DCIT, CENTRALCIRCLE-2(2), CHENNAI vs. SUBRAMANIAM THANU, CHENNAI

In the result, all the appeals filed by the Revenue as well as Cross

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. Nos.785, 786, 787 & 788/Chny/2023 िनधा"रण वष"/Assessment Years: 2015-16 & 2016-17 & C.O. Nos. 40, 41, 42 & 43/Chny/2023 (In I.T.A. Nos.785 To 788/Chny/2023)

section 132 of the Act on 30.09.2015. Consequently, the assessee filed his return of income on 15.10.2016 declaring loss of Rs.(-) 66,45,960/-. The case of the assessee was selected for scrutiny and the assessment was completed on 30.12.2017 after making addition towards unexplained interest paid/unexplained cash expenses. Against the same, Ld. AO initiated penalty proceedings u/s 271

DCIT, CENTRALCIRCLE-2(2), CHENNAI vs. SUBRAMANIAM THANU, CHENNAI

In the result, all the appeals filed by the Revenue as well as Cross

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. Nos.785, 786, 787 & 788/Chny/2023 िनधा"रण वष"/Assessment Years: 2015-16 & 2016-17 & C.O. Nos. 40, 41, 42 & 43/Chny/2023 (In I.T.A. Nos.785 To 788/Chny/2023)

section 132 of the Act on 30.09.2015. Consequently, the assessee filed his return of income on 15.10.2016 declaring loss of Rs.(-) 66,45,960/-. The case of the assessee was selected for scrutiny and the assessment was completed on 30.12.2017 after making addition towards unexplained interest paid/unexplained cash expenses. Against the same, Ld. AO initiated penalty proceedings u/s 271

DCIT, CENTRALCIRCLE-2(2), CHENNAI vs. SUBRAMANIAM THANU, CHENNAI

In the result, all the appeals filed by the Revenue as well as Cross

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. Nos.785, 786, 787 & 788/Chny/2023 िनधा"रण वष"/Assessment Years: 2015-16 & 2016-17 & C.O. Nos. 40, 41, 42 & 43/Chny/2023 (In I.T.A. Nos.785 To 788/Chny/2023)

section 132 of the Act on 30.09.2015. Consequently, the assessee filed his return of income on 15.10.2016 declaring loss of Rs.(-) 66,45,960/-. The case of the assessee was selected for scrutiny and the assessment was completed on 30.12.2017 after making addition towards unexplained interest paid/unexplained cash expenses. Against the same, Ld. AO initiated penalty proceedings u/s 271

SIDDHARTH N MAHER,CHENNAI vs. DCIT, CENTRAL CIRCLE-1(3), CHENNAI

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

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

u/s 271AAB of the Act is not mandatory but discretionary. The provisions of section 271AAB of the Act is parimateria with that of section 158BFA of the Act relating to block assessment and accordingly argued that the levy of penalty under section 271AAB is not mandatory but discretionary. When there is reasonable cause, the penalty is not exigible

NARENDRA C. MAHER INDL,CHENNAI vs. DCIT, CHENNAI

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

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

u/s 271AAB of the Act is not mandatory but discretionary. The provisions of section 271AAB of the Act is parimateria with that of section 158BFA of the Act relating to block assessment and accordingly argued that the levy of penalty under section 271AAB is not mandatory but discretionary. When there is reasonable cause, the penalty is not exigible

MAHENDRA KANCHANLAL MAHER INDL,CHENNAI vs. DCIT, CENTRAL CIRCLE1 (3), CHENNAI

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

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

u/s 271AAB of the Act is not mandatory but discretionary. The provisions of section 271AAB of the Act is parimateria with that of section 158BFA of the Act relating to block assessment and accordingly argued that the levy of penalty under section 271AAB is not mandatory but discretionary. When there is reasonable cause, the penalty is not exigible

ST.JOSEPHS EDUCATIONAL TRUST,CHENNAI vs. DCIT, CENTRAL CIRCLE-193), CHENNAI

In the result, all the appeals filed by the assessees are allowed

Bench: Shri Aby T. Varkey & Shri Jagadish

132 unearthed concrete evidence of unaccounted cash transactions misrepresented as corpus funds, taxable for A.Y. 2018-19. The AO's imposition of a 50% penalty reflects a lenient approach, as misreporting could have attracted 200%. f. Holistic Interpretation of the Notice • The notice must be read in conjunction with the assessment order, penalty order, and search proceedings. The 50% penalty

ST. JOSEPHS INSTITUTE OF SCIENCE AND TECHNOLOGY TRUST,CHENNAI vs. DCOT. CENTRAL CIRCLE-1(3), CHENNAI

In the result, all the appeals filed by the assessees are allowed

Bench: Shri Aby T. Varkey & Shri Jagadish

132 unearthed concrete evidence of unaccounted cash transactions misrepresented as corpus funds, taxable for A.Y. 2018-19. The AO's imposition of a 50% penalty reflects a lenient approach, as misreporting could have attracted 200%. f. Holistic Interpretation of the Notice • The notice must be read in conjunction with the assessment order, penalty order, and search proceedings. The 50% penalty

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. JAYAPRIYA COMPANY, CHENNAI

In the result, appeal filed by the Revenue is dismissed and the\nCross-Objection filed by the assessee is allowed

132 of the Act was conducted on Jayapriya group on 16-\n12-2021. In the course of search, it was inter alia unearthed that, the\nassessee was using a remote (cloud) server. It was revealed that, the\nserver contained a folder titled 'DATA' which inter alia included data\npertaining to Jayapriya Company under the head `Investments'. According

ACIT CENTRAL CIRCLE 1(1), CHENNAI vs. GHISULAI KOTHARI, CHENNAI

Appeal stands partly allowed in terms of our above order

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

penalty under the provisions of section 270A or section 271(1)(c) of the Act shall be imposed in respect of the undisclosed income, as defined u/s 271AAB of the Act, unearthed during the search action carried out u/s 132

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. ETHIRAJULU VAJRAVEL KUMARAN, TIRUVANNAMALAI,

132(4) at Rs.15 lacs\nand requested not to impose penalty u/s 271(1)(c) of the IT Act. The ld.\nAO imposed the penalty by invoking the Explanation 5A to section

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. ETHIRAJULU VAJRAVEL KUMARAN, TIRUVANNAMALAI

In the result, all the six appeals of the Revenue are\ndismissed

132(4) at Rs.15 lacs\nand requested not to impose penalty u/s 271(1)(c) of the IT Act. The ld.\nAO imposed penalty by invoking the Explanation 5A to section

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. ETHIRAJULU VAJRAVEL KUMARAN, THIRUVANNAMALAI

132(4) at Rs.15 lacs\nand requested not to impose penalty u/s 271(1)(c) of the IT Act. The ld.\nAO imposed penalty by invoking the Explanation 5A to section

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. ETHIRAJULU VAJRAVEL KUMARAN, CHENNAI

In the result, all the six appeals of the Revenue are\ndismissed

132(4) at Rs.15 lacs\nand requested not to impose penalty u/s 271(1)(c) of the IT Act. The\nAO imposed the penalty by invoking the Explanation 5A to section

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. ETHIRAJULU VAJRAVEL KUMARAN, TIRUVANNAMALAI

132(4) at Rs.15 lacs\nand requested not to impose penalty u/s 271(1)(c) of the IT Act. The ld.\nAO imposed penalty by invoking the Explanation 5A to section

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. ETHIRAJULU VAJRAVEL KUMARAN, THIRUVANNAMALAI

In the result, all the six appeals of the Revenue are\ndismissed

132(4) at Rs.15 lacs\nand requested not to impose penalty u/s 271(1)(c) of the IT Act. The ld.\nAO imposed the penalty by invoking the Explanation 5A to section

M/S.ENRICA ENTERPRISES PVT LTD,CHENNAI vs. DCIT,CENTRAL CIRCLE-3(4), CHENNAI

In the result, appeal filed by the assessee in ITA

Bench: Shri Manjunatha. G & Shri Manomohan Das

271(l)(c). The learned 1st appellate authority failed to see that the penalty proceedings are independent of assessment proceedings and therefore penalty is not leviable merely on the ground that certain additions have been made in the assessment proceedings. 10. The learned Commissioner ought to have seen that penalty cannot be levied merely because an amount taxed as income

M/S ENRICA ENTERPRISES PVT LTD,CHENNAI vs. DCIT,CENTRAL CIRCLE-3(4), CHENNAI

In the result, appeal filed by the assessee in ITA

Bench: Shri Manjunatha. G & Shri Manomohan Das

271(l)(c). The learned 1st appellate authority failed to see that the penalty proceedings are independent of assessment proceedings and therefore penalty is not leviable merely on the ground that certain additions have been made in the assessment proceedings. 10. The learned Commissioner ought to have seen that penalty cannot be levied merely because an amount taxed as income

ST. JOSHEPHS INSTITUTE OF SCIENCE AND TECHNOLOGY TRUST,CHENNAI vs. DCIT, CENTRAL CIRCLE-193), CHENNAI

132 of the Income Tax Act, 1961, was\nconducted on the assessee Trust on 07.11.2017.\n• During the search, it was discovered that the assessee had collected\nunaccounted capitation fees in cash, which were not recorded in its\nbooks of accounts.\n• For A.Y. 2020-21, the AO assessed this undisclosed income and\ninitiated penalty proceedings under Section 271AAB