THE DCIT, CENTRAL CIRCLE-2, VADODARA vs. M/S. NEOTECH EDUCATION FOUNDATION, VADODARA

ITA 192/AHD/2023Status: DisposedITAT Ahmedabad08 May 2024AY 2014-15Bench: Ms. SUCHITRA KAMBLE (Judicial Member), SHRI WASEEM AHMED (Accountant Member)9 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal allowed the assessee's appeals concerning penalties under Sections 271D and 271E, finding that the assessee had provided acceptable explanations for loan repayments, which were also accepted by a previous Tribunal order. The Revenue's appeals were dismissed.

What were the facts?

The assessee, Neotech Education Foundation, faced penalty proceedings under Sections 271(1)(c), 271D, and 271E of the Income Tax Act for the Assessment Year 2014-15. The Assessing Officer levied substantial penalties, which were then challenged before the CIT(A).

What were the issues?

The primary issues revolved around the validity and quantum of penalties levied for alleged concealment of income and violations of provisions related to accepting loans and deposits in cash.

Which sections of the Income-tax Act were involved?

Section 271(1)(c),Section 271D,Section 271E,Section 269SS,Section 269T

AI-generated summary — verify with the full judgment below

Assessment Years: 2014-15 for 4 appeals IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH, AHMEDABAD

BEFORE Ms. SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER Assessment Year: 2014-15

Dy. Commissioner of Income Tax, Neotech Education Foundation, Central Circle – 2, 18, Saptagiri Complex, [PAN – AADCN 8141 P] Assessee by Shri Jigar Adhiyaru, AR Revenue by Smt. Malarkodi R, Sr. DR Assessment Year: 2014-15 [PAN – AADCN 8141 P] Assessee by Shri Jigar Adhiyaru, AR Revenue by Dr. Darsi Suman Ratnam, CIT (DR) Assessment Year: 2014-15 [PAN – AADCN 8141 P] Assessee by Shri Jigar Adhiyaru, AR Revenue by Dr. Darsi Suman Ratnam, CIT (DR)

Assessment Years: 2014-15 for 4 appeals Assessment Year: 2014-15

Dy. Commis

The order continues below.

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