CIT v. Shiv Lal Desai and Sons.

ACIT 19(2), MUMBAI vs. KALPAVRUKSHA DEVELOPERS, MUMBAI

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

…enalty of Rs. 12,00,000/- is cancelled:- i) Reliance Petro Products Ltd, (supra) - It was held that a mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars. ii) CIT vs. Shiv Lal Desai and Sons 114 ITR 377 (Bom) - It was held that merely because the disallowance was made in the assessment proceedings, it would not necessarily lead to imposition of penalty. iii) Shri Ishar Alloys & Steel Ltd vs ACIT 68 ITD 117 (Mum) – It was held that action under section 2711)(c) was not valid as the assessee had made a bonafide but unsuccessful claim for depreciat…

AASIA EXPORTS,MUMBAI vs. ACIT 11(1), MUMBAI

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

Bench: Shri G.S. Pannu, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.7541/Mum/2012 (निर्धारण वर्ा / Assessment Year: 1998-99) Asia Exports बिधम/ Acit 11(1) Hinduja House, 171, Dr Aayakar Bhavan, M.K. Rd Vs. A.B. Rd, Worli Mumbai Pin:400018 Mumbai Pin:400020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaafa6680N (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Mr. J.P. Bairagra (Ar) Revenue By: Shri Rajesh Kumar Yadav, Dr सुनवाई की तारीख / Date Of Hearing: 10.08.2017 घोषणा की तारीख /Date Of Pronouncement: 27.09.2017 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 17.10.2012 Passed By The Commissioner Of Income Tax (Appeals)-3, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 1998-99 In Which The Penalty Levied By The Ao Has Been Confirmed.

…not the intendment of the Legislature.(Para 10).” Similar finding has been given by the Hon’ble Supreme Court, 5. High Courts and Tribunal in the cases title as T. Ashok Paif Vs. CIT (292 ITR 11) SC, Chempure Vs. ITO (40 SOT 164), CIT Vs. Shivlal Desai & Sons 114 ITR 377, CIT Vs. Zoom Communication (P.) Ltd. 2010, 327 ITR 510/191 Taxman 179 (Delhi) Brij Mohan Vs. CIT (1979) 120 ITR 1 & CIT v/s Reliance Petro products(P)Ltd (2010) 322ITR. In view of the said law no ITA. No. 7541/M/2012 A.Y. 1998-99 penalty is levied because it cannot be said that there is a concealment of income furnishing the inaccurate particul…

ITO 24(2)(3), MUMBAI vs. KAPIL ASHOK BAJAJ, MUMBAI

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singhassessment Year: 2006-07 Income Tax Act Officer 14(2)(3) Shri Kapil Ashok Bajaj Room No. 609, 6Th Floor 9, Sea Glimpses बनाम/ Piramal Chambers, Parel 7 Bunglow, J.P. Road Vs. Mumbai 400012 Andheri (W) Mumbai 400061 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Afbpb7764A

…rder. Considering the totality of facts and the decision from Hon’ble Apex Court in Reliance Petroproducts Ltd. (322 ITR 152) (SC), CIT vs. Fortis Financial Services (ITA No. 243 of 2011 and 244 4 Shri Kapil Ashok Bajaj of 2011) (Del), Shivlal Desai & Sons (114 ITR 377) (Bom), Indersons Leathers (329 ITR 167) (P&H) I found force in the argument of the learned Counsels for the assessee. It is not the case of the Revenue that either the assessee concealed its income or furnished inaccurate particulars of such income. The Hon’ble Apex Court in Reliance Petroproducts P. Ltd. (supra) clearly held that in order to ex…

ITO 16(2)(4), MUMBAI vs. LATE SHRI GIRDHARDAS K DAMANI L/R ANAND G DAMANI, MUMBAI

In the result, the Revenue’s appeal is dismissed

Bench: Shri Amit Shukla, Jm & Shri Rajesh Kumar, Am आयकर अपील सं./I.T.A. No 1828/Mum/2014 ("नधा"रण वष" / Assessment Year: 2006-07)

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JM AND SHRI RAJESH KUMAR, AM आयकर अपील सं./I.T.A. No 1828/Mum/2014 ("नधा"रण वष" / Assessment Year: 2006-07) I.T.O. 16(2)(4), Girdhardas K. Damani 2nd Floor, Matru Mandir, L/R Anand G. Damani, बनाम/ Tardeo Road, 41, Sujata Apartments, 8, Vs. Mumbai-400 007. Little Gibbs Road, Malabar Hill, Mumbai-400 006. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. AACPD 3860B (अपीलाथ" /Appellant) (""यथ" / Respondent) : : Shri. B.D. Naik अपीलाथ" क" ओर से / Appellant by : Shri Mitesh Shah ""यथ" क" ओर से/Respondent by सुनवाई क" तार"ख / : 03/09/2015 Date of H…