SUN PHARMACEUTICALS INDUSTRIES LIMITED,,VADODARA vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1)(1), BARODA

In the result, the appeal filed by the Assessee in ITA No

Bench: Dr. Brr Kumar & Shri T.R.Senthil Kumar

disallowance of Rs.4,22,77,759/- u/s. 14A read with Rule 8D of the income -tax Rule, 1962 and penalty proceedings u/s. 271

RAMCHAND BHULCHAND RAJAI,BHAVNAGAR vs. THE DY.CIT.,CIRCLE-1, , BHAVNAGAR

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumarआयकर अपील सं / Ita No. 167/Ahd/2024 िनधा"रण वष"/Assessment Year : 2009-10 बनाम बनाम बनाम बनाम Ramchand Bhulchand Rajai, The Deputy Commissioner C/O. Jayesh Tyres, Vs. Of Income-Tax, Opp. Railway Station, Circle-1, Bhavnagar Bhavnagar-364001 Pan : Abmpr 4841 D अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) िनधा"रती की ओर से / Assessee By : Shri B.R. Popat, Ar ""थ" की ओर से / Revenue By: Shri Prateek Sharma, Sr Dr सुनवाई की तारीख /Date Of Hearing : 22/04/2024 घोषणा की तारीख /Date Of Pronouncement: 15/07/2024 आदेश/O R D E R Per Annapurna Gupta

271(1)(c) of the Act, for the Assessment Year (AY) 2009-10. 2. The penalty in the present case was levied on concealment/furnishing of inaccurate particulars of income, arising from the following disallowances made by the Assessing Officer which were confirmed upto the ITAT:- Ramchand Bhulchand Rajai Vs. DCIT AY : 2009-10 2 (i) Disallowance u/s

AXIS BANK LIMITED,AHMEDABAD vs. THE ACIT, CIRCLE-1(1)(1), AHMEDABAD

In the result, the appeal of the assessee is partly allowed

Bench: Ms. Suchitra Raghunath Kamble & Shri Narendra Prasad Sinha

disallowed the claim for deduction of Rs.93,04,00,000/-, made by the assessee on account of revision of lease operating expense. The A.O had also initiated penalty proceeding u/s 271

AXIS BANK LIMITED,AHMEDABAD vs. THE ACIT, CIRCLE-1(1)(1), AHMEDABAD

In the result, the appeal of the assessee is partly allowed

Bench: Ms. Suchitra Raghunath Kamble & Shri Narendra Prasad Sinha

disallowed the claim for deduction of Rs.93,04,00,000/-, made by the assessee on account of revision of lease operating expense. The A.O had also initiated penalty proceeding u/s 271

AXIS BANK LIMITED,AHMEDABAD vs. THE ACIT, CIRCLE-1(1)(1), AHMEDABAD

In the result, the appeal of the assessee is partly allowed

Bench: Ms. Suchitra Raghunath Kamble & Shri Narendra Prasad Sinha

disallowed the claim for deduction of Rs.93,04,00,000/-, made by the assessee on account of revision of lease operating expense. The A.O had also initiated penalty proceeding u/s 271

AXIS BANK LIMITED,AHMEDABAD vs. THE ACIT, CIRCLE-1(1)(1), AHMEDABAD

In the result, the appeal of the assessee is partly allowed

Bench: Ms. Suchitra Raghunath Kamble & Shri Narendra Prasad Sinha

disallowed the claim for deduction of Rs.93,04,00,000/-, made by the assessee on account of revision of lease operating expense. The A.O had also initiated penalty proceeding u/s 271

AXIS BANK LIMITED,AHMEDABAD vs. THE ACIT, CIRCLE-1(1)(1), AHMEDABAD

In the result, the appeal of the assessee is partly allowed

Bench: Ms. Suchitra Raghunath Kamble & Shri Narendra Prasad Sinha

disallowed the claim for deduction of Rs.93,04,00,000/-, made by the assessee on account of revision of lease operating expense. The A.O had also initiated penalty proceeding u/s 271

AKAR LAMINATORS LIMITED,AHMEDABAD vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 1(1)(1), AHMEDABAD, AHMEDABAD

In the result the appeal filed by the assessee is allowed

Bench: This Tribunal & The Case Was Set-Aside Vide Order Dated 01.08.2014 In Ita No. 858 & 927/Ahd/2005 & Accordingly Assessment Was Finalized U/S. 143(3) R.W.S. 254 Of The Act & The Total Loss Was Determined At (-) Rs.22,47,26,293/- After Making Following Additions/Disallowances:

disallowed The assessee has not filed an appeal on this issue Penalty proceedings u/s 271(1)(c) were initiated separately

THE ACIT(E),CIRCLE-2 , AHMEDABAD vs. VADODARA URBAN DEVELOPMENT AUTHORITY, VADODARA

In the result, the appeal filed by the Revenue in ITA No

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

penalty proceeding u/s 271(1)(c) of the Act for furnishing inaccurate particulars of income on both the issues viz (i) disallowance

ACIT(E), CIRCLE-2, AHMEDABAD, AHMEDABAD vs. VADODARA URBAN DEVELOPMENT AUTHORITY , VADODARA

In the result, the appeal filed by the Revenue in ITA No

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

penalty proceeding u/s 271(1)(c) of the Act for furnishing inaccurate particulars of income on both the issues viz (i) disallowance

ACIT(E), CIRCLE-2, AHMEDABAD, AHMEDABAD vs. VADODARA URBAN DEVELOPMENT AUTHORITY, VADODARA

In the result, the appeal filed by the Revenue in ITA No

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

penalty proceeding u/s 271(1)(c) of the Act for furnishing inaccurate particulars of income on both the issues viz (i) disallowance

ACIT(E), CIRCLE-2, AHMEDABAD, AHMEDABAD vs. VADODARA URBAN DEVELOPMENT AUTHORITY , VADODARA

In the result, the appeal filed by the Revenue in ITA No

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

penalty proceeding u/s 271(1)(c) of the Act for furnishing inaccurate particulars of income on both the issues viz (i) disallowance

CHARTERED SPEED LIMITED,AHMEDABAD vs. DCIT CIRCLE 1(1)(1), AHMEDABAD, AHMEDABAD

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

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

disallowing the exemption, penalty cannot be imposed. The penalty levied stands set aside." The situation in the present case is still better as no fault has been found with the particulars submitted by the assessee in its Return." 8.2. Thus in our considered view, Ld. CIT(A) is not correct in confirming the levy of penalty u/s. 271

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), VADODARA vs. M/S. SUN PHARMACEUTICALS INDUSTRIES LTD, VADODARA

In the result, the appeal filed by the Assessee in ITA No

u/s 271(1)(c) of Rs.6,52,00,000/-:\n\n2.1 On the facts and in circumstances of the Act, the Id. CIT(A) grossly erred in confirming the action of the Assessing Officer in levying the penalty.\n2.2 On the facts and in the circumstances of the case and in law, the Id. CIT (A) has erred in upholding

SCHAEFFLER INDIA LTD. (FORMERLY KNOWN AS INA BEARING INDIA PVT. LTD.),VADODARA vs. THE ACIT, CICLE-1(1)(2) NOW DCIT, CIRCLE-1(1)(1), VADODARA

In the result, appeal of the assessee is allowed

u/s 271(l)(c) of Rs. 2,76,33,870.\n9. The learned CIT(A) erred in fact and in law in confirming the action of the\nlearned AO in levying penalty despite the fact that the Appellant has not furnished\ninaccurate particulars of income either in return of income or during the course of\nassessment proceedings.\n10. The learned

DEPUTY COMMISSIONER OF INCOME TAX, VADODARA vs. GUJARAT STATE ELECTRICITY CORPORATION LIMITED, VADODARA

In the result, the appeal filed by the Revenue is hereby dismissed

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

disallowances made by the Assessing Officer. However penalty proceedings were initiated only for the addition on account capital grant amounting to Rs.47,70,90,100/-. 3. In reply to penalty notice, the assessee submitted that the addition on account of capital grant is a matter pending before ITAT, when assessment has been made on basis of book profit, penalty u/s

DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE-1(1), AHMEDABAD, GUJARAT vs. PRIYA BLUE INDUSTRIES PVT. LTD., GUJARAT

In the result the appeals filed by the Revenue in ITA No

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

disallowing [c] Unexplained rental expenses of Rs. 5,00,000/= [d] Unaccounted profit of. Rs.11,29,61,022/= [e] Suppression of sale - Gas turbine Rs. 3,41,34,100/=. 2.3. Ld TPO, while passing the order u/s 92CA(3) has accepted the underlying transactions to be at Arms Length Pricing [ALP] and therefore not made any adjustment in relation

DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE 1(1), AHMEDABAD, AHMEDABAD vs. PRIYA BLUE INDUSTRIES PVT. LTD, GUJARAT

In the result the appeals filed by the Revenue in ITA No

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

disallowing [c] Unexplained rental expenses of Rs. 5,00,000/= [d] Unaccounted profit of. Rs.11,29,61,022/= [e] Suppression of sale - Gas turbine Rs. 3,41,34,100/=. 2.3. Ld TPO, while passing the order u/s 92CA(3) has accepted the underlying transactions to be at Arms Length Pricing [ALP] and therefore not made any adjustment in relation

DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD vs. PRIYA BLUE INDUSTRIES PVT. LTD., GUJARAT

In the result the appeals filed by the Revenue in ITA No

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

disallowing [c] Unexplained rental expenses of Rs. 5,00,000/= [d] Unaccounted profit of. Rs.11,29,61,022/= [e] Suppression of sale - Gas turbine Rs. 3,41,34,100/=. 2.3. Ld TPO, while passing the order u/s 92CA(3) has accepted the underlying transactions to be at Arms Length Pricing [ALP] and therefore not made any adjustment in relation