NEETABEN PATEL,VADODARA vs. ITO, WARD-1(2)(2), VADODARA

In the result, the appeals filed by the Assessee are hereby allowed

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

reassessment order thereby the penalty levied u/s. 271D and 271E are bad in law and relied upon various case laws. Perusal of the penalty order makes it clear, the assessee was issued with a show cause notice dated 04-07-2019 as to why not impose penalty u/s. 271D and 271E for contravening the provisions of Section 269SS and 269T

NEETABEN PATEL,VADODARA vs. ITO, WARD-1(2)(2), VADODARA

In the result, the appeals filed by the Assessee are hereby allowed

reassessment order thereby the penalty levied u/s. 271D and 271E are bad in law and relied upon various case laws. Perusal of the penalty order makes it clear, the assessee was issued with a show cause notice dated 04-07-2019 as to why not impose penalty u/s. 271D and 271E for contravening the provisions of Section 269SS and 269T

TULSI REALITY,VADODARA vs. THE PR. CIT-1, VADODARA

The appeal of the assessee is dismissed

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.134/Ahd/2022 िनधा"रण वष" /Assessment Year : 2017-18 Tulsi Reality The Pr.Cit-1 बनाम/ G5 Anand Deep Complex Vadodara – 390 007 V/S. Gotri Road (Gujarat) Gotri, Vadodara – 390 021 (Gujarat) "थायी लेखा सं./Pan: Aafft 8908 B (अपीलाथ&/ Appellant) ('( यथ&/ Respondent) Assessee By : Ms. Urvashi Shodhan, Ar Revenue By : Shri Prathvi Raj Meena, Cit-Dr सुनवाई की तारीख/Date Of Hearing : 27/01/2025 घोषणा की तारीख /Date Of Pronouncement: 30/01/2025 आदेश/O R D E R Per Makarand V. Mahadeokar, Am: This Appeal Is Filed By The Assessee Against The Order Dated 29.03.2022 Passed By The Ld. Principal Commissioner Of Income Tax, Vadodara-1 (Hereinafter Referred To As "Pcit") Under Section 263 Of The Income Tax Act, 1961 (Hereinafter Referred To As "The Act") For The Assessment Year (Ay) 2017- 18, Setting Aside The Assessment Order Passed By The Assessing Officer (Hereinafter Referred To As “Ao”) Under Section 143(3) Of The Act Dated 12.12.2019. Tulsi Reality Vs. The Pr.Cit-1 Asst. Year : 2017-18

269T are not applicable. 5.1. The AR further submitted that the assessee is following percentage completion method for recognizing revenue as recommended by the ICAI and the same is disclosed in the accounting policies submitted to the AO. The AR submitted that as per the said method the assessee has recognized only Rs.2,98,48,372/- out of total amount