ASST CIT CIR 2(2)(2), MUMBAI vs. PASHA FINANCE P.LTD, MUMBAI

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ITA 1779/MUM/2017Status: DisposedITAT Mumbai17 September 2019AY 2012-139 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 upheld the CIT(A)'s decision to withdraw the penalty as the underlying assessment issue was set aside. The Tribunal also upheld the CIT(A)'s deletion of disallowances under Section 14A and Section 36(1)(iii), finding the CIT(A)'s reasoning to be sound and based on relevant case law.

What were the facts?

The Revenue appealed against the CIT(A)'s order directing the withdrawal of penalty under Section 271(1)(c) as the assessment issue was set aside. The Revenue also appealed against the deletion of disallowances under Section 14A and Section 36(1)(iii).

What were the issues?

Whether penalty under Section 271(1)(c) can survive when the assessment issue is set aside, and whether disallowances under Section 14A and Section 36(1)(iii) were correctly deleted by the CIT(A).

Which sections of the Income-tax Act were involved?

Section 271(1)(c),Section 14A,Section 36(1)(iii)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, MUMBAI BENCHES “C”, MUMBAI

Before: SHRI RAJESH KUMAR & SHRI RAM LAL NEGI

For Appellant: Shri Devendra Jain &, Shri Kumar Kale
For Respondent: Shri Awungshi Gimson &, Shri Abhirama Kartikeya, Shri Devendra Jain &, Shri Kumar Kale

आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to : अपीलाथ� / The Appellant 1. ��यथ� / The Respondent 2. आयकर आयु�त(अपील) / The CIT(A), Mumbai 3. आयकर आयु�त / CIT, Mumbai 4. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, मुंबई / 5. DR, ITAT, Mumbai गाड� फाईल / Guard file 6.

आदेशानुसार/ BY ORDER, स�या�पत ��त //True Copy//

उप/सहायक पंजीकार (Dy./Asst. Registrar) आयकर अपील�य अ�धकरण, मुंबई / ITAT, Mumbai

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