CIT v. Ratna Agencies

284 ITR 609High Court2006#7830 most cited
14

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2024.

Issues it is cited on

section 143(l)(a)section 114(e)penalty under section 271eexport oriented unitsection 245hsection 261section 269tsection 34(1)(iv)section 271epenalty under section 271dsection 36(va)section 273

Judgments citing CIT v. Ratna Agencies

DCIT CENTRAL CIRCLE-2, BHUBANESWAR vs. M/S. HOTEL SUKHAMAYA PVT. LTD, BHUBANESWAR

In the result, all the three appeals of the Revenue are dismissed

ITA 206/CTK/2022[2012-13]Status: DisposedITAT Cuttack18 Sept 2024AY 2012-13
Section 132Section 269SSection 271D

…foresaid reasons, we cancel the penalty and allow the appeal. The penalty, if any, already collected is directed to be refunded". The Honourable Madras High Court in the cases of CIT Vs. Kundrathur Finance & Chit Co. (283 ITR 329) and CIT Vs. Ratna Agencies (284 ITR 609) has held that if the Appellate Tribunal was satisfied that the transactions were genuine and bona fide, penalty could not be imposed under section 271D of the Act, particularly when the amounts were found reflected in the books of account of respective parties/creditors and hence, there was no evasion of tax. Further the Honourable Madras High C…

DCIT CENTRAL CIRCLE-2, BHUBANESWAR vs. M/S. HOTEL SUKHAMAYA PVT. LTD, BHUBANESWAR

In the result, all the three appeals of the Revenue are dismissed

ITA 205/CTK/2022[2009-10]Status: DisposedITAT Cuttack18 Sept 2024AY 2009-10
Section 132Section 269SSection 271D

…foresaid reasons, we cancel the penalty and allow the appeal. The penalty, if any, already collected is directed to be refunded". The Honourable Madras High Court in the cases of CIT Vs. Kundrathur Finance & Chit Co. (283 ITR 329) and CIT Vs. Ratna Agencies (284 ITR 609) has held that if the Appellate Tribunal was satisfied that the transactions were genuine and bona fide, penalty could not be imposed under section 271D of the Act, particularly when the amounts were found reflected in the books of account of respective parties/creditors and hence, there was no evasion of tax. Further the Honourable Madras High C…

INCOME TAX OFFICER , WARD -4, AMRAVATI vs. SHRI MAHESH SHANKAR SORATE , DARYAPUR

In the result, appeal filed by the Revenue is dismissed

ITA 250/NAG/2018[2013-14]Status: DisposedITAT Nagpur29 Jul 2024AY 2013-14

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Manoj G. MoryaniFor Respondent: Shri Abhay Y. Marathe
Section 143(3)Section 269Section 269TSection 271E

…the loans in cash. Shri Mahesh Shankar Sorate ITA no.250/Nag./2018 4. Per contra, learned counsel appearing for the assessee, referring to two decisions of this Court in (i) CIT v. Kundrathur Finance and Chit Co. (283 ITR 329) and (ii) CIT v. Ratna Agencies (284 ITR 609), contends that if the Appellate Tribunal is satisfied that the transactions are genuine and bona fide, penalty could not be imposed, particularly when there was no evasion of tax. 5. We have given our careful consideration to the submissions made on either side. 6. This Court in CIT v. Kundrathur Finance and Chit Co. (283 ITR 329), following the…

RVR TECHNOLOGIES LTD.,MANDIDEEP vs. ITO-2(1), BHOPAL

In the result, appeal for A

ITA 277/IND/2023[2014-15]Status: DisposedITAT Indore30 May 2024AY 2014-15

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 143(3)Section 147Section 148Section 271E

…itendra Singh Rathore [2013] 352 ITR 327(Raj) Page 11 of 25 ITANo.275 to 277/Ind/2023 RVT Technologies Ltd. (iv) CIT v. Hissaria Brothers [2016] 386 ITR 719 (SC) (v) Omec Engineers vs CIT [2008] 294 Taxman 599 (Jharkhand) (vi) CIT v. Ratna Agencies [2006] 284 ITR 609 (vii) CIT vs Lakshmi Trust Co. 303 ITR 99 (Mad.). (viii) Shreenath Builders v. Dy. CIT [2000] 111 Taxman 142 (Mag.) 7.1 Thus, Ld. AR has submitted that even otherwise when the repayment was through RTGS the same is through banking channel and cannot be held as a violation of section 269T of the Act. He has pointed out that this mode of payment wa…

RVR TECHNOLOGIES LTD.,MANDIDEEP vs. ADDL. CIT-RANGE-3, BHOPAL

In the result, appeal for A

ITA 276/IND/2023[2009-10]Status: DisposedITAT Indore30 May 2024AY 2009-10

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 143(3)Section 147Section 148Section 271E

…itendra Singh Rathore [2013] 352 ITR 327(Raj) Page 11 of 25 ITANo.275 to 277/Ind/2023 RVT Technologies Ltd. (iv) CIT v. Hissaria Brothers [2016] 386 ITR 719 (SC) (v) Omec Engineers vs CIT [2008] 294 Taxman 599 (Jharkhand) (vi) CIT v. Ratna Agencies [2006] 284 ITR 609 (vii) CIT vs Lakshmi Trust Co. 303 ITR 99 (Mad.). (viii) Shreenath Builders v. Dy. CIT [2000] 111 Taxman 142 (Mag.) 7.1 Thus, Ld. AR has submitted that even otherwise when the repayment was through RTGS the same is through banking channel and cannot be held as a violation of section 269T of the Act. He has pointed out that this mode of payment wa…

RVR TECHNOLOGIES LTD.,MANDIDEEP vs. ACIT-3(1), BHOPAL

In the result, appeal for A

ITA 275/IND/2023[2008-09]Status: DisposedITAT Indore30 May 2024AY 2008-09

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 143(3)Section 147Section 148Section 271E

…itendra Singh Rathore [2013] 352 ITR 327(Raj) Page 11 of 25 ITANo.275 to 277/Ind/2023 RVT Technologies Ltd. (iv) CIT v. Hissaria Brothers [2016] 386 ITR 719 (SC) (v) Omec Engineers vs CIT [2008] 294 Taxman 599 (Jharkhand) (vi) CIT v. Ratna Agencies [2006] 284 ITR 609 (vii) CIT vs Lakshmi Trust Co. 303 ITR 99 (Mad.). (viii) Shreenath Builders v. Dy. CIT [2000] 111 Taxman 142 (Mag.) 7.1 Thus, Ld. AR has submitted that even otherwise when the repayment was through RTGS the same is through banking channel and cannot be held as a violation of section 269T of the Act. He has pointed out that this mode of payment wa…

FARMAN KHAN,CHAKSU vs. INCOME-TAX OFFICER WARD 7(3), JAIPUR

In the result, the appeal of the assessee is allowed

ITA 590/JPR/2023[2017-18]Status: DisposedITAT Jaipur20 Dec 2023AY 2017-18

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri Ashish Sharma, AdvocateFor Respondent: Mrs. Monisha Choudhary, Addl. CITa
Section 269Section 269SSection 271DSection 273B

…irmed by the Hon’ble Supreme Court in case of ofHindustan Steel Ltd. v. State of Orissa, 83 ITR 26 (Supreme Court) (supra) etc. 6. Kindly also refer to the decision in case of CIT V/s Balaji Traders, 303 ITR 312(Madras) and the CIT V/s Ratna Agencies (Madras 284 ITR 609). The ratio of their decisions applies in the case of assessee. Section 271D of the Income-tax Act, 1961 - Penalty - For failure to comply with section 269SS - Assessment year 1993-94 - Assessing Officer found that assessee had availed cash borrowings exceeding Rs. 20,000 for about 36 times during year - Considering assessee's act to be in violat…

ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE- SATNA vs. SHRI JAMMU BEG,

In the result, the levy of penalty is cancelled and the appeal of the appellant is allowed

ITA 196/JAB/2016[2012-13]Status: FixedITAT Jabalpur20 Sept 2023AY 2012-13

Bench: Shri Om Prakash Kant & Shri Pavan Kumar Gadaleacit, Vs. Shri Jammu Beg, Satna, M/S Mirza Transport, Madhya Pradesh. Main Road, Waidhan, Singrauli. Madhya Pradesh.

For Appellant: NoneFor Respondent: Shri Shravan Kumar Gotru, CIT-DR
Section 143(2)Section 143(3)Section 269SSection 271D

…IN THE INCOME TAX APPELLATE TRIBUNAL “DB” BENCH, JABALPUR BEFORE SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER ACIT, Vs. Shri Jammu Beg, Satna, M/s Mirza Transport, Madhya Pradesh. Main Road, Waidhan, Singrauli. Madhya Pradesh. PAN/GIR No. : AEPPJ4134H Appellant .. Respondent Assessee by : None Respondentby : Shri Shravan Kumar Gotru, CIT-DR Date of Hearing 12.09.2023 Date of Pronouncement 20.09.2023 आदेश / O R D E R PER PAVAN KUMAR GADALE JM: The revenue has filed the appeal against the order of the Commissioner of Income Tax (Appeals) -2, Jabalpur passed u/s 271D and 250…

M/S LOK VIKAS HOUSING FUNDS LTD.( NOW LOK VIKAS HOUSING FINANCE CORPORATION LTD. ,JAIPUR vs. THE ADDL.CIT RANGE-1, JAIPUR

In the result, the appeal of the assessee is allowed

ITA 452/JPR/1999[1995-96]Status: DisposedITAT Jaipur12 Jan 2023AY 1995-96

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Sh. P. C. Parwal (CA)For Respondent: Sh. A. S. Nehra (Addl. CIT)
Section 254(1)Section 269DSection 269SSection 269TSection 271DSection 271E

…iness exigency. 13. Once the said finding is arrived at by the Tribunal on the facts, as held by the Delhi High Court in CIT vs. Parma Nand (2003) 180 CTR (Del) 489 : (2004) 266 ITR 255 (Del), which was followed by this Court in CIT vs. Ratna Agencies (2006) 284 ITR 609 (Mad) that that the finding recorded by the Tribunal as to the reasonable cause is 19 M/s Lok Vikas Housing Funds Ltd. vs. Addl. CIT, Range-1, Jaipur essentially a finding of fact and no question of law much less a substantial question of law would arise, we do not have any hesitation to hold that it may not be proper for this Court to interfere…

ASSANAR & SONS,KOTTAYAM vs. JTCIT, KOTTAYAM

In the result, the appeal filed by the assessee is allowed

ITA 191/COCH/2014[2008-09]Status: DisposedITAT Cochin25 Oct 2022AY 2008-09

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year: 2008-09

For Appellant: Shri Thomas Cherian, A.RFor Respondent: Smt. J.M. Jamuna Devi, Sr. D.R
Section 131Section 269TSection 271E

…akha) (TM) 462. 12) ACIT vs. Alfa Hydromec (P) Ltd. (2006) 99 TTJ (Jd.) 405. 13) CIT vs. Shri Waheguru Singh 2008 (12) TMI 33 (P&H). 14) CIT vs. Sunil Kumar Goel (2009) 315 ITR 163 (P&H). Assanar & Sons, Kottayam Page 4 of 13 15) CIT vs. Ratna Agencies (2006) 284 ITR 609 (Mad.). 16) Farrukhabad Investment (I) Ltd. vs JCIT (2003) 85 ITD 230 (Del.). 17) ITO vs. VS. Hostel, 2012 (11) TMI 463 (Guj.) 18) CIT vs. Mahabal Shetty, 2011 (9) TMI 189 (Bom.). 14. The Ld. DR drew our attention to the following details of repayments: 1. 03-05-2007 Amount received Rs.7920000 Transferred to IOB Short Term Deposit on 04-05-2007…

RAJKUMAR S AGARWAL ,MUMBAI vs. JCIT-20(3), MUMBAI

In the result, the appeal of the assessee is allowed

ITA 4251/MUM/2019[2013-14]Status: DisposedITAT Mumbai17 Mar 2021AY 2013-14

Bench: Sri Mahavir Singh, Vp & Sri S Rifaur Rahman, Am आमकय अऩीर िं./ Ita No. 4251/Mum/2019 (ननधाायण वर्ा / Assessment Year 2013-14) Shri Rajkumar S Agarwal The Jt. Commissioner Of 209, Raiker Chamber, Bks Devsai Income Tax Marg, Govandi East, Mumbai फनाभ/ Circle-20(3) 4T H 411, Floor, Piramal Vs. Chambers, Lalbaug, Mumbai (अऩीराथी / Appellant) (प्रत्मथी/ Respondent) स्थामी रेखा िं./Pan No. Aidpa3783B अऩीराथी की ओय े/ Appellant By : None प्रत्मथी की ओय े/ Respondent By : Shri Vidhyadhar V, Dr ुनवाई की तायीख / Date Of Hearing: 17.03.2021 घोर्णा की तायीख / Date Of Pronouncement: 17.03.2021

For Appellant: NoneFor Respondent: Shri Vidhyadhar V, DR
Section 143(3)Section 269SSection 271DSection 274

…ppeals) that there was no intention on the part of the assessee to evade the tax. Once the said finding as to the genuineness of the transactions is arrived at by the Tribunal on the facts, following the decision of this Court in CIT v. Ratna Agencies [2006] 284 ITR 609, wherein it was held that the finding recorded by the Tribunal in this regard is a finding of fact and Shri Rajkumar S. Agarwal; AY 2013-14 no question of law much less a substantial question of law would arise, we do not have any hesitation to hold that it may not be proper for this court to interfere with such a finding of fact." 12. The Tribun…

AUTO FUEL CENTRE,DURGAPUR vs. J.C.I.T.,CIRCLE-1, DURGAPUR

In the result, appeal filed by the assessee is allowed

ITA 398/KOL/2019[2013-14]Status: DisposedITAT Kolkata16 Mar 2020AY 2013-14

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini, Am Auto Fuel Centre Vs. Jcit, Circle-1, Dgp C/O. Sn Ghosh & Associates, Advocates, “Seben Brothers” Lodge, P.O. Buroshibtala, P.S Chinsurah, Dist- Hooghly. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aalfa8826F (अपीलाथ" /Assessee) .. (""थ" / Respondent)

For Appellant: Shri Somnath Ghosh, AdvocateFor Respondent: Shri Supriyo Pal, JCIT, Sr. DR
Section 143(3)Section 269TSection 271ESection 273B

…Appeals) that there was no intention on the part of the assessee to evade the tax. Once the said finding as to the genuineness of the transactions is arrived at by the Tribunal on the facts, following the decision of this court in CIT v. Ratna Agencies [2006] 284 ITR 609 , wherein it was held that the Ending recorded by the Tribunal in this regard is a finding of fact and no question of law much less a substantial question of law would arise, we do not have any hesitation to hold that it may not be proper for this court to interfere with such a finding of fact. For all these reasons, answering the questions of la…

GOKAVARAPU VENKATA SATYA DURGA PRASAD,,GUDIVADA vs. THE ADDL.CIT,, VIJAYAWADA

In the result, appeal of the assessee is allowed

ITA 44/VIZ/2015[2009-10]Status: DisposedITAT Visakhapatnam11 Apr 2018AY 2009-10

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अऩीऱ सं./I.T.A.No.44/Viz/2015 (ननधधारण वषा/Assessment Year:2009-10) Gokavarapu Venkata Satya Vs. Addl.Commissioner Of Durga Prasad Income Tax 7/258A, Tilak Road Range-1 Gudivada Vijayawada [Pan :Abrpg3704F] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अऩीऱधथी की ओर से/ Appellant By : Shr Im.Madhusudan, Ar प्रत्यथी की ओर से / Respondent By : Shri Djp Anand, Dr सुनवधई की तधरीख / Date Of Hearing : 05.04.2018 घोषणा की तारीख/Date Of Pronouncement : 11 .04.2018

For Appellant: Shr iM.Madhusudan, ARFor Respondent: Shri DJP Anand, DR
Section 269SSection 271D

…Appeals) that there was no intention on the part of the assessee to evade the tax. Once the said finding as to the genuineness of the transactions is arrived at by the Tribunal on the facts, following the decision of this Court in CIT v. Ratna Agencies [2006] 284 ITR 609, wherein it was held that the 7 Gokavarapu Venkata Satya Durga Prasad, Gudivada finding recorded by the Tribunal in this regard is a finding of fact and no question of law much less a substantial question of law would arise, we do not have any hesitation to hold that it may not be proper for this court to interfere with such a finding of fact."…

SABINA MUYEENUDDIN,CHENNAI vs. JCIT, CHENNAI

In the result, appeal of the assessee is allowed

ITA 1040/CHNY/2016[2010-11]Status: DisposedITAT Chennai28 Oct 2016AY 2010-11

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George] आयकर अपील सं./I.T.A. No.1040/Mds/ 2016 "नधा"रण वष" /Assessment Year : 2010-2011

For Appellant: Shri. T. Banusekar, C.AFor Respondent: Shri. Surpriyo Pal, IRS, JCIT
Section 268Section 269SSection 271DSection 273B

…Appeals) that there was no intention on the part of the assessee to evade the tax. Once the said finding as to the genuineness of the transactions is arrived at by the Tribunal on the facts, following the decision of this court in CIT v. Ratna Agencies [2006] 284 ITR 609, wherein it was held that the finding recorded by the Tribunal in this regard is a finding of fact and no question of law much less a substantial question of law would arise, we do not have any hesitation to hold that it may not be proper for this court to interfere with such a finding of fact." 12. The Tribunal, referring to the decision of this…

CIT v. Ratna Agencies (284 ITR 609) — Cited in 14 Judgments | BharatTax