt Usha B. Agarwal R. No. 323, 3rd Floor Prop. Pankaj Steel Corporation, बिाम/ Tower No. 6, 42-A kaveri, Sector, 17, Vashi, Vs. Vashi Railway Station Complex, Navi Mumbai-400 705 Navi Mumbai-400 703 स्थायीलेखा िं./ जीआइआर िं./ PAN/GIR No. AADPA-7722-N (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee by : None Revenue by : Ms. Usha Gaikwad, Ld. Sr. DR ुनवाई की तारीख/ : 29/07/2021 Date of Hearing घोषणा की तारीख / : 29/07/2021 Date of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member)

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