CIT v. Aero Traders Pvt. Ltd.

Talent Infoway Ltd, Mumbai vs. DCIT CC 46, Mumbai

In the result the appeal of the assessee stands allowed

Bench: Shri Mahavir Singh, Jm & Shri Rajesh Kumar, Am आमकय अऩीर सं./ I.T.A. No 697/Mum/2015 (निर्धारण वषा / Assessment Year : 2009-10) M/S Talent Infoway Limited, Dy.Commissioner Of Income Block H Shri Sadashiv Chs Ltd, Tax, Central Circle-46, फनाभ/ Room No.659, 6Th Floor, 6 Th Road, Santacruz (E), Mumbai-400055 Aayakar Bhavan, Vs. M K Road, Mumbai-400020 अऩीराथी की ओय से / Applicant By : Shri Mukesh Choksi प्रत्मथी की ओय से/Respondent By : Ms.Beena Santosh

…our of Assessee and penalty has been dropped. 15. In the instant case also income has been assessed on estimated basis merely because a high percentage of income was assessed, the levy of penalty is not automatic as held in the case of Aero Traders Pvt. Ltd., 322 ITR 316. Respectfully following the above decision of the Tribunal in the group concerns, we delete the penalty so imposed.” 5. We, therefore, respectfully following the view taken by the co-ordinate Bench of the Tribunal in No.6384/Mum/2012 (AY- 2005-06) dated 24.1.2017 are of the view that the income of the assessee has been assessed purely on estimat…

Talent Infoway Ltd, Mumbai vs. DCIT Cen Cir 46, Mumbai

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

Bench: Shri R.C. Sharma & Shri Amarjit Singh

…has been dropped. 15. In the instant case also income has been assessed on estimated basis merely because a high percentage of income was assessed, the M/s. Talent Infoway Limited levy of penalty is not automatic as held in the case of Aero Traders Pvt. Ltd., 322 ITR 316. Respectfully following the above decision of the Tribunal in the group concerns, we delete the penalty so imposed. 16. In the result, all the appeals of the assessee are allowed in terms indicated hereinabove. Order pronounced in the open Court on 24/01/2017 sd/- sd AMARJIT SINGH R.C. SHARMA JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 24/0…

Talent Infoway Ltd, Mumbai vs. ACIT Cen Cir 46, Mumbai

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

Bench: Shri R.C. Sharma & Shri Amarjit Singh

…has been dropped. 15. In the instant case also income has been assessed on estimated basis merely because a high percentage of income was assessed, the M/s. Talent Infoway Limited levy of penalty is not automatic as held in the case of Aero Traders Pvt. Ltd., 322 ITR 316. Respectfully following the above decision of the Tribunal in the group concerns, we delete the penalty so imposed. 16. In the result, all the appeals of the assessee are allowed in terms indicated hereinabove. Order pronounced in the open Court on 24/01/2017 sd/- sd AMARJIT SINGH R.C. SHARMA JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 24/0…

Talent Infoway Ltd, Mumbai vs. ACIT Cen Cir 46, Mumbai

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

Bench: Shri R.C. Sharma & Shri Amarjit Singh

…has been dropped. 15. In the instant case also income has been assessed on estimated basis merely because a high percentage of income was assessed, the M/s. Talent Infoway Limited levy of penalty is not automatic as held in the case of Aero Traders Pvt. Ltd., 322 ITR 316. Respectfully following the above decision of the Tribunal in the group concerns, we delete the penalty so imposed. 16. In the result, all the appeals of the assessee are allowed in terms indicated hereinabove. Order pronounced in the open Court on 24/01/2017 sd/- sd AMARJIT SINGH R.C. SHARMA JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 24/0…

Talent Infoway Ltd, Mumbai vs. DCIT CC 46, Mumbai

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

Bench: Shri R.C. Sharma & Shri Amarjit Singh

…has been dropped. 15. In the instant case also income has been assessed on estimated basis merely because a high percentage of income was assessed, the M/s. Talent Infoway Limited levy of penalty is not automatic as held in the case of Aero Traders Pvt. Ltd., 322 ITR 316. Respectfully following the above decision of the Tribunal in the group concerns, we delete the penalty so imposed. 16. In the result, all the appeals of the assessee are allowed in terms indicated hereinabove. Order pronounced in the open Court on 24/01/2017 sd/- sd AMARJIT SINGH R.C. SHARMA JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 24/0…

Talent Infoway Ltd, Mumbai vs. DCIT CC 46, Mumbai

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

Bench: Shri R.C. Sharma & Shri Amarjit Singh

…has been dropped. 15. In the instant case also income has been assessed on estimated basis merely because a high percentage of income was assessed, the M/s. Talent Infoway Limited levy of penalty is not automatic as held in the case of Aero Traders Pvt. Ltd., 322 ITR 316. Respectfully following the above decision of the Tribunal in the group concerns, we delete the penalty so imposed. 16. In the result, all the appeals of the assessee are allowed in terms indicated hereinabove. Order pronounced in the open Court on 24/01/2017 sd/- sd AMARJIT SINGH R.C. SHARMA JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 24/0…

Talent Infoway Ltd, Mumbai vs. DCIT CC 46, Mumbai

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

Bench: Shri R.C. Sharma & Shri Amarjit Singh

…has been dropped. 15. In the instant case also income has been assessed on estimated basis merely because a high percentage of income was assessed, the M/s. Talent Infoway Limited levy of penalty is not automatic as held in the case of Aero Traders Pvt. Ltd., 322 ITR 316. Respectfully following the above decision of the Tribunal in the group concerns, we delete the penalty so imposed. 16. In the result, all the appeals of the assessee are allowed in terms indicated hereinabove. Order pronounced in the open Court on 24/01/2017 sd/- sd AMARJIT SINGH R.C. SHARMA JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 24/0…

Talent Infoway Ltd, Mumbai vs. DCIT CC 46, Mumbai

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

Bench: Shri R.C. Sharma & Shri Amarjit Singh

…has been dropped. 15. In the instant case also income has been assessed on estimated basis merely because a high percentage of income was assessed, the M/s. Talent Infoway Limited levy of penalty is not automatic as held in the case of Aero Traders Pvt. Ltd., 322 ITR 316. Respectfully following the above decision of the Tribunal in the group concerns, we delete the penalty so imposed. 16. In the result, all the appeals of the assessee are allowed in terms indicated hereinabove. Order pronounced in the open Court on 24/01/2017 sd/- sd AMARJIT SINGH R.C. SHARMA JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 24/0…

Talent Infoway Ltd, Mumbai vs. DCIT CC 46, Mumbai

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

Bench: Shri R.C. Sharma & Shri Amarjit Singh

…has been dropped. 15. In the instant case also income has been assessed on estimated basis merely because a high percentage of income was assessed, the M/s. Talent Infoway Limited levy of penalty is not automatic as held in the case of Aero Traders Pvt. Ltd., 322 ITR 316. Respectfully following the above decision of the Tribunal in the group concerns, we delete the penalty so imposed. 16. In the result, all the appeals of the assessee are allowed in terms indicated hereinabove. Order pronounced in the open Court on 24/01/2017 sd/- sd AMARJIT SINGH R.C. SHARMA JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 24/0…

Talent Infoway Ltd, Mumbai vs. DCIT CC 46, Mumbai

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

Bench: Shri R.C. Sharma & Shri Amarjit Singh

…has been dropped. 15. In the instant case also income has been assessed on estimated basis merely because a high percentage of income was assessed, the M/s. Talent Infoway Limited levy of penalty is not automatic as held in the case of Aero Traders Pvt. Ltd., 322 ITR 316. Respectfully following the above decision of the Tribunal in the group concerns, we delete the penalty so imposed. 16. In the result, all the appeals of the assessee are allowed in terms indicated hereinabove. Order pronounced in the open Court on 24/01/2017 sd/- sd AMARJIT SINGH R.C. SHARMA JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 24/0…

Jasmit Singh Tibb, Mumbai vs. ITO 20(1)(3), Mumbai

In the result the appeal filed by the assessee is hereby Allowed

Bench: Shri D. Karunakara Rao, Am & Shri Amarjit Singh, Jm आयकरअपीलसं/I.T.A. No.2225/Mum/2016 (िनधा"रणवष" / Assessment Year: 2007-08) Jasmit Singh Tibb. बनाम/ Income Tax Officer Dr. Charat Singh Bungalow, 20(1)(3) Vs. Dr. Charat Singh Colony, Piramal Chambers Andheri (East) Lalbaug, Mumbai – 400 093 Mumbai - 400012 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aagpt0546G (अपीलाथ"/Appellant) .. (""थ" /Respondent)

…he estimated basis. No penalty is liable to be leviable if the assessment is based on the estimation basis and in this regard we support of the law settled in the decision of the Hon’ble Delhi High Court in case titled as CIT Vs. Aero Traders Pvt. Ltd. (2010) 322 ITR 316 (Delhi) and Hon’ble Punjab and Hariyana High Court in case titled as Harigopal Singh Vs. CIT (2002) 258 ITR 85 (P&H) and Hon’ble Gujarat High Court in case titled as CIT ITA No.2225.M.16 A.Y. 2007-08 Vs. Subhash Trading Co. 221 ITR 110 (Guj.). wherein It is specifically held that the income if any assessed on estimated basis and that by itself…

Mihir Agencies P.Ltd, Mumbai vs. DCIT Cen Cir 46, Mumbai

Bench: S/Sh.Rajendra & Amarjit Singhआयकर अपील सं./I.T.A./7534/Mum/2014,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2006-07 िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./I.T.A./7536/Mum/2014,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2008-09 िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./I.T.A./7537/Mum/2014,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 िनधा"रण िनधा"रण वष" वष" M/S. Mihir Agencies Pvt. Ltd. Dcit, Central Circle-46 Room No.659, 6Th Floor Block H, Shri Sadashiv Chs Ltd. 6Th Road, Santacruz (E) Vs. Aayakar Bhawan, M.K. Road Mumbai-400 055. Mumbai-400 020. Pan:Aabch 7898 H (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Shri Saurabh Kumar Rai-Dr अपीलाथ" क" ओर से /Assessee By: Shri Mukesh Choksi-Ar सुनवाई क" तारीख / Date Of Hearing: 30/11/2016 घोषणा क" तारीख / Date Of Pronouncement:06/01/2017 आयकर आयकर अिधिनयम आयकर आयकर अिधिनयम अिधिनयम,1961 क" अिधिनयम क" क" धारा क" धारा धारा 254(1)केकेकेके अ"तग"त धारा अ"तग"त अ"तग"त आदेश अ"तग"त आदेश आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा लेखा सद"य लेखा लेखा सद"य सद"य, राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार/ Per Rajendra A.M.- अनुसार Challenging The Orders Dated 31/10/2014 Of The Cit(A)-38,Mumbai The Assessee Has Filed Appeals For The Above Mentioned Three Ay.S.The Only Issue In All The Appeals Is About Levy Of Penalty U/S.271(1)(C) Of The Act.As The Appeals Deal With The Same Issue,Therefore,For Sake Of Convenience Same Are Being Decided By A Single Common Order.

…arate and distinct proceedings and the quantum proceedings should not result in automatic levy of concealment penalty. It is a case of estimation of income by the AO and the assessee. Here we would like to discuss two cases.One of them is Aero Traders P. LTD.(322 ITR 316).In that case the assessee-company had filed its return of income for the year 1997-98 on a notice u/s.148 of the Act, 1961declaring a loss of Rs. 83, 64, 468/-.The assessee had, in the return attached a note stating that it was impossible for it to substantiate its claim of loss by way of any evidence as the relevant records were seized and were…

Sriramkrishna Security Services, Mumbai vs. Asst CIT CC 35, Mumbai

In the result, all the 22 appeals filed by the assessees are allowed

Bench: Shri D. Karunakara Rao & Shri Ram Lal Negii.

…ns / surmises only. These estimations do not lead to concealment so far as the provisions of section 271(1)(c) is concerned. In support of this, ld Counsel for the assessee brought our attention to various decisions viz., (i) CIT vs. Aero Traders P Ltd [2010] 322 ITR 316 (Delhi); (ii) CIT vs. Smt. K. Meenakshi Kutty (258 ITR 494) (Mad); (iii) Harigopal Singh vs. CIT (258 ITR 85) (P&H) etc. On the other hand, the case of the Revenue is that though it is a case of estimations, the disclosure goes back to the search action. 9. On hearing both the parties, we find, the penalty orders in all these cases are of routine…

Goldstar Finvest P.Ltd, Mumbai vs. DCIT CC (46), Mumbai

In the result, all the six appeals filed by the assessee for the A

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am Goldstar Finvest P Ltd., Dy. Commissioner Of Income Block H, Shri Sadashiv Chs Ltd, Tax, Cc(46), फनधभ/ 6Th Road, Santacruz (E), Room No.659, 6Th Floor, Mumbai-400055 Aayakar Bhavan, Vs. M K Road, Mumbai-400020 स्थधमी रेखध सं./ जीआइआय सं./ Pan : Aabcg3811B (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) : अऩीरधथी की ओय से / Appellant By : Shri Mukesh Chokshi In Person प्रत्मथी की ओय से/Respondent By : Ms.Anju Garodia

…rate and distinct proceedings and the quantum proceedings should not result in automatic levy of concealment penalty. It is a case of estimation of income by the AO and the assessee. Here we would like to discuss two cases. One of them is Aero Traders P. LTD.(322 ITR 316).In that case the assessee- company had filed its return of income for the year 1997-98 on a notice u/s.148 of the Act, 1961declaring a loss of Rs. 83, 64, 468/-.The assessee had, in the return attached a note stating that it was impossible for it to substantiate its claim of loss by way of any evidence as the relevant records were seized and wer…

Jayesh K Sampat, Mumbai vs. DCIT Cen Cir 46, Mumbai

In the result, the appeals filed by the assessee for Assessment

Bench: Shri C.N. Prasad, Hon’Ble & Shri N.K. Pradhan, Hon’Ble

…te and distinct proceedings and the quantum proceedings should not result in automatic levy of concealment penalty. It is a case of estimation of income by the AO and the assessee. Here we would like to discuss two cases. One of the m is Aero Traders P. LTD.(322 ITR 316).In that case the assessee-company had filed its return of income for the year 1997-98 on a notice u/s.148 of the Act, 1961declaring a loss of Rs. 83, 64, 468/-.The assessee had, in the return attached a note stating that it was impossible for it to substantiate its claim of loss by way of any evidence as the relevant records were seized an d wer…

Jayesh K Sampat, Mumbai vs. DCIT Cen Cir 46, Mumbai

In the result, the appeals filed by the assessee for Assessment

Bench: Shri C.N. Prasad, Hon’Ble & Shri N.K. Pradhan, Hon’Ble

…te and distinct proceedings and the quantum proceedings should not result in automatic levy of concealment penalty. It is a case of estimation of income by the AO and the assessee. Here we would like to discuss two cases. One of the m is Aero Traders P. LTD.(322 ITR 316).In that case the assessee-company had filed its return of income for the year 1997-98 on a notice u/s.148 of the Act, 1961declaring a loss of Rs. 83, 64, 468/-.The assessee had, in the return attached a note stating that it was impossible for it to substantiate its claim of loss by way of any evidence as the relevant records were seized an d wer…

Alpha Chemie Trade Agencies P.Ltd, Mumbai vs. DCIT CC 46, Mumbai

In the result, the both the appeals filed by the assessee are allowed

Bench: Shri C.N. Prasad & Shri N.K. Pradhan

…ate and distinct proceedings and the quantum proceedings should not result in automatic levy of concealment penalty. It is a case of estimation of income by the AO and the assessee. Here we would like to discuss two cases. One of the m is Aero Traders P. LTD.(322 ITR 316).In that case the assessee-company had filed its return of income for the year 1997-98 on a notice u/s.148 of the Act, 1961declaring a loss of Rs. 83, 64, 468/-.The assessee had, in the return attached a note stating that it was impossible for it to substantiate its claim of loss by way of any evidence as the relevant records were seized an d wer…

Alpha Chemie Trade Agencies P.Ltd, Mumbai vs. DCIT CC 46, Mumbai

In the result, the both the appeals filed by the assessee are allowed

Bench: Shri C.N. Prasad & Shri N.K. Pradhan

…ate and distinct proceedings and the quantum proceedings should not result in automatic levy of concealment penalty. It is a case of estimation of income by the AO and the assessee. Here we would like to discuss two cases. One of the m is Aero Traders P. LTD.(322 ITR 316).In that case the assessee-company had filed its return of income for the year 1997-98 on a notice u/s.148 of the Act, 1961declaring a loss of Rs. 83, 64, 468/-.The assessee had, in the return attached a note stating that it was impossible for it to substantiate its claim of loss by way of any evidence as the relevant records were seized an d wer…