ASST. CIT 31(3), MUMBAI vs. M/S VNC INFRAPROJECTS, MUMBAI

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ITA 4031/MUM/2019Status: DisposedITAT Mumbai25 November 2020AY 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 appeal was not maintainable because the additions were based on estimation and did not necessarily indicate concealment of income. Furthermore, the appeal did not meet the monetary limits set by the CBDT's low tax effect circular.

What were the facts?

The revenue appealed against the deletion of penalty levied under Section 271(1)(c) for Assessment Year 2009-10. The penalty was based on additions made for alleged bogus purchases, which were later restricted by the first appellate authority.

What were the issues?

Whether penalty under Section 271(1)(c) is leviable when additions are based on estimation and whether the appeal is maintainable in light of low tax effect circulars.

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 SAKTIJIT DEY, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Shri Ramniklal U. Jain-Ld. AR
For Respondent: Shri Chintamani Dingankar-Ld. DR

1 Assessment Year: 2009-10 आयकर अपीलीय अिधकरण “एफ” "ायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI माननीय "ी श""जीत दे, "ाियक सद" एवं माननीय "ी मनोज कुमार अ"वाल ,लेखा सद" के सम"। BEFORE HON’BLE SHRI SAKTIJIT DEY, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing Through Video Conferencing Mode) आयकर अपील सं./ (िनधा"रण वष" / Assessment Year: 2009-10) ACIT-31(3) , Mumbai M/s. VNC Infraprojects Room No.623, 6th Floor 29/B, 1st Floor, Panchratna Building बनाम/ Kautilya Bhavan, Near Videsh Bhavan S.V. Road, Goregaon (W) Vs. Bandra Kurla Complex, Bandra (East) Mumbai-400 090. Mumbai-400 051. PAN/GIR No. AAPFM-1184-L (अपीलाथ"/Appellant) (""थ" / Respondent) : Assessee by : Shri Ramniklal U. Jain-Ld. AR Revenue by : Shri Chintamani Dingankar-Ld. DR सुनवाई की तारीख/ : 25/11/2020 Date of Hearing घोषणा की तारीख / : 25/11/2020 Date of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member)

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