Commissioner of Income Tax v. Triumph International Finance (I) Ltd.

DCIT Cen Cir 7(3), Mumbai vs. Lodha Construction (Dombivali ), Mumbai

In the result appeals of the revenue for AY 2007-08 in ITA No

Bench: Shri Pawan Singh, Jm & Shri N.K. Pradhan, Am

…T levied penalty of Rs.1,73,49,453/- under section 271E and penalty of Rs.2,84,12,090/- under section 271D. While levying penalty u/s. 271D/271E the ACIT relied upon the decision of Hon'ble Bombay High Court in the case of Trump International Finance (I) Ltd.(345 ITR 270) wherein it was held that transaction of loan/deposit by way of adjustment through book entry would result in contravention of provisions of section 269SS. 3. On appeal before CIT(A) both the penalties were deleted. The ld. CIT(A)while deleting the penalty u/s. 271D/271E held that genuineness of the transactions made through journal entries is n…

DCIT Cen Cir 7(3), Mumbai vs. Lodha Building & Construction P.Ltd, Mumbai

In the result appeals of the revenue for AY 2007-08 in ITA No

Bench: Shri Pawan Singh, Jm & Shri N.K. Pradhan, Am

…T levied penalty of Rs.1,73,49,453/- under section 271E and penalty of Rs.2,84,12,090/- under section 271D. While levying penalty u/s. 271D/271E the ACIT relied upon the decision of Hon'ble Bombay High Court in the case of Trump International Finance (I) Ltd.(345 ITR 270) wherein it was held that transaction of loan/deposit by way of adjustment through book entry would result in contravention of provisions of section 269SS. 3. On appeal before CIT(A) both the penalties were deleted. The ld. CIT(A)while deleting the penalty u/s. 271D/271E held that genuineness of the transactions made through journal entries is n…

DCIT Cen Cir 7(3), Mumbai vs. Ashtavinayak Real Estate P.Ltd, Mumbai

In the result appeals of the revenue for AY 2007-08 in ITA No

Bench: Shri Pawan Singh, Jm & Shri N.K. Pradhan, Am

…T levied penalty of Rs.1,73,49,453/- under section 271E and penalty of Rs.2,84,12,090/- under section 271D. While levying penalty u/s. 271D/271E the ACIT relied upon the decision of Hon'ble Bombay High Court in the case of Trump International Finance (I) Ltd.(345 ITR 270) wherein it was held that transaction of loan/deposit by way of adjustment through book entry would result in contravention of provisions of section 269SS. 3. On appeal before CIT(A) both the penalties were deleted. The ld. CIT(A)while deleting the penalty u/s. 271D/271E held that genuineness of the transactions made through journal entries is n…

DCIT Cen Cir 7(3), Mumbai vs. Lodha Facilities Management Ltd, Mumbai

In the result appeals of the revenue for AY 2007-08 in ITA No

Bench: Shri Pawan Singh, Jm & Shri N.K. Pradhan, Am

…T levied penalty of Rs.1,73,49,453/- under section 271E and penalty of Rs.2,84,12,090/- under section 271D. While levying penalty u/s. 271D/271E the ACIT relied upon the decision of Hon'ble Bombay High Court in the case of Trump International Finance (I) Ltd.(345 ITR 270) wherein it was held that transaction of loan/deposit by way of adjustment through book entry would result in contravention of provisions of section 269SS. 3. On appeal before CIT(A) both the penalties were deleted. The ld. CIT(A)while deleting the penalty u/s. 271D/271E held that genuineness of the transactions made through journal entries is n…

DCIT Cen Cir 7(3), Mumbai vs. Lodha Construction P. Ltd, Mumbai

In the result appeals of the revenue for AY 2007-08 in ITA No

Bench: Shri Pawan Singh, Jm & Shri N.K. Pradhan, Am

…T levied penalty of Rs.1,73,49,453/- under section 271E and penalty of Rs.2,84,12,090/- under section 271D. While levying penalty u/s. 271D/271E the ACIT relied upon the decision of Hon'ble Bombay High Court in the case of Trump International Finance (I) Ltd.(345 ITR 270) wherein it was held that transaction of loan/deposit by way of adjustment through book entry would result in contravention of provisions of section 269SS. 3. On appeal before CIT(A) both the penalties were deleted. The ld. CIT(A)while deleting the penalty u/s. 271D/271E held that genuineness of the transactions made through journal entries is n…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri G. Manjunatha

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘जी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, 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 ITA NOs.7124 to 7129/Mum/2016 Assessment Years: 2007-08 to 2009-10 DCIT, M/s. Galaxy Premises Pvt. Central Circle-7(3), Ltd. बनाम/ Room No.655, 6th Floor, 216, Shah and Nahar Vs. Aayakar Bhavan, Industrial Road, Off. Dr. E. M.K. Road, Moses, Road, Worli, Mumbai-400020 Mumbai-400018 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.AACCG4239L Shri Abhiji…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri G. Manjunatha

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘जी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, 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 ITA NOs.7124 to 7129/Mum/2016 Assessment Years: 2007-08 to 2009-10 DCIT, M/s. Galaxy Premises Pvt. Central Circle-7(3), Ltd. बनाम/ Room No.655, 6th Floor, 216, Shah and Nahar Vs. Aayakar Bhavan, Industrial Road, Off. Dr. E. M.K. Road, Moses, Road, Worli, Mumbai-400020 Mumbai-400018 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.AACCG4239L Shri Abhiji…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri G. Manjunatha

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘जी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, 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 ITA NOs.7124 to 7129/Mum/2016 Assessment Years: 2007-08 to 2009-10 DCIT, M/s. Galaxy Premises Pvt. Central Circle-7(3), Ltd. बनाम/ Room No.655, 6th Floor, 216, Shah and Nahar Vs. Aayakar Bhavan, Industrial Road, Off. Dr. E. M.K. Road, Moses, Road, Worli, Mumbai-400020 Mumbai-400018 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.AACCG4239L Shri Abhiji…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri G. Manjunatha

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘जी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, 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 ITA NOs.7124 to 7129/Mum/2016 Assessment Years: 2007-08 to 2009-10 DCIT, M/s. Galaxy Premises Pvt. Central Circle-7(3), Ltd. बनाम/ Room No.655, 6th Floor, 216, Shah and Nahar Vs. Aayakar Bhavan, Industrial Road, Off. Dr. E. M.K. Road, Moses, Road, Worli, Mumbai-400020 Mumbai-400018 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.AACCG4239L Shri Abhiji…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri G. Manjunatha

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘जी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, 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 ITA NOs.7124 to 7129/Mum/2016 Assessment Years: 2007-08 to 2009-10 DCIT, M/s. Galaxy Premises Pvt. Central Circle-7(3), Ltd. बनाम/ Room No.655, 6th Floor, 216, Shah and Nahar Vs. Aayakar Bhavan, Industrial Road, Off. Dr. E. M.K. Road, Moses, Road, Worli, Mumbai-400020 Mumbai-400018 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.AACCG4239L Shri Abhiji…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri G. Manjunatha

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘जी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, 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 ITA NOs.7124 to 7129/Mum/2016 Assessment Years: 2007-08 to 2009-10 DCIT, M/s. Galaxy Premises Pvt. Central Circle-7(3), Ltd. बनाम/ Room No.655, 6th Floor, 216, Shah and Nahar Vs. Aayakar Bhavan, Industrial Road, Off. Dr. E. M.K. Road, Moses, Road, Worli, Mumbai-400020 Mumbai-400018 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.AACCG4239L Shri Abhiji…

DCIT Cen Cir 7(3), Mumbai vs. Shantinath Designer Construction P. Ltd, Mumbai

In the result, all the appeals filed by the revenue are hereby ordered to be dismissed

Bench: Shri Rajendra, Am & Shri Amarjit Singh, Jm

…Hon’ble ITAT in ITA. No. 6607/M/2016 dated 06.06.2018 in which the penalty levied in the similar circumstances have been ordered to be deleted on the basis of decision of the jurisdictional High Court in the case of CIT Vs. Triumph International Finance Ltd. 345 ITR 270. There are number of judgments have also been relied upon by the Ld. Representative of the assessee in which it is specifically held that the journal entry would ITA. Nos.599, 600, 6006 & 615/M/17 A.Ys. 2008-09 & 2009-10 not fall under the purview of Section 269SS of the ACT. Further, it also came into noticed that the case of the assessee pert…

DCIT Cen Cir 7(3), Mumbai vs. Simtools P.Ltd, Mumbai

Bench: Sh. Rajendra & Sh. Amarjit Singhdcit Central Circle 7(3) 6Th Floor, Room No. 655, Aayakar Bhavan, M.K. Road, Churchgate, Mumbai- 400020. ----- Appellant / Revenue Versus M/S.Simtools Private Limited 216, Shah & Nahar Industrial Road Off. Dr. E. Mosesroad, Worli, Mumbai-400018. …….Respondent/Assessee Co. No. 136/M/2018 (Arising Out Of Ita No.6608/Mum/2016) (Assessment Year 2011-12) Simtools Private Limited 412, 17G, Vardhman Chamber, Cawasjee Patel Street, Fort, Mumbai-400001. ----- Appellant / Revenue Versus Dcit Central Circle 7(3) 6Th Floor, Room No. 654, Aayakar Bhavan, M.K. Road, Churchgate, Mumbai- 400020 Pan: Aaecs1757M ----- Respondent / Assessee Represented By Shri Rajivharit (Dr) Vijay Mehta Ca (Ar) Date Of Hearing : 23.05.2018 Date Of Pronouncement : 09.07.2018 Co.No. 136/M/2018 A.Y.2011-12

…ned AR of the assessee further submits that the journal entries were made prior to 12 June 2012 as the present appeal pertains to assessment year 2012-13, therefore, the ratio of decision in case title as CIT Vs Trump International (I) Ltd dated 12 June 2012 (345 ITR 270)/ [22 Taxmann.com 138(Bom)] is not applicable. The ACIT levied the penalty under section 271D on the observation that the assessee accepted loan/ deposits from sister concern through journal entries i.e. otherwise then account payee cheque/draft and thereby violated the provisions of section 269SS. The assessee has taken journal entries of Rs. 10…

DCIT Cen Cir 7(3), Mumbai vs. Jineshwar Real Estate & Farms P.Ltd, Mumbai

In the result, appeal filed by Revenue is dismissed

Bench: Sh. Rajendra & Sh. Shripawan Singh & Dcit Cc –7 (3), Room No.655,65Th Floor, Aayakar Bhawan, M.K.Road, Mumbai 400020 ----- Appellant / Revenue Represented By Miss Aarju Garodia Sr Dr

…8. The learned AR of the assessee further submits that the journal entries were made prior to 12 June 2012 as the present appeal pertains to assessment year 2012-13. Therefore, the ratio of decision in CIT Vs Trump International (I) Ltd dated 12 June 2012 (345 ITR 270)/ [22 Taxmann.com 138(Bom)] is not applicable. 4. On going through the various decision of Tribunal and the decision of Hon’ble jurisdictional High Court in case of assessee’s group case in CIT Vs Ajinath Hitech builders Private Limited (supra) the learned DR conceded that the ground of appeal raised by the revenue are covered in favour of asse…

DCIT Cent. Cir. -7(3), Mumbai vs. Palava Dwellers Pvt. Ltd. (Formerly Known As Lodha Dwellers Pvt. Ltd.), Mumbai

In the result, the appeal Revenue and CO of assessee both are dismissed

Bench: Sri Mahavir Singh, Jm & Sri G Manjunatha, Am

…its order in the case of M/s. V.N. Parekh Securities Vs. ACIT, Cent.Cir.40. ITA Nos. 6082 & 6083/ Mum/2009 dated 16.08.2013 has stated " In view of the judgement of the Hon'ble jurisdictional High Court (in CIT Vs Triumph International Finance (I) Ltd (2012) 345 ITR 270), it is apparent that there can be no deletion of penalty if simply there is a receipt of loan or repayment of loan through journal entries. Each and every case is required to be considered as to whether there was some reasonable cause in accepting such loans or repaying loan in contravention of provision of sec.269SS / 2692". The assessee in the…

Deepak Sales & Properties Pvt. Ltd., Mumbai vs. I.T.O.WD.9(1)(3), Mumbai

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

Bench: S/Shri G.S. Pannu (Am), Joginder Singh (Jm) & B.R. Baskaran (Am)

…ncealed or undisclosed income into the books in order to avoid or evade tax. By placing reliance on the decision rendered by Hon’ble Bombay High Court (in particular paragraph 25 of its order) in the case of CIT Vs. Triump International Finance (I) Ltd (2012)(345 ITR 270), the Ld A.R contended that the impugned penalty should be cancelled on the above said reason. 12. The Ld A.R further submitted that the assessee has taken impugned loans from its director. He submitted that the deposits taken by the limited companies are governed by provisions of section 58A of Companies Act, 1956. As per the above said provisi…

DCIT Cen Cir 7(3), Mumbai vs. National Standard India Ltd, Mumbai

In the result, appeals filed by the Revenue are dismissed

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm

…AO has levied penalty u/s.271D and 271E for accepting and repaying loan by way of Journal entries. The Assessing Officer had placed reliance on the judgment of the Hon'ble jurisdictional High Court in the case of CIT v. Triumph International Finance (I) Ltd. (345 ITR 270) rendered on 12.06.2012. It is not disputed that in this judgment it was held that there was violation of the provisions of S. 269T of the Act in a case where the loan was repaid by way of a journal entry entailing levy of penalty u/s. 271E of the Act. However, at the same time it was also held that levy of penalty could be avoided on showing rea…

DCIT Cen Cir 7(3), Mumbai vs. Aashthavinayak Estate Company P.Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Dcit Cent Cir – 7(3) Vs. M/S. Aasthavinayak Estate Room No. 655, Company Ltd., 6Th Floor, Aayakar Bhavan 216, Shah & Nahar M.K. Road, Industrial Road, Mumbai – 400 020 Dr. E. Moses Road Worli, Mumbai – 400 018 Pan/Gir No. Aagca2863C Appellant) .. Respondent)

…record we found that AO has levied penalty u/s.271D for accepting loan by way of Journal entries. The Assessing Officer had placed reliance on the judgment of the Hon'ble jurisdictional High Court in the case of CIT v. Triumph International Finance (I) Ltd. (345 ITR 270) rendered on 12.06.2012. It is not disputed that in this judgment it was held that there was violation of the provisions of S. 269T of the Act in a case where the loan was repaid by way of a journal entry entailing levy of penalty u/s. 271E of the Act. However, at the same time it was also held 9 M/s. Aashthavinayak Estate Company Ltd., that lev…