Reliance Utility & Power 313 ITR 340 (Bom-HC), CIT v. Hero Cycle

323 ITR 158High Court2010#5262 most cited

What is Reliance Utility & Power 313 ITR 340 (Bom-HC), CIT v. Hero Cycle authority for?

A penalty under section 271(1)(c) cannot be levied if the assessee has provided all relevant material and not concealed any inaccurate particulars of income, even if a claim is not sustainable in law. The Assessing Officer must properly verify the genuineness of claims.

22

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2025.

Also referred to as

CIT vs. Reliance Utility & Power · CIT v. Hero Cycle · section 271(1)(c) · penalty · concealment of income · inaccurate particulars · assessment proceedings · Assessing Officer · verification of claims

Sections most often in play

Section 10(38)Section 14ASection 68Section 10(34)Section 131Section 142(1)Section 143(3)

Issues it is cited on

section 143section 14section 143(3)total income

Judgments citing Reliance Utility & Power 313 ITR 340 (Bom-HC), CIT v. Hero Cycle

Rakesh S. Reniwal, Mumbai vs. ACIT Cen Cir 38, Mumbai

Appeals are allowed

ITA 1447/MUM/2015[2009-10]Status: DisposedITAT Mumbai09 Aug 2016AY 2009-10

Bench: Shri Joginder Singh, Assessment Year: 2009-10 Mr. Rakesh S Reniwal, Acit, 156, Maker Chamber Vi, Central Circle-38, बनाम/ 220 Jamnalal Bajaj Marg, Aayakar Bhavan, Vs. Nariman Point, M.K. Road, Mumbai-400021 Mumbai-400020 "नधा"रती / Assessee राज"व / Revenue P.A. No.Aafpa4201N Assessment Year: 2009-10 Mr. Rajeev S Reniwal, Acit, 156, Maker Chamber Vi, Central Circle-38, बनाम/ 220 Jamnalal Bajaj Marg, Aayakar Bhavan, Vs. Nariman Point, M.K. Road, Mumbai-400021 Mumbai-400020 "नधा"रती / Assessee राज"व / Revenue P.A. No.Admpr3334D Assessment Year: 2009-10

Section 14A

…d to re-compute the amount of disallowance u/s 14A of the Act only in a situation where he is not satisfied with the correctness of the accounts/claim of the assessee. My view find support from the decision in CIT Rakesh S. Reniwal & Ors. vs Hero Cycles Ltd. 323 ITR 158 (P & H), Reliance Utilities and Power Ltd. 313 ITR 340 (Bom.), DCIT vs Jindal Photo Ltd. (Del. Trib.) and Shiva Industries & Holdings Ltd. vs ACIT (2011) 59 DTR 182. The Hon'ble jurisdictional High Court in Reliance Utilities & Power Ltd. categorically held that if interest free funds are available with the assessee, which are sufficient to meet…

ACIT 21(2), Mumbai vs. Vivek Mehrotra, Mumbai

In the result, the appeal filed by the Revenue in ITA N0

ITA 915/MUM/2013[2009-10]Status: DisposedITAT Mumbai16 Mar 2016AY 2009-10

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.915/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) Acit – 21(2), Shri Vivek Mehrotra, बनाम/ R. No. 508. 225, Brij Bhushan, V. C-10, 5 Th Floor, Bkc, Sion (East), Bandra (E), Mumbai- 400 022. Mumbai 400 051. "थायी लेखा सं./Pan : Aahpm 4127 B (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Appellant: NoneFor Respondent: Shri Satya Pal Kumar (D.R.)
Section 143(3)Section 14A

…e assessee. The assessee relied on the following judgments:- ITA 915/Mum/2013 5 i) Mumbai-Tribunal order in the case of Godrej Industries Ltd v. DCIT (ITA No. 1090/Mum/09). ii) Hon'ble Punjab & Haryana High Court judgment in the case of CIT v. Hero Cycles 323 ITR 158 (PH). iii) Reliance Utilities & Power Ltd (ITA No 1398 of 2008) order dated 09.01.2009. iv) Hon'ble Kerela High Court in the case of CIT v. Smt.Leena Ramachandran 2010 TIOL 541 HC Kerala IT (ITANo.1784 of 2009). v) Yatish Trading Co. P Ltd, Vs ACIT 1(3), ITAT (Mumbai) order dated 10.11.2010. vi) Vidyut Investments Ltd 10-S0T -0284. The A.O. aft…