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92 results for “penalty u/s 271”+ Carry Forward of Lossesclear

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Key Topics

Section 14A72Section 271(1)(c)37Penalty37Section 246A33Disallowance31Section 14728Section 153A26Section 80C26Section 5426

D.SENTHIL KUMAR,CHENNAI vs. ACIT, COIMBATORE

In the result, the appeal of the assessee is allowed in terms of our above order

ITA 1209/CHNY/2017[2009-10]Status: DisposedITAT Chennai19 May 2023AY 2009-10

Bench: Hon’Ble Shri V. Durga Rao, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri S. Sridhar (Advocate ) – Ld.ARFor Respondent: Shri P. Sajit Kumar (JCIT) – Ld. Sr. DR
Section 271(1)(c)Section 274

loss or has not under-paid the tax in any manner, shall serve on the assessee a notice requiring him, on a date to be specified therein either to attend the office of the Assessing Officer or to produce or cause to be produced before the Assessing Officer or to produce, or cause to be produced before the Assessing Officer

MANGAL & MANGAL,TRICHY vs. ACIT, TRICHY

In the result, appeal filed by the assessee is allowed

Showing 1–20 of 92 · Page 1 of 5

Section 143(3)24
Addition to Income23
Reopening of Assessment20
ITA 2207/CHNY/2019[2013-14]Status: DisposedITAT Chennai22 Feb 2023AY 2013-14

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 2207/Chny/2019 िनधा"रण वष" / Assessment Year: 2013-14

For Appellant: Shri. S. Sridhar, Advocate &For Respondent: Shri. R Mohan Reddy, CIT
Section 271A

loss account was redrawn after revaluation of opening and closing stock, including excess stock found during the course of search, which resulted in undervaluation of stock of Rs. 18,30,77,920/-. The assessee firm has admitted undeclared :-5-: ITA. No: 2207/Chny/2019 income towards undervaluation of stock and agreed to pay tax. 4. Consequent to search, the assessment has been

PVP VENTURES LIMITED,CHENNAI vs. DCIT CORPORATE CIRCLE 5(2), CHENNAI

The appeal stands partly allowed in terms of our above order

ITA 778/CHNY/2019[2008-09]Status: DisposedITAT Chennai08 Jun 2022AY 2008-09

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri T. Banusekar (Advocate)-Ld. A.RFor Respondent: Shri ARV Sreenivasan (Addl. CIT) – Ld. DR
Section 139(1)Section 139(2)Section 143(3)Section 22(1)Section 271(1)(c)Section 274Section 69A

loss of Rs.17.47 Lacs was determined at income of Rs.41520.26 Lacs after certain additions / disallowances. Consequently, penalty proceedings were initiated by Ld. AO in the assessment order as under: “Penalty proceedings u/s 271(1)(c) is initiated separately.” 2. The Ld. AR, drawing attention to ground no.2 of the appeal, submitted that the penalty stood vitiated for want of requisite

PENTA MEDIA GRAPHICS LTD.,CHENNAI vs. DCIT, CHENNAI

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

ITA 1405/CHNY/2015[2006-07]Status: DisposedITAT Chennai25 Feb 2022AY 2006-07

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Shri G. Baskar, AdvocateFor Respondent: Shri P. Sajit Kumar, JCIT
Section 10BSection 143(3)Section 271Section 271(1)(c)

carry forward of long term capital loss. For this, assessee has raised following 5 grounds :- 1. The Order of the Commissioner of Income tax (Appeals) dated 23.03.2015, confirming the levy of penalty u/s 271

KEMIA INDUSTRIES LIMITED,CHENNAI vs. ITO, CHENNAI

The appeal stands allowed in terms of our above order

ITA 1276/CHNY/2017[2012-13]Status: DisposedITAT Chennai04 May 2022AY 2012-13

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Anikesh Banerjee, Jm

For Appellant: Shri G. Baskar (Advocate) – Ld. ARFor Respondent: Shri Guru Bashyam (CIT) – Ld. DR
Section 271(1)(c)

loss of Rs.44.64 Lacs was subjected to scrutiny assessment. In the return of income, the assessee reflected agricultural income of Rs.1602.25 Lacs and claimed the same to be exempt from tax. It transpired that 5.82 acres of land was stated to be purchased by the assessee during the year 1995 and the assessee incurred development expenditure from time to time

ADVENT COMPUTER SERVICES LTD,CHENNAI vs. ACIT, COMPANY WARD 1(1), CHENNAI

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

ITA 222/CHNY/2018[2007-08]Status: DisposedITAT Chennai10 Nov 2020AY 2007-08

Bench: Shri Mahavir Singh, Vice- & Shri G.Manjunathaआयकरअपीलसं./I.T.A.No.222/Chny/2018 ("नधा"रणवष" / Assessment Year: 2007-08) M/S. Advent Computer Services Ltd., Vs The Assistant Commissioner Of C/O.M/S. Anil Nair Associates Income Tax, Casa Blanca, 1St Floor,11,Casa Major Company Ward-1(1), Road. Egmore, Chennai-600 034. Chennai-600 008. Pan:Aacea 0326L (अपीलाथ"/Appellant) (""यथ"/Respondent)

Section 271(1)(c)Section 274

carried forward loss and consequently there was no tax impact. 4. The Commissioner of Income tax (Appeals) ought to have considered from the behaviour and conduct of the appellant during and after assessment proceedings that omission was purely inadvertent and not deliberate or by neglect. 5. The statutory process for levy of penalty has not been satisfied and that

SIVA INDUSTRIES AND HOLDINGS LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the assessee’s appeals in ITA No 1392/2016 for the

ITA 1973/CHNY/2016[2010-11]Status: HeardITAT Chennai21 Jan 2020AY 2010-11

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

Section 250(6)

271 (1) ( c ) on interest income and disallowance u/s 14A . 1.2 The Ld CIT(A) has erred in not providing an iota of reasoning as to how the levy is not attracted in respect of interest income and U/s 14A vide a speaking order. G1.3 For these and other grounds that may be adduced at the time of hearing

DCIT, CHENNAI vs. SIVA VENTURES LTD., CHENNAI

In the result, the assessee’s appeals in ITA No 1392/2016 for the

ITA 1421/CHNY/2016[2008-2009]Status: DisposedITAT Chennai21 Jan 2020AY 2008-2009

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

Section 250(6)

271 (1) ( c ) on interest income and disallowance u/s 14A . 1.2 The Ld CIT(A) has erred in not providing an iota of reasoning as to how the levy is not attracted in respect of interest income and U/s 14A vide a speaking order. G1.3 For these and other grounds that may be adduced at the time of hearing

DCIT, CHENNAI vs. SIVA VENTURES LIMITED, CHENNAI

In the result, the assessee’s appeals in ITA No 1392/2016 for the

ITA 663/CHNY/2015[2010-11]Status: DisposedITAT Chennai21 Jan 2020AY 2010-11

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

Section 250(6)

271 (1) ( c ) on interest income and disallowance u/s 14A . 1.2 The Ld CIT(A) has erred in not providing an iota of reasoning as to how the levy is not attracted in respect of interest income and U/s 14A vide a speaking order. G1.3 For these and other grounds that may be adduced at the time of hearing

DCIT, CHENNAI vs. SIVA VENTURES LTD., CHENNAI

In the result, the assessee’s appeals in ITA No 1392/2016 for the

ITA 1075/CHNY/2014[2009-10]Status: DisposedITAT Chennai21 Jan 2020AY 2009-10

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

Section 250(6)

271 (1) ( c ) on interest income and disallowance u/s 14A . 1.2 The Ld CIT(A) has erred in not providing an iota of reasoning as to how the levy is not attracted in respect of interest income and U/s 14A vide a speaking order. G1.3 For these and other grounds that may be adduced at the time of hearing

DCIT CORPORATE CIRCLE 4(2), CHENNAI vs. NAGARJUNA OIL CORPORATION LTD., CHENNAI

In the result, the appeals filed by the assessee in ITA

ITA 2703/CHNY/2017[2012-13]Status: DisposedITAT Chennai21 Nov 2022AY 2012-13

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: NoneFor Respondent: Shri R. Mohan Reddy, CIT
Section 143(3)Section 271(1)(c)

forward and hence, these appeals are heard ex-parte qua assessee as well as official liquidator after hearing ld.CIT-DR. 6. Brief facts are that the assessee is engaged in the business of refining of petroleum oil, etc. The business activity has still not started which is noted by the AO and this is undisputed fact. The assessee company started

NAGARJUNA OIL CORPORATION LTD.,CHENNAI vs. ACIT CORPORATE CIRCLE 4(2), CHENNAI

In the result, the appeals filed by the assessee in ITA

ITA 2605/CHNY/2017[2012-13]Status: DisposedITAT Chennai21 Nov 2022AY 2012-13

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: NoneFor Respondent: Shri R. Mohan Reddy, CIT
Section 143(3)Section 271(1)(c)

forward and hence, these appeals are heard ex-parte qua assessee as well as official liquidator after hearing ld.CIT-DR. 6. Brief facts are that the assessee is engaged in the business of refining of petroleum oil, etc. The business activity has still not started which is noted by the AO and this is undisputed fact. The assessee company started

NAGARJUNA OIL CORPORATION LTD.,CHENNAI vs. ACIT CORPORATE CIRCLE 4(2), CHENNAI

In the result, the appeals filed by the assessee in ITA

ITA 2604/CHNY/2017[2011-12]Status: DisposedITAT Chennai21 Nov 2022AY 2011-12

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: NoneFor Respondent: Shri R. Mohan Reddy, CIT
Section 143(3)Section 271(1)(c)

forward and hence, these appeals are heard ex-parte qua assessee as well as official liquidator after hearing ld.CIT-DR. 6. Brief facts are that the assessee is engaged in the business of refining of petroleum oil, etc. The business activity has still not started which is noted by the AO and this is undisputed fact. The assessee company started

DCIT CORPORATE CIRCLE 4(2), CHENNAI vs. NAGARJUNA OIL CORPORATION LTD., CHENNAI

In the result, the appeals filed by the assessee in ITA

ITA 2704/CHNY/2017[2011-12]Status: DisposedITAT Chennai21 Nov 2022AY 2011-12

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: NoneFor Respondent: Shri R. Mohan Reddy, CIT
Section 143(3)Section 271(1)(c)

forward and hence, these appeals are heard ex-parte qua assessee as well as official liquidator after hearing ld.CIT-DR. 6. Brief facts are that the assessee is engaged in the business of refining of petroleum oil, etc. The business activity has still not started which is noted by the AO and this is undisputed fact. The assessee company started

A.M.RATHINAM,CHENNAI vs. ACIT, CHENNAI

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

ITA 1113/CHNY/2015[2003-04]Status: DisposedITAT Chennai17 Nov 2021AY 2003-04

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./Ita No.1113/Chny/2015 िनधा"रण वष" /Assessment Year: 2003-04

For Appellant: Mr. S. Sridhar, AdvocateFor Respondent: Mrs. R. Anita, Addl. CIT
Section 143(3)Section 271(1)(c)

forward losses of earlier years. While computing the assessment, the Assessing Officer (AO) made addition of Rs. 68,40,758/- towards following heads: (i) Difference in loan account Rs. 23,00,000 (ii) Interest Rs. 7,00,000 (iii) Cash expenditure Rs. 2,30,668 (iv) Cost of print Rs. 5,31,590 (v) Publicity expenses

DILIP KAPUR,PONDICHERRY vs. ACIT, NFAC, CIRCLE 1 , PONDICHERRY

In the result the appeal of the assessee is allowed

ITA 984/CHNY/2024[2014-15]Status: DisposedITAT Chennai06 Nov 2024AY 2014-15

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 984/Chny/2024 िनधा"रणवष" / Assessment Year: 2014-15 Dilip Kapur The Assistant Commissioner Of 7, Saint Martin Street, Income Tax, Pondicherry (Ut), Circle -1, Pondicherry – 605 001. Pondicherry – 605 003. [Pan: Adspd-4530-H ] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant By : Shri. Vikram Vijayaraghavan, Advocate ""यथ"क"ओरसे/Respondent By : Ms. R. Anita, Addl. Cit सुनवाई क" तारीख/Date Of Hearing : 22.08.2024 घोषणा क" तारीख/Date Of Pronouncement : 06.11.2024

For Appellant: Shri. Vikram Vijayaraghavan, AdvocateFor Respondent: Ms. R. Anita, Addl. CIT
Section 10(38)Section 143(3)Section 147Section 148Section 271Section 271(1)(c)

penalty u/s 271 (1)(c) is not in accordance with law. 2.4 Explanation 2 to S.147 does not apply as loss claim was not made: The NAFC/CIT(A) ought to have appreciated that the AO accepted the returned income as the assessed income in the 148 proceedings and hence Explanation 2 to S. 147 will not apply and hence there

SANGUINE MEDIA LIMITED,CHENNAI vs. ITO, CHENNAI

The appeal stand allowed for statistical purposes

ITA 1594/CHNY/2023[2011-12]Status: DisposedITAT Chennai09 Jan 2025AY 2011-12

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm 1. आयकरअपील सं./ Ita No.1594/Chny/2023 (िनधा9रण वष9 / Assessment Year: 2011-12) M/S. Sanguine Media Limited Ito बनाम/ Plot No.135A, 1St Floor, Non-Corporate Ward-20(5) Chandran Nagar Main Road, Chennai Vs. Chrompet, Chennai-600 044. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaecs-2217-C (अपीलाथ"/Appellant) : (" थ" / Respondent) & 2. आयकरअपील सं./ Ita No.480/Chny/2024 (िनधा9रण वष9 / Assessment Year: 2011-12) Ito M/S. Sanguine Media Limited बनाम/ Plot No.135A, 1St Floor, Non-Corporate Ward-10(6) Chennai Chandran Nagar Main Road, Vs. Chrompet, Chennai-600 044. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaecs-2217-C (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ" की ओर से/ Assessee By : Shri Neeraj Mangla (Ca) (Virtual)- Ld.Ar " थ" की ओर से/Revenue By : Shri Nilay Baran Som (Cit)-Ld. Dr सुनवाई की तारीख/Date Of Hearing : 10-12-2024 घोषणा की तारीख /Date Of Pronouncement : 09-01-2025 आदेश / O R D E R

For Appellant: Shri Neeraj Mangla (CA) (Virtual)- Ld.ARFor Respondent: Shri Nilay Baran Som (CIT)-Ld. DR
Section 147Section 271(1)(c)Section 68

carried the issue of addition u/s 68 before Tribunal vide ITA No.882/Chny/2020 order dated 31.01.2023 which was allowed. The assessee did not contest the claim of excess depreciation and the same thus attained finality. At the same time, the quantum addition as made by Ld. AO u/s 68 has not survived as per the decision of Tribunal

INCOME TAX OFFICER, CHENNAI vs. SANGUINE MEDIA LIMITED, CHENNAI

The appeal stand allowed for statistical purposes

ITA 480/CHNY/2024[2011]Status: DisposedITAT Chennai09 Jan 2025

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm 1. आयकरअपील सं./ Ita No.1594/Chny/2023 (िनधा9रण वष9 / Assessment Year: 2011-12) M/S. Sanguine Media Limited Ito बनाम/ Plot No.135A, 1St Floor, Non-Corporate Ward-20(5) Chandran Nagar Main Road, Chennai Vs. Chrompet, Chennai-600 044. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaecs-2217-C (अपीलाथ"/Appellant) : (" थ" / Respondent) & 2. आयकरअपील सं./ Ita No.480/Chny/2024 (िनधा9रण वष9 / Assessment Year: 2011-12) Ito M/S. Sanguine Media Limited बनाम/ Plot No.135A, 1St Floor, Non-Corporate Ward-10(6) Chennai Chandran Nagar Main Road, Vs. Chrompet, Chennai-600 044. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaecs-2217-C (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ" की ओर से/ Assessee By : Shri Neeraj Mangla (Ca) (Virtual)- Ld.Ar " थ" की ओर से/Revenue By : Shri Nilay Baran Som (Cit)-Ld. Dr सुनवाई की तारीख/Date Of Hearing : 10-12-2024 घोषणा की तारीख /Date Of Pronouncement : 09-01-2025 आदेश / O R D E R

For Appellant: Shri Neeraj Mangla (CA) (Virtual)- Ld.ARFor Respondent: Shri Nilay Baran Som (CIT)-Ld. DR
Section 147Section 271(1)(c)Section 68

carried the issue of addition u/s 68 before Tribunal vide ITA No.882/Chny/2020 order dated 31.01.2023 which was allowed. The assessee did not contest the claim of excess depreciation and the same thus attained finality. At the same time, the quantum addition as made by Ld. AO u/s 68 has not survived as per the decision of Tribunal

ILJIN AUTOMOTIVE PRIVATE LIMITED,KANCHIPURAM vs. DCIT CORPORATE CIRCLE 2(2), CHENNAI

The appeal stand partly allowed in terms of our above order

ITA 1834/CHNY/2017[2013-14]Status: DisposedITAT Chennai03 Dec 2024AY 2013-14

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm आयकरअपील सं./ Ita No.1834/Chny/2017 (िनधा)रणवष) / Assessment Year: 2013-14) M/S. Iljin Automotive Private Limited Dcit बनाम/ Plot No.B1 & B2, Sipcot Industrial Park Corporate Circle-2(2), Irungattukottai, Sriperumbudur Chennai. Vs. Kanchipuram-602 105. "थायीलेखासं./जीआइआरसं./Pan/Gir No.Aaaci-2641-E (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Sandeep Bagmar (Advocate) - Ld. Ar " थ"कीओरसे/Respondent By : Shri A. Sasikumar (Cit) - Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 19-11-2024 घोषणाकीतारीख /Date Of Pronouncement : 03-12-2024 आदेश / O R D E R

For Appellant: Shri Sandeep Bagmar (Advocate) - Ld. ARFor Respondent: Shri A. Sasikumar (CIT) - Ld. DR
Section 143(3)Section 144C(5)Section 32Section 43ASection 92CSection 92C(3)

carried out by the assessee. Therefore, forex losses / gains have to be considered as operating in nature. 2.6 The Ld. AR has sought various economic adjustments. However, it was admitted position that these adjustments were not granted by Tribunal in earlier years. Therefore, no indulgence is required on the same. 2.7 No other ground has been urged in the appeal

DR.S.F.V.SELVARAJ,CHENNAI vs. DCIT, CHENNAI

In the result, both the appeals filed by the assessee are dismissed

ITA 868/CHNY/2016[2012-13]Status: DisposedITAT Chennai06 Jul 2022AY 2012-13

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./I.T.A. Nos.868 & 869/Chny/2016 िनधा"रण वष"/Assessment Year:2012-13 Dr. (Late) S.F.V. Selvaraj, The Deputy Commissioner Of Rep. By L/H Dr. Kamala Selvaraj, Vs. Income Tax, Dr. Deepu Rajkamal Selvaraj, Dr. Priya Central Circle 2(5), Selvaraj, No. 22, 5Th Street, Dr. Chennai. Thirumurthy Nagar, Nungambakkam, Chennai 600 034. [Pan:Aasps5404L] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri G. Baskar, Advocate ""थ" की ओर से/Respondent By : Shri M. Rajan, Cit सुनवाई की तारीख/ Date Of Hearing : 17.05.2022 घोषणा की तारीख /Date Of Pronouncement : 06.07.2022 आदेश /O R D E R Per V. Durga Rao: Both Appeals Filed By The Assessee Are Directed Against Separate Orders Of The Ld. Commissioner Of Income Tax (Appeals) 18, Chennai, Both Dated 08.02.2016 Relevant To The Assessment Year 2012-13 Challenging The Confirmation Of Quantum Addition Of Unexplained Cash Under Section 69A Of The Income Tax Act, 1961 [“Act” In Short] & Confirmation Of Penalty Levied Under Section 271Aaa Of The Act. Against Quantum Addition, The Assessee Has Raised The Following Grounds:

For Appellant: Shri G. Baskar, AdvocateFor Respondent: Shri M. Rajan, CIT
Section 132Section 271ASection 69A

loss and the persons responsible for it." Further, the assessee has replied as under: "In (CDC Portfolio Management) A/c cash on hand of Rs.21,03,91,095 is available throughout the month" The assessee is having more than15 Bank accounts. Nobody will keep that much abnormal amount as cash that too for a whole month. The claim is against propability