ACIT vs. DSL Software Ltd., 147 TTJ 67 (Delhi-Trib), DCIT v. Genesis International Corporation Limited

M/S. ICICI BANK LTD.,MUMBAI vs. DCIT RG. - 3 (1), MUMBAI

…um/2008), IndusInd Bank Ltd. (55 Taxmann 408), Development Credit Bank (ITA 5490/Mum/2010); HDFC Ltd. (ITA No.4886/87 of 2010); Nayan Builders and Developers Pvt. Ltd. (231Taxmann 665); Roopam Mercantile Ltd. (91 ITD 237); Advaita Estate Development Pvt. Ltd.(147 ITD 693);Schrader Dunken Ltd.(ITA No.8223/M/2010 dt.1.12015),and argued that the transaction with GEB and the assessee was between a Financial Institution and a PSU, that the same could not be termed a device to evade tax,that the finding that the transaction was not genuine, was contrary to well settled principle that Government could not be a party to…

ITO 14(1)3, MUMBAI vs. ASHOKKUMAR M PARIKH, MUMBAI

In the result, appeals of the assessee are allowed, whereas appeals of the Revenue are dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No.3708/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.1250/Mum/2013 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ Shri Bharatkumar Maneklal The Ito 14(1)(3), Parikh, Mumbai. Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4985/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.4986/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ The Ito 14(1)(3), Shri Bharatkumar Mumbai. Maneklal Parikh, Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

…law that when an assessee makes a claim under a bona fide belief, penalty u/s 271(1)(c) of the Act is not leviable, for which reliance has been placed on following decisions:- Petals Engineers Pvt. Ltd. 264 CTR (Bom) 577 Genesys International Corporation Ltd. 147 ITD 693 (Mum). Furthermore, Courts have time and again held that where two views are possible, penalty u/s 271(1)(c) of the Act is not leviable, reliance may be placed on : Shervani Hospitalities Ltd. 261 CTR(Del) 449 Deban International Ltd. 2 DTL 140 (Del) and Harshvardhan Chemicals & Minerals Ltd. 186 CTR (Raj.) 552 26. There is no dispute to the fac…

ITO 14(1)3, MUMBAI vs. BHARATKUMAR M PARIKH, MUMBAI

In the result, appeals of the assessee are allowed, whereas appeals of the Revenue are dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No.3708/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.1250/Mum/2013 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ Shri Bharatkumar Maneklal The Ito 14(1)(3), Parikh, Mumbai. Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4985/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.4986/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ The Ito 14(1)(3), Shri Bharatkumar Mumbai. Maneklal Parikh, Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

…law that when an assessee makes a claim under a bona fide belief, penalty u/s 271(1)(c) of the Act is not leviable, for which reliance has been placed on following decisions:- Petals Engineers Pvt. Ltd. 264 CTR (Bom) 577 Genesys International Corporation Ltd. 147 ITD 693 (Mum). Furthermore, Courts have time and again held that where two views are possible, penalty u/s 271(1)(c) of the Act is not leviable, reliance may be placed on : Shervani Hospitalities Ltd. 261 CTR(Del) 449 Deban International Ltd. 2 DTL 140 (Del) and Harshvardhan Chemicals & Minerals Ltd. 186 CTR (Raj.) 552 26. There is no dispute to the fac…

ASHOKKUMAR MANEKLAL PARIKH,MUMBAI vs. ITO 14(1)(3),

In the result, appeals of the assessee are allowed, whereas appeals of the Revenue are dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No.3708/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.1250/Mum/2013 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ Shri Bharatkumar Maneklal The Ito 14(1)(3), Parikh, Mumbai. Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4985/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.4986/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ The Ito 14(1)(3), Shri Bharatkumar Mumbai. Maneklal Parikh, Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

…law that when an assessee makes a claim under a bona fide belief, penalty u/s 271(1)(c) of the Act is not leviable, for which reliance has been placed on following decisions:- Petals Engineers Pvt. Ltd. 264 CTR (Bom) 577 Genesys International Corporation Ltd. 147 ITD 693 (Mum). Furthermore, Courts have time and again held that where two views are possible, penalty u/s 271(1)(c) of the Act is not leviable, reliance may be placed on : Shervani Hospitalities Ltd. 261 CTR(Del) 449 Deban International Ltd. 2 DTL 140 (Del) and Harshvardhan Chemicals & Minerals Ltd. 186 CTR (Raj.) 552 26. There is no dispute to the fac…

BHARTKUMAR MANEKLAL PARIKH,MUMBAI vs. ITO 14(1)(3),

In the result, appeals of the assessee are allowed, whereas appeals of the Revenue are dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No.3708/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.1250/Mum/2013 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ Shri Bharatkumar Maneklal The Ito 14(1)(3), Parikh, Mumbai. Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4985/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.4986/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ The Ito 14(1)(3), Shri Bharatkumar Mumbai. Maneklal Parikh, Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

…law that when an assessee makes a claim under a bona fide belief, penalty u/s 271(1)(c) of the Act is not leviable, for which reliance has been placed on following decisions:- Petals Engineers Pvt. Ltd. 264 CTR (Bom) 577 Genesys International Corporation Ltd. 147 ITD 693 (Mum). Furthermore, Courts have time and again held that where two views are possible, penalty u/s 271(1)(c) of the Act is not leviable, reliance may be placed on : Shervani Hospitalities Ltd. 261 CTR(Del) 449 Deban International Ltd. 2 DTL 140 (Del) and Harshvardhan Chemicals & Minerals Ltd. 186 CTR (Raj.) 552 26. There is no dispute to the fac…

ASHOKKUMAR MANEKLAL PARIKH,MUMBAI vs. ITO 14(1)(3), MUMBAI

In the result, appeals of the assessee are allowed, whereas appeals of the Revenue are dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No.3708/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.1250/Mum/2013 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ Shri Bharatkumar Maneklal The Ito 14(1)(3), Parikh, Mumbai. Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4985/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.4986/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ The Ito 14(1)(3), Shri Bharatkumar Mumbai. Maneklal Parikh, Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

…law that when an assessee makes a claim under a bona fide belief, penalty u/s 271(1)(c) of the Act is not leviable, for which reliance has been placed on following decisions:- Petals Engineers Pvt. Ltd. 264 CTR (Bom) 577 Genesys International Corporation Ltd. 147 ITD 693 (Mum). Furthermore, Courts have time and again held that where two views are possible, penalty u/s 271(1)(c) of the Act is not leviable, reliance may be placed on : Shervani Hospitalities Ltd. 261 CTR(Del) 449 Deban International Ltd. 2 DTL 140 (Del) and Harshvardhan Chemicals & Minerals Ltd. 186 CTR (Raj.) 552 26. There is no dispute to the fac…

BHARATKUMAR MANEKLAL PARIKH,MUMBAI vs. ITO 14(1)(3), MUMBAI

In the result, appeals of the assessee are allowed, whereas appeals of the Revenue are dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No.3708/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.1250/Mum/2013 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ Shri Bharatkumar Maneklal The Ito 14(1)(3), Parikh, Mumbai. Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4985/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.4986/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ The Ito 14(1)(3), Shri Bharatkumar Mumbai. Maneklal Parikh, Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

…law that when an assessee makes a claim under a bona fide belief, penalty u/s 271(1)(c) of the Act is not leviable, for which reliance has been placed on following decisions:- Petals Engineers Pvt. Ltd. 264 CTR (Bom) 577 Genesys International Corporation Ltd. 147 ITD 693 (Mum). Furthermore, Courts have time and again held that where two views are possible, penalty u/s 271(1)(c) of the Act is not leviable, reliance may be placed on : Shervani Hospitalities Ltd. 261 CTR(Del) 449 Deban International Ltd. 2 DTL 140 (Del) and Harshvardhan Chemicals & Minerals Ltd. 186 CTR (Raj.) 552 26. There is no dispute to the fac…