CIT v. Nalwa Sons Investments Ltd.

327 ITR 543High Court2010#1049 most cited

What is CIT v. Nalwa Sons Investments Ltd. authority for?

When tax is levied under Section 115JB on book profits, no penalty under Section 271(1)(c) for concealment or furnishing inaccurate particulars can be imposed based on additions or disallowances made in the regular computation of income. The regular computation is only for comparative purposes when the final tax liability is based on book profits.

104

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2011 to 2026.

Also referred to as

CIT v. Nalwa Sons Investments Ltd. · Section 115JB · Section 271(1)(c) · penalty · book profits · MAT · concealment of income · furnishing inaccurate particulars · additions regular assessment · tax on book profits · levy of penalty

Also reported as

194 Taxmann 387

Sections most often in play

Section 115JBSection 271(1)(c)Section 143(3)Section 143(1)Section 143(1A)Section 35ADSection 153ASection 234B
Read the full judgment

Issues it is cited on

book profitssection 115jpenalty under section 271(1)(c)furnishing inaccurate particulars of incomesection 115jbpenalty u/s 271(1)(c)furnishing inaccurate particularsconcealment of incomesection 115section 271(1)levy of penaltysection 271(1)(c)

Judgments citing CIT v. Nalwa Sons Investments Ltd.

The Mantola Cooperative Thrift & Credit Society, New Delhi vs. ITO, New Delhi

ITA 2834/DEL/2015[2009-10]Status: DisposedITAT Delhi12 Jun 2019AY 2009-10

Bench: Shri Kuldip Singh & Shri Anadee Nath Misshra

For Appellant: Shri Gaurav Jain, AdvocateFor Respondent: Ms. Naina Soin Kapil,Senior DR
Section 143Section 271Section 271(1)(c)Section 80PSection 80P(2)(a)

…Kar.), Tumkur Merchants Souharda Credit Cooperative Ltd. vs. CIT 230 taxman 309 (Kar.), ITO vs. Vidarbha Premier Cooperative Housing Society 184 TTJ 145 (Nag ITAT), CIT vs. Devsons Logistics (P) Ltd. 329 ITR 483 (Del.), CIT vs. Nalwa Sons Investments Ltd. 327 ITR 543 (Del.), CIT vs. Deban International Ltd. ITA No.496 of 2009, ACIT vs. Delhi International Airport (P.) Ltd. (2018) 89 taxmann.com 326 (Delhi – Trib.), Ganesh Land Organisation vs. CIT 168 ITR 527, 6 ITA Nos.2830 to 2834/Del./2015 CIT vs. Reliance Petroproducts Pvt. Ltd. 322 ITR 158, PCIT vs. Samtel Ltd. ITA No.43 of 2017 & CIT vs. Amit Jain…

The Mantola Cooperative Thrift & Credit Society, New Delhi vs. ITO, New Delhi

ITA 2833/DEL/2015[2007-08]Status: DisposedITAT Delhi12 Jun 2019AY 2007-08

Bench: Shri Kuldip Singh & Shri Anadee Nath Misshra

For Appellant: Shri Gaurav Jain, AdvocateFor Respondent: Ms. Naina Soin Kapil,Senior DR
Section 143Section 271Section 271(1)(c)Section 80PSection 80P(2)(a)

…Kar.), Tumkur Merchants Souharda Credit Cooperative Ltd. vs. CIT 230 taxman 309 (Kar.), ITO vs. Vidarbha Premier Cooperative Housing Society 184 TTJ 145 (Nag ITAT), CIT vs. Devsons Logistics (P) Ltd. 329 ITR 483 (Del.), CIT vs. Nalwa Sons Investments Ltd. 327 ITR 543 (Del.), CIT vs. Deban International Ltd. ITA No.496 of 2009, ACIT vs. Delhi International Airport (P.) Ltd. (2018) 89 taxmann.com 326 (Delhi – Trib.), Ganesh Land Organisation vs. CIT 168 ITR 527, 6 ITA Nos.2830 to 2834/Del./2015 CIT vs. Reliance Petroproducts Pvt. Ltd. 322 ITR 158, PCIT vs. Samtel Ltd. ITA No.43 of 2017 & CIT vs. Amit Jain…

The Mantola Cooperative Thrift & Credit Society, New Delhi vs. ITO, New Delhi

ITA 2832/DEL/2015[2006-07]Status: DisposedITAT Delhi12 Jun 2019AY 2006-07

Bench: Shri Kuldip Singh & Shri Anadee Nath Misshra

For Appellant: Shri Gaurav Jain, AdvocateFor Respondent: Ms. Naina Soin Kapil,Senior DR
Section 143Section 271Section 271(1)(c)Section 80PSection 80P(2)(a)

…Kar.), Tumkur Merchants Souharda Credit Cooperative Ltd. vs. CIT 230 taxman 309 (Kar.), ITO vs. Vidarbha Premier Cooperative Housing Society 184 TTJ 145 (Nag ITAT), CIT vs. Devsons Logistics (P) Ltd. 329 ITR 483 (Del.), CIT vs. Nalwa Sons Investments Ltd. 327 ITR 543 (Del.), CIT vs. Deban International Ltd. ITA No.496 of 2009, ACIT vs. Delhi International Airport (P.) Ltd. (2018) 89 taxmann.com 326 (Delhi – Trib.), Ganesh Land Organisation vs. CIT 168 ITR 527, 6 ITA Nos.2830 to 2834/Del./2015 CIT vs. Reliance Petroproducts Pvt. Ltd. 322 ITR 158, PCIT vs. Samtel Ltd. ITA No.43 of 2017 & CIT vs. Amit Jain…

The Mantola Cooperative Thrift & Credit Society, New Delhi vs. ITO, New Delhi

ITA 2831/DEL/2015[2005-06]Status: DisposedITAT Delhi12 Jun 2019AY 2005-06

Bench: Shri Kuldip Singh & Shri Anadee Nath Misshra

For Appellant: Shri Gaurav Jain, AdvocateFor Respondent: Ms. Naina Soin Kapil,Senior DR
Section 143Section 271Section 271(1)(c)Section 80PSection 80P(2)(a)

…Kar.), Tumkur Merchants Souharda Credit Cooperative Ltd. vs. CIT 230 taxman 309 (Kar.), ITO vs. Vidarbha Premier Cooperative Housing Society 184 TTJ 145 (Nag ITAT), CIT vs. Devsons Logistics (P) Ltd. 329 ITR 483 (Del.), CIT vs. Nalwa Sons Investments Ltd. 327 ITR 543 (Del.), CIT vs. Deban International Ltd. ITA No.496 of 2009, ACIT vs. Delhi International Airport (P.) Ltd. (2018) 89 taxmann.com 326 (Delhi – Trib.), Ganesh Land Organisation vs. CIT 168 ITR 527, 6 ITA Nos.2830 to 2834/Del./2015 CIT vs. Reliance Petroproducts Pvt. Ltd. 322 ITR 158, PCIT vs. Samtel Ltd. ITA No.43 of 2017 & CIT vs. Amit Jain…

The Mantola Cooperative Thrift & Credit Society, New Delhi vs. ITO, New Delhi

ITA 2830/DEL/2015[2004-05]Status: DisposedITAT Delhi12 Jun 2019AY 2004-05

Bench: Shri Kuldip Singh & Shri Anadee Nath Misshra

For Appellant: Shri Gaurav Jain, AdvocateFor Respondent: Ms. Naina Soin Kapil,Senior DR
Section 143Section 271Section 271(1)(c)Section 80PSection 80P(2)(a)

…Kar.), Tumkur Merchants Souharda Credit Cooperative Ltd. vs. CIT 230 taxman 309 (Kar.), ITO vs. Vidarbha Premier Cooperative Housing Society 184 TTJ 145 (Nag ITAT), CIT vs. Devsons Logistics (P) Ltd. 329 ITR 483 (Del.), CIT vs. Nalwa Sons Investments Ltd. 327 ITR 543 (Del.), CIT vs. Deban International Ltd. ITA No.496 of 2009, ACIT vs. Delhi International Airport (P.) Ltd. (2018) 89 taxmann.com 326 (Delhi – Trib.), Ganesh Land Organisation vs. CIT 168 ITR 527, 6 ITA Nos.2830 to 2834/Del./2015 CIT vs. Reliance Petroproducts Pvt. Ltd. 322 ITR 158, PCIT vs. Samtel Ltd. ITA No.43 of 2017 & CIT vs. Amit Jain…

Photoquip India Ltd, Mumbai vs. DCIT 1(2), Mumbai

In the result, appeal is allowed

ITA 3683/MUM/2016[2006-07]Status: DisposedITAT Mumbai22 May 2019AY 2006-07

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

For Appellant: Shri Kirit SanghaviFor Respondent: Shri Abhi Rama Karthikeyan
Section 115JSection 143(3)Section 147Section 271(1)(c)

…tax liability of the assessee on the book profit determined under section 115JB of the Act. Keeping in view the aforesaid factual aspect if we examine the legal position, it can be seen that the Hon'ble Delhi High Court in CIT v/s Nalwa Sons Investment Ltd., 327 ITR 543 (Del.) has held that when the income of the assessee is computed under section 115JB of the Act, penalty under section 271(1)(c) of the Act on the basis of additions / disallowances made under the normal provisions of the Act would not survive. The aforesaid decision of the Hon'ble Delhi High Court has been followed by the Co–ordinate Bench in Me…

DCIT 3(2)(1), Mumbai vs. Mukund Ltd, Mumbai

ITA 6437/MUM/2017[2006-07]Status: DisposedITAT Mumbai14 May 2019AY 2006-07

Bench: Hon’Ble Shri Sandeep Gosain & Hon’Ble Shri Manoj Kumar Aggarwalin The Matter Of Deputy Commissioner Of Income Tax 3(2)(1), Aayakar Bhawan, M.K. Rd, ……………. Appellant New Marine Lines, Mumbai

For Appellant: Shri. Kirit Kamtar & Parth Achwal, AdvsFor Respondent: Shri. D.G. Pansari, Sr. AR CIT
Section 115Section 115JSection 271(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE HON’BLE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER In the matter of Deputy Commissioner of Income Tax 3(2)(1), Aayakar Bhawan, M.K. Rd, ……………. Appellant New Marine Lines, Mumbai v/s Mukund Ltd, Bajaj Bhavan, 3rd Floor, 226 Nariman Point, Mumbai ……………. Respondent PAN-AAACM5008R Revenue by :Shri. D.G. Pansari, Sr. AR CIT Assessee by :Shri. Kirit Kamtar & Parth Achwal, Advs Date of Hearing- 22.4.2019 Date of Order – 14.05.19 O R D E R SANDEEP GOSAIN, JUDICIAL MEMBER. This appeal filed by the Revenue ag…

Netway India Pvt. Ltd., New Delhi vs. ITO, Ward- 18(1), New Delhi

In the result, appeal of Assessee allowed

ITA 7776/DEL/2018[2014-15]Status: DisposedITAT Delhi01 May 2019AY 2014-15

Bench: Shri Bhavnesh Saini

For Appellant: Shri T.R. Talwar, AdvocateFor Respondent: Shri S.L. Anuragi, Sr. D.R
Section 115Section 115JSection 271(1)(c)

…he A.O. has been confirmed by the Ld. CIT(A). 3. Learned Counsel for the Assessee, at the outset, submitted that issue is covered in favour of the assessee by the Judgment of Hon’ble Delhi High Court in the case of CIT vs. Nalwa Sons Investments Ltd., (2010) 327 ITR 543 (Del.) in which it was held as under : “Held where the income completed in accordance with the normal procedure is less than the income determined by legal fiction, namely, the book profit u/s 115 JB of the Act 3 ITA.No.7776/Del./2018 M/s. Netway India Pvt. Ltd., New Delhi. and the income of the assessee is assessed under section 115 JB and not…

Mulchand R. Shah Jewellers Private Limited, Mumbai vs. Deputy Commissioner of Income Tax 10(2)(2), Mumbai

In the result, the appeal of the assessee is allowed

ITA 1529/MUM/2018[2013-14]Status: DisposedITAT Mumbai24 Apr 2019AY 2013-14

Bench: Shri C.N. Prasad, Jm & Shri M.Balaganesh, Am M/S. Mulchand R. Shah Vs. Deputy Commissioner Of Jewellers Pvt.Ltd., Income Tax – 10(2)(2) 33/A, Laram Centre Mumbai S.V. Road, Andheri(W) Mumbai – 400 058 Pan/Gir No.Aaccm7322G (Appellant) .. (Respondent)

Section 115BSection 115JSection 143(3)Section 271Section 271(1)Section 271(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D”, BENCH MUMBAI BEFORE SHRI C.N. PRASAD, JM & SHRI M.BALAGANESH, AM M/s. Mulchand R. Shah Vs. Deputy Commissioner of Jewellers Pvt.Ltd., Income Tax – 10(2)(2) 33/A, Laram Centre Mumbai S.V. Road, Andheri(W) Mumbai – 400 058 PAN/GIR No.AACCM7322G (Appellant) .. (Respondent) Assessee by Shri Anant N. Pai Revenue by Shri D.G. Pansari Date of Hearing 08/04/2019 Date of Pronouncement 24/04/2019 आदेश / O R D E R PER M. BALAGANESH (A.M): This appeal in ITA No.1529/Mum/2018 for A.Y.2013-14 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-17, Mumbai in…

The DCIT, Circle-1(1), Now Circle-1(1)(1), Vadodara vs. Gujarat Urja Vikas Nigam Ltd., Baroda

In the result, appeal of the Revenue is dismissed

ITA 2330/AHD/2015[2006-07]Status: DisposedITAT Ahmedabad28 Feb 2019AY 2006-07

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasadआयकर अपील सं./I.T.A. No. 2330/Ahd/2015 ("नधा"रण वष" / Assessment Year : 2006-07)

For Appellant: Shri L. P. Jain, Sr. DR
Section 115JSection 271(1)(c)

…a the tax liability under normal provisions, no concealment can be envisaged under S. 271(1)(c) of the Act. For this proposition, the learned AR relied upon the decision of the Hon’ble Delhi High Court in the case of CIT vs. Nalwa Sons Investments Ltd. [2010] 327 ITR 543 (Del.). The ITA No. 2330/Ahd/15 [DCIT vs. Gujarat Urja Vikas Nigam Ltd.] A.Y. 2006-07 - 3 - learned AR also relied upon the decision of the Hon’ble Gujarat High Court in the case of CIT vs. Gujarat State Fertilizers & Chemicals Ltd. [2013] 36 taxmann.com 533 (Gujarat) for the proposition that where the tax required to be paid as per Section 115J…

M/S. Yash Dairy Spieces & Food Pvt. Ltd., Ahmedabad vs. The Income Tax Officer, Ward-4(1)(4), Ahmedabad

In the result, appeal of the Assessee is allowed

ITA 1290/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad29 Jan 2019AY 2012-13

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad, Judicial Memebr आयकर अपील सं./I.T.A. No. 1290/Ahd/2017 ("नधा"रण वष" / Assessment Year : 2012-13)

For Appellant: Shri Mehul K. Patel, A.RFor Respondent: Sr.D.R
Section 115JSection 271(1)(c)

…s qua tax liability under normal provisions, no concealment can be envisaged under S. 271(1)(c) of the Act. For this proposition, the learned AR relied upon the decision of the Hon’ble Delhi High Court in the case of CIT vs. Nalwa Sons Investments Ltd. [2010] 327 ITR 543 (Del.). The learned AR next submitted that Explanation (4) to Section 271(1)(c) has been modified by Finance Act, 2015 and is applicable from AY 2016-17 onwards to impose penalty on such a situation which is prospective in nature. The learned AR thus contended that penalty imposed by the AO and confirmed by the CIT(A) is without authority of law…

DCIT, New Delhi vs. M/S. Ge India Industrial Pvt. Ltd., Gurgaon

In the result, appeal filed by revenue along with the Cross

ITA 3358/DEL/2016[2006-07]Status: DisposedITAT Delhi23 Oct 2018AY 2006-07

Bench: Shri N.K.Saini & Smt. Beena A. Pillaiay: 2006-07 Dcit Vs. Ge India Industrial Pvt. Ltd. Circle 10(1) 4Th Floor, Building 7 A Room No. 238A Dlf Phase Iii, Dlf Cyber City C.R.Building Sector 25A, Gurgaon New Delhi Pan: Aaacg4901D & Cross Objection No.285/Del/2016 (In Ita No. 3358/Del/2016) (Ay: 2006-07) Ge India Industrial Pvt.Ltd. Vs. Dcit, Circle 10(1) Gurgaon New Delhi (Appellant) (Respondent)

For Appellant: Shri Sachin Jolly, Adv. and Shri Arush Bhatia, AdvFor Respondent: Sh. Atiq Ahmed, Sr.D.R
Section 115Section 115JSection 143(3)Section 154Section 250(6)Section 271Section 271(1)(c)

…,000/- in computation of book profit under section 115 JB of the Act. 5.1. At the outset Ld.Counsel submitted that issue stands squarely covered by the decision of Hon’ble Delhi High Court in the case of CIT vs. Nalwa Sons Investments Ltd., reported in (2010) 327 ITR 543. He submitted that the decision of Hon’ble Delhi High Court has been a matter of challenge before Hon’ble Supreme Court by revenue. The SLP filed by revenue stands dismissed by Hon’ble Supreme Court, vide order dated 04/05/2012 in Appeal (Civil) No. 1420/18564/2011. Ld.Counsel also submitted that CBDT vide Circular No. 25/2015 dated 31/12/15 has…

Asst CIT Cir 6(1)(2), Mumbai vs. Ask Investment Managers P.Ltd, Mumbai

The appeal of the Revenue is allowed for statistical

ITA 534/MUM/2017[2012-13]Status: DisposedITAT Mumbai09 Oct 2018AY 2012-13

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year 2012-13 Acit M/S Ask Investment Circle-6(1)(2), Managers Pvt. Ltd. बनाम/ R. No.536, 5Th Floor, 1St Floor Bandbox House, Vs. Aayakar Bhavan, Dr. Ab Road, Worli, M. K. Road, Churchgate, Mumbai-400030 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aafca2302P Shri Nitin Waghmode-Dr राज"व क" ओर से / Revenue By "नधा"रती क" ओर से / Assessee By Shri J.D. Mistri Sr. Advocate

Section 115JSection 14A

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ,‘ए’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “A”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी जी. मंजूनाथ, लेखा सद"य, के सम" Before Shri JOGINDER SINGH, Judicial Member, and Shri G. MANJUNATHA, Accountant Member Assessment Year 2012-13 ACIT M/s Ask Investment Circle-6(1)(2), Managers Pvt. Ltd. बनाम/ R. No.536, 5th Floor, 1st Floor Bandbox House, Vs. Aayakar Bhavan, Dr. AB Road, Worli, M. K. Road, Churchgate, Mumbai-400030 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. AAFCA2302P Shri Nitin Waghmode-DR राज"व क" ओर से / Revenue by "नधा"रती क" ओर से…

DCIT 6(2)(2), Mumbai vs. Essar Bulk Terminal P. Ltd, Mumbai

In the result, the COs’ of assessee are allowed and that the appeals of Revenue are dismissed

ITA 3833/MUM/2017[2012-13]Status: DisposedITAT Mumbai04 Oct 2018AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am

For Appellant: Shri DG Pansari, DRFor Respondent: Shri Anuj Kisnadwala, AR
Section 115JSection 143(3)Section 271(1)(c)

…of the Act cannot be levied in respect of addition made in normal computation. 2. The learned CIT(A) ought to have held that the penalty levied by the Assessing Officer is contrary to the ratio laid down in the case of CIT v. Nalwa Sons Investments P. Ltd. [327 ITR 543 (Del)]. The learned CIT(A) ought to have held that Explanation 4(e) to section 271(1)(c) of the Act is not applicable for A.Y.2011-12. 3. The learned CIT (A) ought to have held that the penalty levied by the Assessing Officer u/s.271(1)(c) of the Act is without jurisdiction and bad in law. 4. The learned CIT(A) has erred in summarily rejecting t…

DCIT 6(2)(2), Mumbai vs. Essar Bulk Terminal P. Ltd, Mumbai

In the result, the COs’ of assessee are allowed and that the appeals of Revenue are dismissed

ITA 3832/MUM/2017[2011-12]Status: DisposedITAT Mumbai04 Oct 2018AY 2011-12

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am

For Appellant: Shri DG Pansari, DRFor Respondent: Shri Anuj Kisnadwala, AR
Section 115JSection 143(3)Section 271(1)(c)

…of the Act cannot be levied in respect of addition made in normal computation. 2. The learned CIT(A) ought to have held that the penalty levied by the Assessing Officer is contrary to the ratio laid down in the case of CIT v. Nalwa Sons Investments P. Ltd. [327 ITR 543 (Del)]. The learned CIT(A) ought to have held that Explanation 4(e) to section 271(1)(c) of the Act is not applicable for A.Y.2011-12. 3. The learned CIT (A) ought to have held that the penalty levied by the Assessing Officer u/s.271(1)(c) of the Act is without jurisdiction and bad in law. 4. The learned CIT(A) has erred in summarily rejecting t…

Micro Technologies (I) Ltd, Mumbai vs. Asst CIT 10(3), Mumbai

In the result, the appeal filed by the assessee is hereby ordered to be dismissed

ITA 6718/MUM/2013[2009-10]Status: DisposedITAT Mumbai26 Sept 2018AY 2009-10

Bench: Shri R. C. Sharma, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.6718/Mum/2013 (निर्धारण वर्ा / Assessment Year: 2009-10) M/S./ Micro Technologies बिधम/ Acit-10(3), Room No.451, 4Th Floor, M.K. Road, (India) Limited 46/C, Sdf, Vs. Ttc Electronic Sadan-1 Aayakar Bhavan, Mumbai- Midc, Mahape, Mumbai- 400020. 400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaccm3348L (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri Suman Kumar ( Dr) Assessee By: None सुनवाई की तारीख / Date Of Hearing: 11.07.2018 घोषणा की तारीख /Date Of Pronouncement: 26.09.2018 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 13.09.2013 Passed By The Commissioner Of Income Tax (Appeals)-22 Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The Ay. 2009- 10 In Which The Penalty Levied By The Ao Has Been Ordered To Be Sustain. 2. The Assessee Has Raised The Following Grounds: - “L. On The Facts & In The Circumstances Of The Case, The Ld. C1T(A) Has Erred In Law & In Facts In Dismissing The Assessor'S Appeal Against The Order U/S 271 (1) (C) Passed By Assessing Officer (Ao) & In Upholding The Penalty

For Appellant: NoneFor Respondent: Shri Suman Kumar ( DR)
Section 10ASection 10A(3)Section 115JSection 11GSection 143(3)Section 14ASection 271Section 271(1)Section 271(1)(C)

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SHRI R. C. SHARMA, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No.6718/Mum/2013 (निर्धारण वर्ा / Assessment Year: 2009-10) M/s./ Micro Technologies बिधम/ ACIT-10(3), Room No.451, 4th Floor, M.K. Road, (India) Limited 46/C, SDF, Vs. TTC Electronic Sadan-1 Aayakar Bhavan, Mumbai- MIDC, Mahape, Mumbai- 400020. 400020. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AACCM3348L (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue by: Shri Suman Kumar ( DR) Assessee by: None सुनवाई की तारीख / Date of Hearing: 11.07.2018 घोषणा की तारीख /Date of Pronounc…

ACIT, New Delhi vs. M/S Bhushan Steel Ltd., New Delhi

In the result, the appeal of the Revenue stands dismissed

ITA 2098/DEL/2015[2008-09]Status: DisposedITAT Delhi20 Aug 2018AY 2008-09

Bench: Shri Rajpal Yadav & Shri N.K. Billaiya[Assessment Year: 2008-09] The A. C.I.T Vs. M/S Bhushan Steel Ltd Circle – 3 F-Block, International Trade Tower, New Delhi Nehru Place, New Delhi Pan : Aaccb 7445 H [Appellant] [Respondent] Date Of Hearing : 20.08.2018 Date Of Pronouncement : 20.08.2018 Assessee By : Shri Ashwini Kumar, Ca Shri Rahul Chourasia, Ca

For Appellant: Shri Ashwini Kumar, CAFor Respondent: Smt. Aparna karan CIT- DR
Section 115JSection 143(3)Section 153ASection 2Section 234ASection 271Section 271(1)(c)Section 2ySection 80H

…ly, penalty was levied u/s 271(1)(c) of the Act. 6. The assessee carried the matter before the CIT(A) and was successful in convincing the first appellate authority that the decision of the Hon'ble High Court of Delhi in the case of Nalwa Sons Investment Ltd 327 ITR 543 squarely apply. The first appellate authority was convinced with the contention of the assessee and deleted the penalty so levied. 7. Before us, the ld. DR strongly supported the findings of the Assessing Officer. 8. Per contra, the ld. A.R. reiterated what has been stated before the lower authorities. 9. We have given thoughtful consideration…

DCIT, New Delhi vs. M/S Phi Seeds (P) Ltd, Hyderabad

In the result, appeal of the Revenue in ITA

ITA 4366/DEL/2015[2007-08]Status: DisposedITAT Delhi29 Jun 2018AY 2007-08
Section 10(1)Section 143(3)Section 271(1)Section 271(1)(C)Section 271(1)(c)

…difference of opinion and thus assessee cannot be held guilty of furnishing inaccurate particulars or concealment of particulars of income in view of the decisions of the Hon’ble Delhi High Court in the case of CIT Vs Nalwa Sons investment limited reported in 327 ITR 543(Delhi), CIT Vs. Proagro Seeds Ltd., 296 ITR 235 (Delhi), CIT Vs. Mahabaleshwar Gas & Chemicals (P) Ltd., 170 Taxman 38(Del.). He submitted that SLP filed in the case of Nalwa Sons (supra) has been dismissed by the Hon’ble Supreme Court vide order dated 04/05/2012 in SLP (C) No. 18564/2009. 5.6 The Ld. Senior Counsel also distinguished the decisio…

DCIT, New Delhi vs. M/S. Phi Seeds Ltd., New Delhi

In the result, appeal of the Revenue in ITA

ITA 6645/DEL/2013[2006-07]Status: DisposedITAT Delhi29 Jun 2018AY 2006-07
Section 10(1)Section 143(3)Section 271(1)Section 271(1)(C)Section 271(1)(c)

…difference of opinion and thus assessee cannot be held guilty of furnishing inaccurate particulars or concealment of particulars of income in view of the decisions of the Hon’ble Delhi High Court in the case of CIT Vs Nalwa Sons investment limited reported in 327 ITR 543(Delhi), CIT Vs. Proagro Seeds Ltd., 296 ITR 235 (Delhi), CIT Vs. Mahabaleshwar Gas & Chemicals (P) Ltd., 170 Taxman 38(Del.). He submitted that SLP filed in the case of Nalwa Sons (supra) has been dismissed by the Hon’ble Supreme Court vide order dated 04/05/2012 in SLP (C) No. 18564/2009. 5.6 The Ld. Senior Counsel also distinguished the decisio…

DCIT, New Delhi vs. M/S. Phi Seeds Private Limited, Hyderabad

In the result, appeal of the Revenue in ITA

ITA 6622/DEL/2013[2004-05]Status: DisposedITAT Delhi29 Jun 2018AY 2004-05
Section 10(1)Section 143(3)Section 271(1)Section 271(1)(C)Section 271(1)(c)

…difference of opinion and thus assessee cannot be held guilty of furnishing inaccurate particulars or concealment of particulars of income in view of the decisions of the Hon’ble Delhi High Court in the case of CIT Vs Nalwa Sons investment limited reported in 327 ITR 543(Delhi), CIT Vs. Proagro Seeds Ltd., 296 ITR 235 (Delhi), CIT Vs. Mahabaleshwar Gas & Chemicals (P) Ltd., 170 Taxman 38(Del.). He submitted that SLP filed in the case of Nalwa Sons (supra) has been dismissed by the Hon’ble Supreme Court vide order dated 04/05/2012 in SLP (C) No. 18564/2009. 5.6 The Ld. Senior Counsel also distinguished the decisio…