CIT v. Auric Investment & Securities Ltd.

310 ITR 121High Court2009#3665 most cited

What is CIT v. Auric Investment & Securities Ltd. authority for?

Penalty under Section 271(1)(c) is not automatically warranted merely because the Assessing Officer reclassifies a business loss as a speculative loss, especially if the assessee did not conceal income or furnish inaccurate particulars. The AO's change in treatment alone does not infer concealment.

33

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2010 to 2026.

Also referred to as

CIT v. Auric Investment & Securities Ltd. · section 271(1)(c) · speculative loss · business loss · concealment of income · inaccurate particulars · penalty proceedings · section 43(5) · section 73 · bona fide mistake

Also reported as

163 Taxmann 533

Sections most often in play

Section 143(3)Section 154Section 270ASection 274Section 271(1)(c)

Issues it is cited on

section 271(1b)satisfaction for initiation of penaltyspeculation losssection 43(5)section 73speculative transactionbona fide mistakedeletion of penaltysection 35dpenalty proceedings initiatedstatement under section 132(4)non application of mind

Judgments citing CIT v. Auric Investment & Securities Ltd.

INU EXPORTS PRIVATE LIMITED,MUMBAI vs. ITO 12(2)(2), MUMBAI, MUMBAI

In the result, appeal of the assessee is allowed

ITA 4070/MUM/2025[2017-18]Status: DisposedITAT Mumbai02 Jan 2026AY 2017-18

Bench: Shri Pawan Singh & Smt. Renu Jauhri(Hybrid Hearing) Inu Exports Private Limited Ito, 12(2)(2), Mumbai Room No. 145, 1St Floor, Aayakar Office No. 33, Shrinaman Plaza, Vs Behind Shoppers Stop Kandivali, Bhavan, M.K. Road, Mumbai, Maharashtra - 400067. Mumbai – 400020. [Pan: Aaaci 6806 M] Appellant / Assessee Respondent / Revenue

Section 143(3)Section 154Section 254(1)Section 270Section 270ASection 274

…unal. And of appeal before High Court by revenue, it was held that penalty relating to the change of treatment from business loss to speculative loss was concerned, the Tribunal rightly applied the law stated in CIT vs Auric Investment & Securities Ltd (2009) 310 ITR 121 (Delhi). We find that in CIT vs Auric Investment & Securities Ltd (supra) the Hon’ble High Court held that mere treatment of business loss as speculation loss by AO did not automatically warrant inference of concealment of income. It was also held that there was nothing on record to show that in furnishing its return of income, the assessee ei…

ASSISTANT COMMISSIONER OF INCOME TAX, MUMBAI vs. NEVALES NETWORKS PRIVATE LIMITED, MUMBAI

In the result, the appeal of the Revenue is dismissed

ITA 4827/MUM/2025[2013-14]Status: DisposedITAT Mumbai17 Nov 2025AY 2013-14

Bench: Shri Vikram Singh Yadav & Shri Sandeep Singh Karhailassessment Year : 2013-14 Dcit, Circle-14(1)(1), M/S. Nevales Networks Pvt. Ltd., Room No. 432, 4Th Floor, The Capital, Aayakar Bhavan, Vs. Level 7, Plot-C70, M.K.Road, G Block, Mumbai-400020. Bandra Kurla Complex, Bandra (East), Mumbai-400051. Pan : Aadcn1748A (Appellant) (Respondent) Assessee By : Shri Piyush Chhajed Revenue By : Shri Leyaqat Ali Aafaqui

For Appellant: Shri Piyush ChhajedFor Respondent: Shri Leyaqat Ali Aafaqui
Section 143(3)Section 271(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI “B” BENCH : MUMBAI BEFORE SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER Assessment Year : 2013-14 DCIT, Circle-14(1)(1), M/s. Nevales Networks Pvt. Ltd., Room No. 432, 4th Floor, The Capital, Aayakar Bhavan, vs. Level 7, Plot-C70, M.K.Road, G Block, Mumbai-400020. Bandra Kurla Complex, Bandra (East), Mumbai-400051. PAN : AADCN1748A (Appellant) (Respondent) Assessee by : Shri Piyush Chhajed Revenue by : Shri Leyaqat Ali Aafaqui Date of Hearing : 06-11-2025 Date of Pronouncement : 17-11-2025 O R D E R PER VIKRAM SINGH YADAV,…

UDYOGI INTERNATIONAL PRIVATE LIMITED,KOLKATA vs. A.C.I.T., CIRCLE-1(1), KOLKATA

In the result, the appeal of the assessee is allowed

ITA 2114/KOL/2024[2014-15]Status: DisposedITAT Kolkata19 Dec 2024AY 2014-15

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

Section 144Section 144BSection 147Section 271(1)Section 271(1)(C)

…ounsel vehemently submits that there was no concealment but mere disallowance of loss claimed by the assessee. He has cited following decisions: i) India Cine Agencies vs. DCIT [2005] 275 ITR 430 (Mad) ii) CIT vs. Auric Investment and Securities Ltd. [2009] 310 ITR 121 (Del) iii) CIT vs. SSP Ltd. [2010] 189 Taxman 282 (P & H) iv) Mahavir Irrigation Pvt. Ltd. vs. CITY [2009] 314 ITR (Trib)(Del) Further relied on the decision of Co-ordinate Bench of Mumbai in the case of CIT vs. Reliance Petro Products Pvt. Ltd. 5. Contrary to that the ld. DR supports the impugned order. 3 I.T.A. No. 2114/Kol/2024 Assessmen…

SWAN PETRCHEMICALS PVT. LTD.,MUMBAI vs. NFAC DELHI, DELHI

In the result appeal of the assessee is dismissed

ITA 496/IND/2023[2014-2015]Status: DisposedITAT Indore16 Jul 2024AY 2014-2015

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanim/S. Swan Petrochemicals Dcit (Central), Pvt.Ltd, Indore Unit No.308 Acme Plaza, Opp. Sangam Cinema, Vs. Andheri Kurlka, Maharashtra (Appellant / Assessee) (Respondent/ Revenue) Pan: Aabcr9592C Assessee By Shri Ajay Tulsiyan & Ms. Ruchira Singhal, Ars Revenue By Shri Ashish Porwal, Sr.Dr Date Of Hearing 22.05.2024 Date Of Pronouncement 16.07.2024 O R D E R

Section 142(1)Section 271(1)(c)Section 43(5)

…ntention he has relied upon the following decisions: 4 M/s. Swan Petrochemicals Pvt.Ltd (i) Hon’ble Supreme Court in the case of CIT V/s Reliance Petroproducts Pvt. Ltd. 322 ITR 158(SC). (ii) Hon’ble Delhi High Court in the case of CIT v/s Auric Investment 310 ITR 121 (Del.) 3.1 Ld. AR has also raised the objection about the validity of the initiation of penalty proceedings and consequential order passed by the A.O on the ground that the A.O was not sure about the default/charge under which the penalty was to be levied and therefore, the order of levying penalty is not sustainable and liable to the quashed. I…

THE DCIT, (INTL. TAXN.), RAJKOT vs. M/S. KOREA SOUTH EAST POWER CO. LTD., MUMBAI

In the result, the appeal of the Revenue is dismissed

ITA 132/RJT/2019[2011-12]Status: DisposedITAT Rajkot15 Dec 2023AY 2011-12

Bench: Smt. Annapurna Gupta & Shri T.R. Senthil Kumar(Conducted Through Virtual Court) Assessment Year: 2011-12 The Dcit (Intl. Taxn.) M/S.Korea South East Power Amruta Estate Co.Ltd. Room No.312 Mg Road बनाम/ C/O. P.V. Page & Co., Girnar Cinema 201, Sardar Griha, 198 L.T. Marg Vs. Rajkot Mumbai – 400 002 (Appellant) (Respondent) Pan: Pan : Ahvps 3555Q Assessee By None Revenue By Shri Ashish Kumar Pandey, Sr.Dr Date Of Hearing 25/09/2023 Date Of Pronouncement 15/12/2023

Section 115ASection 271(1)(c)Section 44B

…IN THE INCOME TAX APPELLATE TRIBUNAL, RAJKOT BENCH, RAJKOT BEFORE SMT. ANNAPURNA GUPTA, ACCOUNTANT MEMBER & SHRI T.R. SENTHIL KUMAR, JUDICIAL MEMBER (Conducted through Virtual Court) Assessment Year: 2011-12 The DCIT (Intl. Taxn.) M/s.Korea South East Power Amruta Estate Co.Ltd. Room No.312 MG Road बनाम/ C/o. P.V. Page & Co., Girnar Cinema 201, Sardar Griha, 198 L.T. Marg Vs. Rajkot Mumbai – 400 002 (Appellant) (Respondent) PAN: PAN : AHVPS 3555Q Assessee by None Revenue by Shri Ashish Kumar Pandey, Sr.DR Date of Hearing 25/09/2023 Date of Pronouncement 15/12/2023 आदेश/ O R D E R PER ANNAPURNA GUPTA, ACCOUNT…

A2Z INFRA ENGINEERING LIMITED,GURGAON vs. DCIT- CENTRAL CIRCLE-2, FARIDABAD

In the result, the appeal of the assessee is allowed

ITA 943/DEL/2019[2013-14]Status: DisposedITAT Delhi28 Mar 2023AY 2013-14

Bench: Shri Pradip Kumar Kedia & Shri Anubhav Sharma

For Appellant: Ms. Ritu Kamal KishoreFor Respondent: Shri P. Praveen Sidharth, CIT-DR
Section 132Section 132(4)Section 153ASection 271(1)(c)Section 274

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A” DELHI BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI ANUBHAV SHARMA, JUDICIAL MEMBER I.T.As No.2631/DEL/2018 Assessment Years 2008-09 M/s. A2Z Maintenance & v. DCIT, Engineering Services Limited, Central Circle-II, B-404, Central Park, Faridabad. Sector-42, Gurgaon TAN/PAN: AAECA1203A (Appellant) (Respondent) I.T.A No.939, 940, 941, 942, 943/DEL/2019 Assessment Years 2009-10, 2010-11, 2011-12, 2012-13 & 2013-14 A2Z Infra Engineering Limited, v. DCIT, O-116 First Floor, Shopping Mall, Central Circle-II, Arjun Marg DLF, Phase-I, Faridabad, Gurgaon.…

INFRA ENGINEERS LTD.,GURGAON vs. DCIT, CC-2, FARIDABAD

In the result, the appeal of the assessee is allowed

ITA 942/DEL/2019[2012-13]Status: DisposedITAT Delhi28 Mar 2023AY 2012-13

Bench: Shri Pradip Kumar Kedia & Shri Anubhav Sharma

For Appellant: Ms. Ritu Kamal KishoreFor Respondent: Shri P. Praveen Sidharth, CIT-DR
Section 132Section 132(4)Section 153ASection 271(1)(c)Section 274

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A” DELHI BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI ANUBHAV SHARMA, JUDICIAL MEMBER I.T.As No.2631/DEL/2018 Assessment Years 2008-09 M/s. A2Z Maintenance & v. DCIT, Engineering Services Limited, Central Circle-II, B-404, Central Park, Faridabad. Sector-42, Gurgaon TAN/PAN: AAECA1203A (Appellant) (Respondent) I.T.A No.939, 940, 941, 942, 943/DEL/2019 Assessment Years 2009-10, 2010-11, 2011-12, 2012-13 & 2013-14 A2Z Infra Engineering Limited, v. DCIT, O-116 First Floor, Shopping Mall, Central Circle-II, Arjun Marg DLF, Phase-I, Faridabad, Gurgaon.…

A2Z INFRA ENGINEERING LIMITED,GURGAON vs. DCIT- CENTRAL CIRCLE-2, FARIDABAD

In the result, the appeal of the assessee is allowed

ITA 941/DEL/2019[2011-12]Status: DisposedITAT Delhi28 Mar 2023AY 2011-12

Bench: Shri Pradip Kumar Kedia & Shri Anubhav Sharma

For Appellant: Ms. Ritu Kamal KishoreFor Respondent: Shri P. Praveen Sidharth, CIT-DR
Section 132Section 132(4)Section 153ASection 271(1)(c)Section 274

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A” DELHI BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI ANUBHAV SHARMA, JUDICIAL MEMBER I.T.As No.2631/DEL/2018 Assessment Years 2008-09 M/s. A2Z Maintenance & v. DCIT, Engineering Services Limited, Central Circle-II, B-404, Central Park, Faridabad. Sector-42, Gurgaon TAN/PAN: AAECA1203A (Appellant) (Respondent) I.T.A No.939, 940, 941, 942, 943/DEL/2019 Assessment Years 2009-10, 2010-11, 2011-12, 2012-13 & 2013-14 A2Z Infra Engineering Limited, v. DCIT, O-116 First Floor, Shopping Mall, Central Circle-II, Arjun Marg DLF, Phase-I, Faridabad, Gurgaon.…

A2Z INFRA ENGINEERING LIMITED,GURGAON vs. CCIT- CENTRAL CIRCLE-2, FARIDABAD

In the result, the appeal of the assessee is allowed

ITA 940/DEL/2019[2010-11]Status: DisposedITAT Delhi28 Mar 2023AY 2010-11

Bench: Shri Pradip Kumar Kedia & Shri Anubhav Sharma

For Appellant: Ms. Ritu Kamal KishoreFor Respondent: Shri P. Praveen Sidharth, CIT-DR
Section 132Section 132(4)Section 153ASection 271(1)(c)Section 274

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A” DELHI BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI ANUBHAV SHARMA, JUDICIAL MEMBER I.T.As No.2631/DEL/2018 Assessment Years 2008-09 M/s. A2Z Maintenance & v. DCIT, Engineering Services Limited, Central Circle-II, B-404, Central Park, Faridabad. Sector-42, Gurgaon TAN/PAN: AAECA1203A (Appellant) (Respondent) I.T.A No.939, 940, 941, 942, 943/DEL/2019 Assessment Years 2009-10, 2010-11, 2011-12, 2012-13 & 2013-14 A2Z Infra Engineering Limited, v. DCIT, O-116 First Floor, Shopping Mall, Central Circle-II, Arjun Marg DLF, Phase-I, Faridabad, Gurgaon.…

A2Z INFRA ENGINEERING LIMITED,GURGAON vs. DCIT CC-2 , FARIDABAD

In the result, the appeal of the assessee is allowed

ITA 939/DEL/2019[2009-10]Status: DisposedITAT Delhi28 Mar 2023AY 2009-10

Bench: Shri Pradip Kumar Kedia & Shri Anubhav Sharma

For Appellant: Ms. Ritu Kamal KishoreFor Respondent: Shri P. Praveen Sidharth, CIT-DR
Section 132Section 132(4)Section 153ASection 271(1)(c)Section 274

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A” DELHI BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI ANUBHAV SHARMA, JUDICIAL MEMBER I.T.As No.2631/DEL/2018 Assessment Years 2008-09 M/s. A2Z Maintenance & v. DCIT, Engineering Services Limited, Central Circle-II, B-404, Central Park, Faridabad. Sector-42, Gurgaon TAN/PAN: AAECA1203A (Appellant) (Respondent) I.T.A No.939, 940, 941, 942, 943/DEL/2019 Assessment Years 2009-10, 2010-11, 2011-12, 2012-13 & 2013-14 A2Z Infra Engineering Limited, v. DCIT, O-116 First Floor, Shopping Mall, Central Circle-II, Arjun Marg DLF, Phase-I, Faridabad, Gurgaon.…

DCIT-CENTRAL CIRCLE-2, FARIDABAD vs. A2Z INFRA ENGINEERS LTD., GURGAON

In the result, the appeal of the assessee is allowed

ITA 812/DEL/2019[2012-13]Status: DisposedITAT Delhi28 Mar 2023AY 2012-13

Bench: Shri Pradip Kumar Kedia & Shri Anubhav Sharma

For Appellant: Ms. Ritu Kamal KishoreFor Respondent: Shri P. Praveen Sidharth, CIT-DR
Section 132Section 132(4)Section 153ASection 271(1)(c)Section 274

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A” DELHI BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI ANUBHAV SHARMA, JUDICIAL MEMBER I.T.As No.2631/DEL/2018 Assessment Years 2008-09 M/s. A2Z Maintenance & v. DCIT, Engineering Services Limited, Central Circle-II, B-404, Central Park, Faridabad. Sector-42, Gurgaon TAN/PAN: AAECA1203A (Appellant) (Respondent) I.T.A No.939, 940, 941, 942, 943/DEL/2019 Assessment Years 2009-10, 2010-11, 2011-12, 2012-13 & 2013-14 A2Z Infra Engineering Limited, v. DCIT, O-116 First Floor, Shopping Mall, Central Circle-II, Arjun Marg DLF, Phase-I, Faridabad, Gurgaon.…

DCIT CC-2 , FARIDABAD vs. A2Z MAINTENANCE AND ENGINEERING SERVICES LTD., GURGAON

In the result, the appeal of the assessee is allowed

ITA 811/DEL/2019[2011-12]Status: DisposedITAT Delhi28 Mar 2023AY 2011-12

Bench: Shri Pradip Kumar Kedia & Shri Anubhav Sharma

For Appellant: Ms. Ritu Kamal KishoreFor Respondent: Shri P. Praveen Sidharth, CIT-DR
Section 132Section 132(4)Section 153ASection 271(1)(c)Section 274

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A” DELHI BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI ANUBHAV SHARMA, JUDICIAL MEMBER I.T.As No.2631/DEL/2018 Assessment Years 2008-09 M/s. A2Z Maintenance & v. DCIT, Engineering Services Limited, Central Circle-II, B-404, Central Park, Faridabad. Sector-42, Gurgaon TAN/PAN: AAECA1203A (Appellant) (Respondent) I.T.A No.939, 940, 941, 942, 943/DEL/2019 Assessment Years 2009-10, 2010-11, 2011-12, 2012-13 & 2013-14 A2Z Infra Engineering Limited, v. DCIT, O-116 First Floor, Shopping Mall, Central Circle-II, Arjun Marg DLF, Phase-I, Faridabad, Gurgaon.…

A2Z MAINTENANCE & ENGINEERING SERVICES LTD.,GURGAON vs. DCIT, CENTRAL CIRCLE-II, FARIDABAD

In the result, the appeal of the assessee is allowed

ITA 2631/DEL/2018[2008-09]Status: DisposedITAT Delhi28 Mar 2023AY 2008-09

Bench: Shri Pradip Kumar Kedia & Shri Anubhav Sharma

For Appellant: Ms. Ritu Kamal KishoreFor Respondent: Shri P. Praveen Sidharth, CIT-DR
Section 132Section 132(4)Section 153ASection 271(1)(c)Section 274

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A” DELHI BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI ANUBHAV SHARMA, JUDICIAL MEMBER I.T.As No.2631/DEL/2018 Assessment Years 2008-09 M/s. A2Z Maintenance & v. DCIT, Engineering Services Limited, Central Circle-II, B-404, Central Park, Faridabad. Sector-42, Gurgaon TAN/PAN: AAECA1203A (Appellant) (Respondent) I.T.A No.939, 940, 941, 942, 943/DEL/2019 Assessment Years 2009-10, 2010-11, 2011-12, 2012-13 & 2013-14 A2Z Infra Engineering Limited, v. DCIT, O-116 First Floor, Shopping Mall, Central Circle-II, Arjun Marg DLF, Phase-I, Faridabad, Gurgaon.…

DCIT, FARIDABAD vs. M/S SUCON INDIA LTD, FARIDABAD

ITA 4418/DEL/2016[2009-10]Status: DisposedITAT Delhi27 May 2021AY 2009-10

Bench: Shri R.K. Panda & Shri Kuldip Singhassessment Year : 2009-10

For Appellant: Sh. H.K.Choudhary, CIT-DRFor Respondent: Dr. Rakesh Gupta, Adv. &
Section 14ASection 2Section 271Section 271(1)(c)Section 73

…21. It is pertinent to mention here that it was also a case wherein the assessee was in the business of dealing in shares and had treated the losses from share trading as non- speculative. Similarly, in the case of CIT vs. Auric Investments & Securities Ltd. (310 ITR 121)(Del), it was held that "..The mere treatment of business loss as speculation loss by the assessing officer does not automatically warrant inference of concealment of income. ”. 22. Identical view on these facts had been taken in the case of CIT vs Bhartesh Jain (323 ITR 358)(Del) . Thus in my considered opinion, when the transactions of the asse…

AF-TAAB INVESTMENT CO. LTD.,MUMBAI vs. ASST.C.I.T. CIR.2(1), MUMBAI

The appeal is dismissed

ITA 6913/MUM/2012[2002-03]Status: DisposedITAT Mumbai26 Mar 2021AY 2002-03

Bench: Hon’Ble Justice P. P. Bhatt & Hon’Ble Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 6913/Mum/2012 (निर्धारणवर्ा / Assessment Year: 2002-03)

For Appellant: Shri P. J. Pardiwala &For Respondent: Shri Brajendra Kumar
Section 271(1)(c)Section 274Section 27lSection 73

…ee are not applicable to the case of the assessee.. . 7 I.T.A. No. 6913/Mum/2012 Af-taab Investment Company Ltd. The learned CIT(A) erred in not following the decision of the Delhi High Court decision in the case of CIT v. Auric Investment & Securities Ltd. (310 ITR 121), which is similar to the facts of the appellants case. 4. The learned CIT(A) erred in not appreciating that mere change of the head of income from "Business Income" to "Speculation Income" in the assessment order cannot automatically lead to penalty under section 271(l)(c) of the Act. 5. Each one of the above grounds of appeal is without preju…

THE DY. CIT., CIRCLE-4(1)(1),, AHMEDABAD vs. M/S. SURAJ LIMITED,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

ITA 1052/AHD/2017[2009-10]Status: DisposedITAT Ahmedabad14 May 2019AY 2009-10

Bench: Shri Pradip Kumar Kedia & Ms. Madhumita Royआयकर अपील सं./Ita No.1052/Ahd/2017 ("नधा"रण वष"/Assessment Year : 2009-10)

For Appellant: Shri Vikram S. Sharma, Sr.DRFor Respondent: Shri G.C. Pipara, AR
Section 271(1)(c)Section 73

…IN THE INCOME TAX APPELLATE TRIBUNAL “ D ” BENCH, AHMEDABAD BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & Ms. MADHUMITA ROY, JUDICIAL MEMBER आयकर अपील सं./ITA No.1052/Ahd/2017 ("नधा"रण वष"/Assessment Year : 2009-10) DCIT M/s.Suraj Limited बनाम/ Circle-4(1)(1) Suraj House Vs. Ahmedabad Vidyanagar Society Ashram Road, Usmanpura Ahmedabad "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAICS 9693 L (अपीलाथ"/Appellant) .. (""यथ" / Respondent) अपीलाथ" ओर से/ Appellant by : Shri Vikram S. Sharma, Sr.DR ""यथ" क" ओर से/Respondent by: Shri G.C. Pipara, AR सुनवाई क" तार"ख/ Date of Hearing 06/05/2019 घोषणा क" तार"ख /Date…

BRIGHT METAL (INDIA) PVT. LTD.,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, JAIPUR

In the result, appeal of the assessee is allowed

ITA 1093/JPR/2018[2011-12]Status: DisposedITAT Jaipur05 Apr 2019AY 2011-12
For Appellant: Shri P.C. Parwal (CA)For Respondent: Shri A.S. Nehra (JCIT)
Section 271(1)(c)Section 43(5)

…not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such a claim made in the return cannot amount to furnishing inaccurate particulars. CIT Vs. Auric Investment & Securities Ltd. (2007) 310 ITR 121 (Del.) (HC) AO found that the loss shown by the assessee was speculative in nature which could not he adjusted. Assessee had submitted the requisite details of the share transaction during the course of assessment proceedings as required by the AO. There is nothing on record to show that the assessee has concealed its income or furnished any inac…

M/S KEVAL ( INDIA ) LTD,INDORE vs. DCIT-R-1 (1) , INDORE

In the result both the appeals of the assessee ITA No

ITA 653/IND/2017[2007-08]Status: DisposedITAT Indore04 Apr 2019AY 2007-08

Bench: Hon'Ble Kul Bharat & Hon'Ble Manish Borad

Section 132Section 14ASection 153Section 153ASection 271Section 271(1)(c)Section 43(5)

…ble issue, levy of penalty and confirmation thereof u/s. 271(l)(C) of the Act is wholly unjustified. Reliance is placed on following judgments:- i) Jagdish R. Acharya vs. ACIT. ITA No.160/Ahd/2013(Ahmedabad ITAT) ii) CIT vs. Aurica Investment & Securities Ltd 310 ITR 121 (Del HC) (2009) iii) Krishna Soya Product Pvt. Ltd vs. DCIT, Indore ITA No.496/Ind/2015 order dated 28.09.2017 (Indore Bench) iv) CIT Navinchandra & Co (2014) 42 Taxmann.com 28 (Guj) v) EID Perry India Ltd vs. CCT (2000) 117 STC 457 (SC) vi) Dilip N Shroff vs. JCIT (2007) 291 ITR 519 (SC) vii) CIT vs Shree Praveen B. Gada (2011) 18 ITJ 65 (MPHC)…

M/S KEVAL (INDIA) LTD,INDORE vs. DCIT-R 1(1) , INDORE

In the result both the appeals of the assessee ITA No

ITA 652/IND/2017[2005-06]Status: DisposedITAT Indore04 Apr 2019AY 2005-06

Bench: Hon'Ble Kul Bharat & Hon'Ble Manish Borad

Section 132Section 14ASection 153Section 153ASection 271Section 271(1)(c)Section 43(5)

…ble issue, levy of penalty and confirmation thereof u/s. 271(l)(C) of the Act is wholly unjustified. Reliance is placed on following judgments:- i) Jagdish R. Acharya vs. ACIT. ITA No.160/Ahd/2013(Ahmedabad ITAT) ii) CIT vs. Aurica Investment & Securities Ltd 310 ITR 121 (Del HC) (2009) iii) Krishna Soya Product Pvt. Ltd vs. DCIT, Indore ITA No.496/Ind/2015 order dated 28.09.2017 (Indore Bench) iv) CIT Navinchandra & Co (2014) 42 Taxmann.com 28 (Guj) v) EID Perry India Ltd vs. CCT (2000) 117 STC 457 (SC) vi) Dilip N Shroff vs. JCIT (2007) 291 ITR 519 (SC) vii) CIT vs Shree Praveen B. Gada (2011) 18 ITJ 65 (MPHC)…

GOVARDHAN G VANANI,MUMBAI vs. DCIT (OSD-I) CEN RG 7, MUMBAI

In the result, appeal filed by the assessee is allowed

ITA 269/MUM/2016[2010-11]Status: HeardITAT Mumbai15 Jun 2018AY 2010-11

Bench: Shri Mahavir Singh() & Shri G Manjunatha ()

Section 13(2)Section 143(3)Section 271(1)(c)

…e particulars of his income, within the meaning of Explanation 1 to Sec.271(1). 11. The appellant has placed reliance on certain case laws, such as CIT Sudhewal Co-op, Sugar Mills Ltd. (200) 312 ITR 92 (P & H); CIT v. Auric Investment & Securities Ltd. (2009) 310 ITR 121 (Del); CIT, Ahmedabad v. Reliance Petroproducts Pvt. Ltd.; and Dr. Francis P. Candes v. ITO. These decisions are to the effect that where certain loss/expenditure is claimed and the claim was bona fide and where certain claim made by the assessee was merely not acceptable to the revenue, penalty is not leviable. However, in the present case, it h…

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