DEEPANU STOCK BROKERS P LTD,MUMBAI vs. ACIT CC 46, MUMBAI

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ITA 1080/MUM/2015Status: DisposedITAT Mumbai17 January 2018AY 2010-113 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that penalty cannot be imposed on additions made on a mere estimated basis. Therefore, the penalty levied was deleted.

What were the facts?

The assessee company contested a penalty levied under Section 271AAA. The original quantum additions were based on estimations, which were later reduced by the Tribunal. The penalty was levied on these estimated additions.

What were the issues?

Whether penalty under Section 271AAA can be levied on additions made on an estimated basis, especially when such estimations were reduced on appeal.

Which sections of the Income-tax Act were involved?

Section 271AAA

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “E” BENCH, MUMBAI

Before: SHRI D.T. GARASIA, JM & SHRI MANOJ KUMAR AGGARWAL, AM

Per Manoj Kumar Aggarwal (Accountant Member) 1. The captioned appeal by assessee for Assessment Year [AY] 2010-11 contest the order of the Ld. Commissioner of Income-Tax (Appeals)-38 [CIT(A)], Mumbai, Appeal No. CIT(A)-38/IT-1018/2013-14 dated 14/11/2014 qua confirmation of penalty u/s 271AAA for Rs.4,380/-. The assessment for impugned AY was framed by Ld. Deputy Commissioner of Income Tax Central Circle-46, Mumbai u/s 143(3) of the Income Tax

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