M/S. ASIAN AGENCY,,AHMEDABAD vs. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCEL-7(2),, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Smt. Madhumita Roy

penalty proceedings u/s 271 (1) (c) is not justified.” 3. Additional ground: “Appellant craves leave to raise this additional ground of appeal before the Hon'ble ITAT. This is a legal ground and therefore as per the decision of Hon'ble Supreme Court in the case of National Thermal Power (229 ITR 383) it can be raised before

M/S. ASIAN AGENCY,,AHMEDABAD vs. THE ACIT, CIRCEL-7(2),, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Smt. Madhumita Roy

penalty proceedings u/s 271 (1) (c) is not justified.” 3. Additional ground: “Appellant craves leave to raise this additional ground of appeal before the Hon'ble ITAT. This is a legal ground and therefore as per the decision of Hon'ble Supreme Court in the case of National Thermal Power (229 ITR 383) it can be raised before

M/S. ASIAN AGENCY,,AHMEDABAD vs. COMMISSIONER OF INCOME TAX,VII,, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Smt. Madhumita Roy

penalty proceedings u/s 271 (1) (c) is not justified.” 3. Additional ground: “Appellant craves leave to raise this additional ground of appeal before the Hon'ble ITAT. This is a legal ground and therefore as per the decision of Hon'ble Supreme Court in the case of National Thermal Power (229 ITR 383) it can be raised before

M/S. ASIAN AGENCY,,AHMEDABAD vs. THE ACIT, CIRCEL-7(2),, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Smt. Madhumita Roy

penalty proceedings u/s 271 (1) (c) is not justified.” 3. Additional ground: “Appellant craves leave to raise this additional ground of appeal before the Hon'ble ITAT. This is a legal ground and therefore as per the decision of Hon'ble Supreme Court in the case of National Thermal Power (229 ITR 383) it can be raised before

M/S. ASIAN AGENCY,,AHMEDABAD vs. THE DCIT, CIRCEL-7(2),, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Smt. Madhumita Roy

penalty proceedings u/s 271 (1) (c) is not justified.” 3. Additional ground: “Appellant craves leave to raise this additional ground of appeal before the Hon'ble ITAT. This is a legal ground and therefore as per the decision of Hon'ble Supreme Court in the case of National Thermal Power (229 ITR 383) it can be raised before

THE ITO, WARD-7(2)(1),, AHMEDABAD vs. M/S. ASIAN AGENCY,, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Smt. Madhumita Roy

penalty proceedings u/s 271 (1) (c) is not justified.” 3. Additional ground: “Appellant craves leave to raise this additional ground of appeal before the Hon'ble ITAT. This is a legal ground and therefore as per the decision of Hon'ble Supreme Court in the case of National Thermal Power (229 ITR 383) it can be raised before

THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1),, BARODA vs. M/S. SUN PHARMACEUTICALS INDUSTRIES LIMITED,, VADODARA

In the result the appeal of the revenue is dismissed

Bench: The Itat Ahmedabad Vide Ita No. 3289/Ahd/2002 & 3343/Ahd/2002. Addition On Account Of Profit On Sale Of Depb For The Purpose Of Rs.11,41,480 Deduction U/S.80Ia Deduction U/S.115Jb(2) In Respect Of Book Losses Of Pradeep Drug Rs.3, 39,12,399

section 72 and 72A. Moreover, the tax has been levied under normal provisions of the Act and hence no penalty can be levied for the additions made under MAT provisions, the Ld. Authorized Signatory has emphasized. I have perused the assessment order and find that the Assessing Officer has assessed the total income of assessee under normal provisions since

MARUTI INFRASTRUCTURE LTD.,AHMEDABAD vs. DCIT, CIRCLE-2(1)(1), , AHMEDABAD

In the result, ground of appeal raised by the assessee is allowed

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

Penalty u/s. 271(1)(c) can be levied or not is the moot question that is under consideration. 8.1. The Jurisdictional High Court in the case of ITO vs. Bombaywala Readymade Stores reported in [2015] 55 taxmann.com 258 wherein it was held as follows: “Section 271(1)(c), read with section 145

THE ITO, WARD-3(1)(1),, AHMEDABAD vs. M/S. NASCENT INFO TECHNOLOGIES PVT. LTD.,, AHMEDABAD

In the result the appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & M/S. Madhumita Royआयकर अपील सं./I.T.A. No. 2828/Ahd/2016 ("नधा"रण वष" / Assessment Year : 2012-13) बनाम/ Ito M/S. Nascent Info Technologies Pvt. Ltd. Ward-3(1)(1), Vs. A-805, Sapath-Iv, Opp. Ahmedabad Karnavati Club, Ahmedabad- 380054 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aac Cn3 670 J (अपीलाथ" /Appellant) .. (""यथ" / Respondent) अपीलाथ" ओर से /Appellant By : Santosh Karnani, Sr. Dr ""यथ" क" ओर से / Respondent By: Mehul K. Patel, Ar सुनवाई क" तार"ख / Date Of Hearing 13/02/2019 घोषणा क" तार"ख /Date Of Pronouncement 27/03/2019 आदेश/O R D E R Per Waseem Ahmed - Am:

u/s. 271(1)(c) of the Act would be decided based on following observations. As per the provisions of section 271(1)(c) of the Income-tax Act,1961, penalty u/s.271(1)(c) can be imposed on two charges i.e. (1) concealment of particulars of income (2) furnishing of inaccurate particulars of income. The common factor in the above charge

CORRTECH INTERNATIONAL PVT.LTD.,,AHMEDABAD vs. DY. COMMISSIONER OF INCOME TAX,(OSD),, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

penalty levied of Rs.51,73,081/- u/s 271(1)(c) of the Act despite the fact that the ld. CIT(A) has confirmed these additions/disallowances. (a) Clam of Short Term capital loss Rs. 21,87,518/- (b) Payments to Axis PE for due diligence Rs.41,54,372/- (c) Dead Stock Rs.6,23,810/- (d) Disallowance u/s 40(a) Rs.4

THE DCIT(OSD) RANGE-1,, AHMEDABAD vs. M/S. CORRTECH INTERNATIONAL PVT.LTD.,, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

penalty levied of Rs.51,73,081/- u/s 271(1)(c) of the Act despite the fact that the ld. CIT(A) has confirmed these additions/disallowances. (a) Clam of Short Term capital loss Rs. 21,87,518/- (b) Payments to Axis PE for due diligence Rs.41,54,372/- (c) Dead Stock Rs.6,23,810/- (d) Disallowance u/s 40(a) Rs.4

THE DCIT(OSD)RANGE-1,, AHMEDABAD vs. CORRTECH INTERNATIONAL PVT.LTD.,, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

penalty levied of Rs.51,73,081/- u/s 271(1)(c) of the Act despite the fact that the ld. CIT(A) has confirmed these additions/disallowances. (a) Clam of Short Term capital loss Rs. 21,87,518/- (b) Payments to Axis PE for due diligence Rs.41,54,372/- (c) Dead Stock Rs.6,23,810/- (d) Disallowance u/s 40(a) Rs.4

CORRTECH INTERNATIONAL PVT. LTD.,AHMEDABAD vs. THE ADDL. CIT, TDS RANGE,, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

penalty levied of Rs.51,73,081/- u/s 271(1)(c) of the Act despite the fact that the ld. CIT(A) has confirmed these additions/disallowances. (a) Clam of Short Term capital loss Rs. 21,87,518/- (b) Payments to Axis PE for due diligence Rs.41,54,372/- (c) Dead Stock Rs.6,23,810/- (d) Disallowance u/s 40(a) Rs.4

CORRTECH INTERNATIONAL PVT. LTD.,AHMEDABAD vs. THE ADDL. CIT, TDS RANGE,, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

penalty levied of Rs.51,73,081/- u/s 271(1)(c) of the Act despite the fact that the ld. CIT(A) has confirmed these additions/disallowances. (a) Clam of Short Term capital loss Rs. 21,87,518/- (b) Payments to Axis PE for due diligence Rs.41,54,372/- (c) Dead Stock Rs.6,23,810/- (d) Disallowance u/s 40(a) Rs.4

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(2),, AHMEDABAD vs. M/S. CORRTECH INTERNATIONAL PVT. LTD.,, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

penalty levied of Rs.51,73,081/- u/s 271(1)(c) of the Act despite the fact that the ld. CIT(A) has confirmed these additions/disallowances. (a) Clam of Short Term capital loss Rs. 21,87,518/- (b) Payments to Axis PE for due diligence Rs.41,54,372/- (c) Dead Stock Rs.6,23,810/- (d) Disallowance u/s 40(a) Rs.4

CORRTECH INTERNATIONAL PVT.LTD.,,AHMEDABAD vs. THE ACIT.,(OSD)RANGE-1,, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

penalty levied of Rs.51,73,081/- u/s 271(1)(c) of the Act despite the fact that the ld. CIT(A) has confirmed these additions/disallowances. (a) Clam of Short Term capital loss Rs. 21,87,518/- (b) Payments to Axis PE for due diligence Rs.41,54,372/- (c) Dead Stock Rs.6,23,810/- (d) Disallowance u/s 40(a) Rs.4

CORRTECH INTERNATIONAL PVT.LTD.,,AHMEDABAD vs. THE ACIT.,(OSD) RANGE-1,, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

penalty levied of Rs.51,73,081/- u/s 271(1)(c) of the Act despite the fact that the ld. CIT(A) has confirmed these additions/disallowances. (a) Clam of Short Term capital loss Rs. 21,87,518/- (b) Payments to Axis PE for due diligence Rs.41,54,372/- (c) Dead Stock Rs.6,23,810/- (d) Disallowance u/s 40(a) Rs.4

THE DCIT(OSD) RANGE-1,, AHMEDABAD vs. M/S. CORRTECH INTERNATIONAL PVT.LTD.,, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

penalty levied of Rs.51,73,081/- u/s 271(1)(c) of the Act despite the fact that the ld. CIT(A) has confirmed these additions/disallowances. (a) Clam of Short Term capital loss Rs. 21,87,518/- (b) Payments to Axis PE for due diligence Rs.41,54,372/- (c) Dead Stock Rs.6,23,810/- (d) Disallowance u/s 40(a) Rs.4