M/S. CLASSIC NETWORK LIMITED,,RAJKOT-GUJARAT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1,, RAJKOT-GUJARAT

ITA 291/RJT/2022Status: DisposedITAT Rajkot30 January 2026AY 2019-20Bench: DR. ARJUN LAL SAINI (Accountant Member), DR. DINESH MOHAN SINHA (Judicial Member)44 pages
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What did the Tribunal hold?

The Tribunal held that penalty on estimated additions is not sustainable in law, citing various High Court and ITAT precedents. The Tribunal also found that the CIT(A) had rightly rejected the books of accounts and estimated profits on a reasonable basis.

What were the facts?

The assessee challenged the reopening of assessment and additions made on account of suppressed sales. The revenue filed appeals against the deletion of penalty.

What were the issues?

Whether the reopening of assessment was valid and whether penalty can be levied on estimated additions.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 151,Section 270A,Section 271(1)(c)

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Cases cited in this judgment(8)Show list

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Heard together (3 matters)

ITA No. 288/RJT/2022
ITA No. 176/RJT/2024
ITA No. 286/RJT/2024

Read from the judgment's own cause title. This page is filed under one of them.

आयकरअपीलीयअिधकरण,राजकोट"ायपीठ,राजकोट। IN THE INCOME TAX APPELLATE TRIBUNAL, RAJKOT BENCH, RAJKOT BEFORE DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER AND DR. DINESH MOHAN SINHA, JUDICIAL MEMBER

आयकरअपीलसं./ITA No. 288/RJT/2022 Assessment Year: (2013-14) (Physical Hearing) Classic Network Pvt. Ltd., The Deputy Commissioner of Income 202, Arpan Complex, Kalwad Road, Tax, Central Circle -1, Amruta Estate बनाम Opp. Swaminarayan Temple, Building, Nr. Girnar Cinema, M. G. / Rajkot – 360001 Vs. Road, Rajkot-360001 "ायीलेखासं./जीआइआरसं./PAN/GIR No.: AABCC8197Q (Assessee) (Respondent)

आयकरअपीलसं./ITA No. 176/RJT/2024 Assessment Year: (2014-15) Classic Network Pvt. Ltd., The Deputy Commissioner of Income 202, Arpan Complex, Kalwad Road, Tax, Central Circle -1, Amruta Estate बनाम Opp. Swaminarayan Temple, Building, Nr. Girnar Cinema, M. G. / Rajkot – 360001 Vs. Road, Rajkot-360001 "ायीलेखासं./जीआइआरसं./PAN/GIR No.: AABCC8197Q (Assessee) (Respondent)

आयकरअपीलसं./ITA No. 286/RJT/2024 Assessment Year: (2014-15) The Deputy Commissioner of Income Classic Network Pvt. Ltd., Tax, Central Circle -1, Amruta Estate 202, Arpan Complex, Kalwad Road, बनाम Building, Nr. Girnar Cinema, M. G. Opp. Swaminarayan T

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