1. Industrial Development Bank of India Ltd. v. Dy.CIT

42 SOT 325Income Tax Appellate Tribunal2010#9778 most cited

What is 1. Industrial Development Bank of India Ltd. v. Dy.CIT authority for?

A bona fide legal claim, regardless of its eventual correctness, does not constitute the furnishing of inaccurate particulars of income for the purpose of levying penalty under Section 271(1)(c).

11

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2020.

Also referred to as

Industrial Development Bank of India Ltd. v. Dy.CIT · 42 SOT 325 · ITAT · section 271(1)(c) · penalty · inaccurate particulars of income · legal claim

Judgments citing 1. Industrial Development Bank of India Ltd. v. Dy.CIT

Siva Industries and Holdings Limited, Chennai vs. DCIT, Chennai

In the result, the assessee’s appeals in ITA No 1392/2016 for the

ITA 1973/CHNY/2016[2010-11]Status: HeardITAT Chennai21 Jan 2020AY 2010-11

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

Section 250(6)

…eement. Since the OFCD was converted into Equity within the prescribed time there is no question of taxing notional interest.” And further, the assessee has relied upon the following judgements : 1. Industrial Development Bank of India Ltd. vs. Dy.CIT (2010) 42 SOT 325(Mum) 2. Union of India vs. Rajasthan Spg & Mills (224 CTR 1) 3. Ushdev International Ltd.(2011) 129 lTD 167 (Mum). After considering all of them, the ld CIT (A) directed the A O to cancel the penalty levied on the interest income and on the disallowance made u/s 14A. Therefore, we do not find merit in the submissions of the Revenue and hence di…

DCIT, Chennai vs. Siva Ventures Ltd., Chennai

In the result, the assessee’s appeals in ITA No 1392/2016 for the

ITA 1421/CHNY/2016[2008-2009]Status: DisposedITAT Chennai21 Jan 2020AY 2008-2009

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

Section 250(6)

…eement. Since the OFCD was converted into Equity within the prescribed time there is no question of taxing notional interest.” And further, the assessee has relied upon the following judgements : 1. Industrial Development Bank of India Ltd. vs. Dy.CIT (2010) 42 SOT 325(Mum) 2. Union of India vs. Rajasthan Spg & Mills (224 CTR 1) 3. Ushdev International Ltd.(2011) 129 lTD 167 (Mum). After considering all of them, the ld CIT (A) directed the A O to cancel the penalty levied on the interest income and on the disallowance made u/s 14A. Therefore, we do not find merit in the submissions of the Revenue and hence di…

DCIT, Chennai vs. Siva Ventures Limited, Chennai

In the result, the assessee’s appeals in ITA No 1392/2016 for the

ITA 663/CHNY/2015[2010-11]Status: DisposedITAT Chennai21 Jan 2020AY 2010-11

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

Section 250(6)

…eement. Since the OFCD was converted into Equity within the prescribed time there is no question of taxing notional interest.” And further, the assessee has relied upon the following judgements : 1. Industrial Development Bank of India Ltd. vs. Dy.CIT (2010) 42 SOT 325(Mum) 2. Union of India vs. Rajasthan Spg & Mills (224 CTR 1) 3. Ushdev International Ltd.(2011) 129 lTD 167 (Mum). After considering all of them, the ld CIT (A) directed the A O to cancel the penalty levied on the interest income and on the disallowance made u/s 14A. Therefore, we do not find merit in the submissions of the Revenue and hence di…

DCIT, Chennai vs. Siva Ventures Ltd., Chennai

In the result, the assessee’s appeals in ITA No 1392/2016 for the

ITA 1075/CHNY/2014[2009-10]Status: DisposedITAT Chennai21 Jan 2020AY 2009-10

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

Section 250(6)

…eement. Since the OFCD was converted into Equity within the prescribed time there is no question of taxing notional interest.” And further, the assessee has relied upon the following judgements : 1. Industrial Development Bank of India Ltd. vs. Dy.CIT (2010) 42 SOT 325(Mum) 2. Union of India vs. Rajasthan Spg & Mills (224 CTR 1) 3. Ushdev International Ltd.(2011) 129 lTD 167 (Mum). After considering all of them, the ld CIT (A) directed the A O to cancel the penalty levied on the interest income and on the disallowance made u/s 14A. Therefore, we do not find merit in the submissions of the Revenue and hence di…

Digital Electronics Ltd, Mumbai vs. JCIT (OSD) RG 8(1), Mumbai

In the result, the appeal is allowed

ITA 5451/MUM/2013[2007-08]Status: DisposedITAT Mumbai18 Nov 2016AY 2007-08

Bench: Shri Saktijit Dey() & Shri N.K. Pradhan () Assessment Year: 2007-08

For Appellant: Shri Nitesh Joshi,ARFor Respondent: Shri B. S. Bist, Sr. DR
Section 143(3)Section 14ASection 271(1)Section 271(1)(c)

…ses of CITvs. Reliance Petroproducts (P) Ltd [2010] 189 Taxman 322 (SC) ; CIT vs. Harshvardhan Chemicals and Mineral Ltd. [2003] 133 Taxman 320 (Raj.), ACIT vs. VIP Industries [2009] 30 SOT 254 (Mum.); Industrial Development Bank of India Ltd. vs. DCIT [2010] 42 SOT 325 (Mum.). 6. The ld. DR supports the order of the ld. CIT(A) confirming the penalty of Rs. 70,93,850/- imposed by the AO u/s 271(1)(c) of the Act. 7. We have heard the rival submission and perused the relevant material on record. We find that the assessee-company has credited Rs.2,10,75,000/- being capital receipt under capital reserves. We also f…

Mangalam Shipping & Logistics (India) P.Ltd, Mumbai vs. ACIT Cir 6(2), Mumbai

In the result, appeal filed by the assessee against impugned order for the Asst

ITA 7612/MUM/2013[2007-08]Status: DisposedITAT Mumbai21 Jul 2016AY 2007-08

Bench: Shri R.C.Sharma (Am) & Shri Ram Lal Negi (Jm)

For Appellant: Shri. Tasneem VarawalaFor Respondent: Shri. B. Satyaramayana Rajo
Section 143Section 271Section 271(1)(c)Section 274

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “B”, MUMBAI BEFORE SHRI R.C.SHARMA (AM) AND SHRI RAM LAL NEGI (JM) ITA No. 7611 & 7612/MUM/2013 Assessment Year: 2006-07 & 2007-08 Mangalam Shipping & Logistics The Addl. CIT, Circle 2 (2), India Pvt. Ltd., Aayakar Bhavan, Mangalam House, Mumbai- 400 020. Walchand Hirachand Marg, Vs. Mumbai- 400 038. PAN: AACCM3997M (Appellant) (Respondent) Appellant by : Shri. Tasneem Varawala Respondent by : Shri. B. Satyaramayana Rajo Date of Hearing: 22/04/2016 Date of Pronouncement: 21/07/2016 O R D E R PER RAM LAL NEGI, JM These appeals have been preferred by th…

Mangalam Shipping & Logistics (India) P.Ltd, Mumbai vs. Addl CIT Cir 2(2), Mumbai

In the result, appeal filed by the assessee against impugned order for the Asst

ITA 7611/MUM/2013[2006-07]Status: DisposedITAT Mumbai21 Jul 2016AY 2006-07

Bench: Shri R.C.Sharma (Am) & Shri Ram Lal Negi (Jm)

For Appellant: Shri. Tasneem VarawalaFor Respondent: Shri. B. Satyaramayana Rajo
Section 143Section 271Section 271(1)(c)Section 274

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “B”, MUMBAI BEFORE SHRI R.C.SHARMA (AM) AND SHRI RAM LAL NEGI (JM) ITA No. 7611 & 7612/MUM/2013 Assessment Year: 2006-07 & 2007-08 Mangalam Shipping & Logistics The Addl. CIT, Circle 2 (2), India Pvt. Ltd., Aayakar Bhavan, Mangalam House, Mumbai- 400 020. Walchand Hirachand Marg, Vs. Mumbai- 400 038. PAN: AACCM3997M (Appellant) (Respondent) Appellant by : Shri. Tasneem Varawala Respondent by : Shri. B. Satyaramayana Rajo Date of Hearing: 22/04/2016 Date of Pronouncement: 21/07/2016 O R D E R PER RAM LAL NEGI, JM These appeals have been preferred by th…

Airline Financial Support Services (India) Ltd ( Amalgamated With Tata Consultancy Services Ltd), Mumbai vs. DCIT 3(1), Mumbai

In the result, both appeals of the assessee are allowed

ITA 2549/MUM/2012[2001-02]Status: DisposedITAT Mumbai31 May 2016AY 2001-02
For Appellant: Shri Dinesh VyasFor Respondent: Shri B.D.Naik
Section 10ASection 271(1)Section 271(1)(c)Section 80H

…arnataka High Court) ix) Mansukh Dyeing & Printing Mills (219 Taxmann 91) (Bombay HC) x) Equest India (P.) Limited (41 SOT 225) (Mumbai Tribunal) xi) Hindalco Industries Limited (41 SOT 254) (Mumbai Tribunal) xii) Industrial Development Bank of India Limited (42 SOT 325) xiii) Legrand India (P.) Limited (7 Taxmann 132) (Mumbai Tribunal) xiv) Tata Communications Limited vs Addl CIT (ITA 0.II06IMuml2008) xv) DCIT vs Videsh Sanchar Ni am Limited ITA No.1835/Mum/2008) 7. The Hon’ble Supreme Court in the case of Reliance Petroproducts ltd. (supra) has held as under :- Held: “A glance of provision of section 271(1)(c )…

Airline Financial Support Services (India) Ltd ( Amalgamated With Tata Consultancy Services Ltd), Mumbai vs. DCIT 3(1), Mumbai

In the result, both appeals of the assessee are allowed

ITA 2547/MUM/2012[2003-04]Status: DisposedITAT Mumbai31 May 2016AY 2003-04
For Appellant: Shri Dinesh VyasFor Respondent: Shri B.D.Naik
Section 10ASection 271(1)Section 271(1)(c)Section 80H

…arnataka High Court) ix) Mansukh Dyeing & Printing Mills (219 Taxmann 91) (Bombay HC) x) Equest India (P.) Limited (41 SOT 225) (Mumbai Tribunal) xi) Hindalco Industries Limited (41 SOT 254) (Mumbai Tribunal) xii) Industrial Development Bank of India Limited (42 SOT 325) xiii) Legrand India (P.) Limited (7 Taxmann 132) (Mumbai Tribunal) xiv) Tata Communications Limited vs Addl CIT (ITA 0.II06IMuml2008) xv) DCIT vs Videsh Sanchar Ni am Limited ITA No.1835/Mum/2008) 7. The Hon’ble Supreme Court in the case of Reliance Petroproducts ltd. (supra) has held as under :- Held: “A glance of provision of section 271(1)(c )…

ACIT 15(3), Mumbai vs. Neelkanth Palm Realty, Mumbai

In the result, appeal of the revenue is dismissed

ITA 3922/MUM/2014[2008-09]Status: DisposedITAT Mumbai03 Feb 2016AY 2008-09
For Appellant: Shri Gyneshwar KataramFor Respondent: Shri S.R.Kirtane
Section 271(1)(c)Section 80I

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ ‘बी’, म ुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “B”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI AMARJIT SINGH, JM आमकय अऩीर सं./ITA No.3922/Mum/2014 (नििाारण वषा / Assessment Year :2008-2009) ACIT-15(3), Mumbai-400007 Vs. Neelkanth Palm Realty, Fine House, Fifth Floor, Anandji Lane, M.G.Road, Ghatkoper(E), Mumbai- 400077 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AAEEN 5224 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue by : Shri S.R.Kirtane ननधाारयती की ओर से /Assessee by : Shri Gyneshwar Kataram सुनवाई की तायीख / Date of Hearing : 30/11/2…

ITO 1(3)(1), Mumbai vs. Ready Mix Concrete Ltd, Mumbai

The appeal of the revenue is hereby dismissed

ITA 1731/MUM/2014[2005-06]Status: DisposedITAT Mumbai09 Dec 2015AY 2005-06

Bench: S/Shri B.R.Baskaran & Amarjit Singhआयकर अपील सं/ I.T.A. No.1731/Mum/2014 ("नधा"रण वष" / Assessment Year: 2005-06) I.T.O. 1(3)(1) M/S. Ready Mix Concrete बनाम/ Room No. 541, Aayakar Ltd. Vs. 4Th Floor, 32-34, Veer, Bhavan, Mumbai - 400020 Nariman Point, Fort, Mumbai – 400 001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaccr2563G (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Appellant: Shri D.H.ShahFor Respondent: Shri Jayant Kumar
Section 271(1)(c)

…R (Mum)(Tri)16: No penalty can be levied for mere change in the head of income. 9. CIT vs Shyam Tex International Ltd. [43 DTR (Del)19]: No penalty can be levied for mere change in the head of income. 10. Industrial Development Bank of India Ltd. vs Dy. CIT 42 SOT 325: A legal claim per se, right or wrong, cannot amount to furnishing of inaccurate particulars of income. 3 Assessment Year: 2005-06 11. Cement Marketing Co. of India Ltd vs Ast. CST 1980 124 ITR 15 SC CIT v. Ahmed Tea Co. (P) Ltd. (1978) 113 ITR 74 (Gau) Adl. CIT v. Sawan Motor Stores 109 ITR 660 (AP) Unless the filing of return is accompanied by…

1. Industrial Development Bank of India Ltd. v. Dy.CIT (42 SOT 325) — Cited in 11 Judgments | BharatTax