ITO 22 (1)(4), MUMBAI vs. SHRI. JATIN KANJI MARU, MUMBAI

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ITA 6478/MUM/2019Status: DisposedITAT Mumbai29 July 2021AY 2011-123 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 estimated and not based on concealment of income. 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 assessee was subjected to an addition for alleged bogus purchases. The Assessing Officer levied a penalty under Section 271(1)(c) based on this addition. The Commissioner (Appeals) deleted the penalty.

What were the issues?

Whether penalty under Section 271(1)(c) is leviable on estimated additions for unproved purchases and if the revenue's appeal is maintainable on low tax effect.

Which sections of the Income-tax Act were involved?

Section 271(1)(c)

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: 2011-12) ITO 22(1)(4), Shri Jatin Kanji Maru बिाम/ 308, Piramal Chambers 14, Thakur Niwas, Shivaji Nagar, Lal Baug, Parel Vakola, Santacruz(East), Vs. Mumbai – 400 012 Mumbai-400 055 स्थायीलेखा िं./ जीआइआर िं./ PAN/GIR No. ABVPM-7869-F (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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