Ramnath Jagannath v. State of Maharashtra

Rajaram Stock Broking Co. (Mumbai), Mumbai vs. ITO WD 4(2)(1), Mumbai

In the result, appeal filed by the assessee is allowed

Bench: Shri G. Manjunatha & Shri Ram Lal Negirajaram Stock Broking Co. Vs. Ito,Ward-4(2)(1) (Mumbai) Private Limited Aaykar Bhawan 919, P.J.Tower M.K.Road Dalal Street, Fort Mumbai-400 007 Mumbai-400 023 Pan/Gir No.Aabcr1110Q Appellant) .. Respondent)

…the matter of penalty imposable in case of surrender of income to buy mental peace, the appellant has relied upon some case laws, e.g. CIT vs. Marsh Talwar 335 1TR 200 (Del.}, CIT vs. SLN Traders 243 CTR 407 (Kar), Ramruith Jagannath vs. State of Maharashtra 57 STC 46 (Bom) etc. I find the same to be distinguishable, since in present case, the income surrendered is nothing but the peak credit in respect of 2 \ concerns i.e. M/s Ruchita Enterprises & M/s Antima Corporation, which were already part of addition made in original assessment order. Hence, in effect, the appellant had asked for relief in respect of cas…

ACIT Cen Cir 34, Mumbai vs. Jatin J.Shah, Mumbai

In the result, all appeals of the revenue are dismissed

…ed income surrendered during survey u/s. 133A of the Income-tax Act in his revised return of income. 1.16 The appellant has invited my attention towards the decision of Hon'ble Bombay High Court in the case of Ramnath Jagannath vs, State of Maharashtra (1984) 57 STC 46, 51 (Bom). In this case the Hon'ble Court has held that where an assessee is making surrender of certain amount to be assessed as sales on the condition that there should not be levied penalty on that count is post assessment proceedings that amount can be treated as assessee's sales only subject to condition and not otherwise, In the case of appel…

ACIT Cen Cir 34, Mumbai vs. Jay Fab, Mumbai

In the result, all appeals of the revenue are dismissed

…ed income surrendered during survey u/s. 133A of the Income-tax Act in his revised return of income. 1.16 The appellant has invited my attention towards the decision of Hon'ble Bombay High Court in the case of Ramnath Jagannath vs, State of Maharashtra (1984) 57 STC 46, 51 (Bom). In this case the Hon'ble Court has held that where an assessee is making surrender of certain amount to be assessed as sales on the condition that there should not be levied penalty on that count is post assessment proceedings that amount can be treated as assessee's sales only subject to condition and not otherwise, In the case of appel…

ACIT CC 34, Mumbai vs. Jay Fab, Mumbai

In the result, all appeals of the revenue are dismissed

…ed income surrendered during survey u/s. 133A of the Income-tax Act in his revised return of income. 1.16 The appellant has invited my attention towards the decision of Hon'ble Bombay High Court in the case of Ramnath Jagannath vs, State of Maharashtra (1984) 57 STC 46, 51 (Bom). In this case the Hon'ble Court has held that where an assessee is making surrender of certain amount to be assessed as sales on the condition that there should not be levied penalty on that count is post assessment proceedings that amount can be treated as assessee's sales only subject to condition and not otherwise, In the case of appel…