ASSISTANT COMMISSIONER ON INCOME TAX,CIRCLE 2(2)(1), MUMBAI vs. NEELKAMAL REALTORS & ERECTORS INDIA PVT LTD, MUMBAI

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ITA 5414/MUM/2019Status: DisposedITAT Mumbai03 May 2021AY 2010-113 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the additions were merely estimated for unproved purchases, and therefore, no case of concealment or furnishing inaccurate particulars could be made out. Additionally, 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 a penalty levied under Section 271(1)(c) by the CIT(A). The penalty was related to additions made on account of unproved purchases, which were later significantly reduced by the Tribunal.

What were the issues?

Whether penalty under Section 271(1)(c) can be levied on estimated additions for unproved purchases, and if the Revenue's appeal is maintainable based on the 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, “B” BENCH, MUMBAI

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

For Respondent: Shri Tharian Oommen-Ld. DR

आयकर अपीलीय अधिकरण “बी” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “B” 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) आयकरअपील िं./ (धििाारण वर्ा / Assessment Year: 2010-11) ACIT-5(2)(1) M/s Neelkamal Realtors & Erectors P. Ltd. R.No.525 265-E,Belasis Road बिाम/ Aaykar Bhawan Mumbai Central Vs. M.K.Road Mumbai – 400 008 Mumbai – 400 020 स्थायीलेखा िं./ जीआइआर िं./ PAN/GIR No. AABCN-9254-D (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee by : None Revenue by : Shri Tharian Oommen-Ld. DR ुनवाई की तारीख/ : 22/04/2021 Date of Hearing घोषणा की तारीख / : 03/05/2021 Date of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member)

1.

Aforesaid appeal by revenue for Assessment Year [AY] 2010-11 contest the order of Ld. Commissioner of Income-Tax (Appeals)-10, Mumbai [CIT(A)] dated 31/05/2019 which has deleted the penalty of Rs.80,146/- u/s 271(1)(c) as levied by Ld. AO vide penalty order dated 28/12/2017. Though none appeared for assessee, however, the material on record was sufficient enough for disposal of the appeal.

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