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3 results for “penalty u/s 271”+ Section 36(1)(va)clear

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Key Topics

Section 271(1)(c)4Addition to Income3

THE BARAMULLA CENTRAL COPERATIVE BANK LTD,KASHMIR vs. THE DY. COMMISSIONER OF INCOME TAX, SRINAGAR

In the result, the appeal of the assessee stands allowed

ITA 359/ASR/2016[2007-08]Status: DisposedITAT Amritsar19 Dec 2019AY 2007-08

Bench: Sh. N. K. Choudhry & Sh. O. P. Meena

For Appellant: Sh. Padam Bahl (C.A.)For Respondent: Sh. Charan Dass (D.R.)
Section 143(3)Section 271(1)(c)Section 36

36(i)(va) of the Act. These additions were confirmed by the CIT as well as ITAT penalty proceedings u/s 271(1)(c) were also initiated. After getting the order of the ITAT, the case was fixed for hearing on 22.05.2014 but the assessee failed to make any compliance therefore the AO imposed penalty of Rs.40,03,762/- u/s 271

THE DEPUTY COMMISSIONER OF INCOME TAX, JAMMU vs. M/S. JAMMU DEVELPMENT AUTHORITY,, JAMMU

In the result, the appeal of the assessee is partly allowed for statistical purposes and the appeal of the department is dismissed

ITA 494/ASR/2013[2005-06]Status: DisposedITAT Amritsar20 Mar 2019AY 2005-06

Bench: Sh. N. S. Saini & Sh. N. K. Choudhryita No. 498/Asr./2013 : Asstt. Year : 2005-06 Jammu Development Authority, Vs Dy. Commissioner Of Income Vikas Bhawan, Rail Head Tax, Circle-I, Complex, Jammu, J & K Jammu (Appellant) (Respondent) Pan No. Aadfj7335A Ita No. 494/Asr./2013 : Asstt. Year : 2005-06 Dy. Commissioner Of Income Vs Jammu Development Authority, Tax, Circle-I, Vikas Bhawan, Rail Head Jammu Complex, Jammu, J & K (Appellant) (Respondent) Pan No. Aabcp1720E Assessee By : Shri. R. K. Gupta, Ca & Shri. Vasu Gupta, Ca Revenue By : Shri. M. P. Singh, Cit Dr Date Of Hearing :21.02.2019 Date Of Pronouncement : 22.03.2019 Order Per N. S. Saini: These Are The Cross Appeals Filed By The Assessee & Revenue Against The Order Of Commissioner Of Income Tax (Appeals) Dated 06.05.2013, Jammu.

For Appellant: Shri. R. K. Gupta, CA &For Respondent: Shri. M. P. Singh, CIT DR

Penalty proceedings u/s 271(1)(c) are being initiated separately for furnishing wrong and inaccurate particulars of income. (Even by adopting the straight line method, the interest accrued on FDRs amounting to Rs.27,87,90,781/- @ 5% (the rate reflected by the assessee in the return of income) comes to Rs.1,39,39,539/-. If the interest reflected

M/S. JAMMU DEVELOPMENT AUTHORITY,,JAMMU ( J&K) vs. THE DEPUTY COMMISSIONER OF INCOME TAX, JAMMU

In the result, the appeal of the assessee is partly allowed for statistical purposes and the appeal of the department is dismissed

ITA 498/ASR/2013[2005-06]Status: DisposedITAT Amritsar20 Mar 2019AY 2005-06

Bench: Sh. N. S. Saini & Sh. N. K. Choudhryita No. 498/Asr./2013 : Asstt. Year : 2005-06 Jammu Development Authority, Vs Dy. Commissioner Of Income Vikas Bhawan, Rail Head Tax, Circle-I, Complex, Jammu, J & K Jammu (Appellant) (Respondent) Pan No. Aadfj7335A Ita No. 494/Asr./2013 : Asstt. Year : 2005-06 Dy. Commissioner Of Income Vs Jammu Development Authority, Tax, Circle-I, Vikas Bhawan, Rail Head Jammu Complex, Jammu, J & K (Appellant) (Respondent) Pan No. Aabcp1720E Assessee By : Shri. R. K. Gupta, Ca & Shri. Vasu Gupta, Ca Revenue By : Shri. M. P. Singh, Cit Dr Date Of Hearing :21.02.2019 Date Of Pronouncement : 22.03.2019 Order Per N. S. Saini: These Are The Cross Appeals Filed By The Assessee & Revenue Against The Order Of Commissioner Of Income Tax (Appeals) Dated 06.05.2013, Jammu.

For Appellant: Shri. R. K. Gupta, CA &For Respondent: Shri. M. P. Singh, CIT DR

Penalty proceedings u/s 271(1)(c) are being initiated separately for furnishing wrong and inaccurate particulars of income. (Even by adopting the straight line method, the interest accrued on FDRs amounting to Rs.27,87,90,781/- @ 5% (the rate reflected by the assessee in the return of income) comes to Rs.1,39,39,539/-. If the interest reflected