CIT v. A.N. Arunachalam

Santosh Yashwant Tandel, New Panvel vs. Addll. CIT, TDS Range, Thane

In the result, appeal of the assessee is allowed

…turns. In our considered opinion, no penalty could be levied for a mere technical venial breach on the part of the assessee. Reliance in this regard is also placed on the decision of the Hon’ble Madras High Court in the case of CIT vs. Arunachalam reported in 208 ITR 481. In view of the aforesaid observations and respectfully following the same, we hereby direct the ld. AO to delete the penalty levied u/s. 272A(2)(k) of the Act in the peculiar facts and circumstances of the case. Accordingly, the grounds raised by the assessee are allowed. 4. In the result, appeal of the assessee is allowed. Order pronounced on…

M/S Samosaran Yarns Pvt Ltd., Mumbai vs. ACIT 1(3)(1), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Mahavir Singh, Vp & Shri M. Balaganesh, Am आमकय अऩीर सिं./ Ita No. 2403/Mum/2019 (ननधाायण वषा / Assessment Year 2013-14) M/S Samosaran Yarns Pvt. Ltd. The Asst. Commissioner 41/42, Liverty Building, 2 Nd Of Income Tax- 1(3)(1), Floor, Sir Vithaldas Thakersy Aayakar Bhavan, फनाभ/ Marg, New Marine Lines, Maharshi Karve Road, Mumbai-400 020 Vs. Marine Lines, Mumbai-400 020 (अऩीराथी / Appellant) (प्रत्मथी/ Respondent) स्थामी रेखा सिं./Pan No. Aajcs6707Q अऩीराथी की ओय से/ Appellant By : Shri T.S. Khalsa, Dr प्रत्मथी की ओय से/ Respondent By : None सुनवाई की तायीख / Date Of Hearing: 17.06.2021 घोषणा की तायीख / Date Of Pronouncement: 22.06.2021

…e assessee before the completion of assessment proceedings to the satisfaction of the learned Assessing Officer, together with the tax audit report and its annexures. We find that the Hon’ble Madras High Court in the case of CIT vs A N Arunachalam reported in 208 ITR 481 (Mad) had held that the tax audit report was ultimately made available to the ld AO before the completion of assessment proceedings and hence no penalty u /s 271B of the Act could be levied on an assessee. 6. In view of our aforesaid observations in the peculiar facts and circumstances of the case and also by respectfully following the judicial…