AMIT BANSAL,HARYANA vs. ACIT, CENTRAL CIRCLE-16, DELHI

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

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI SUDHIR PAREEK (Judicial Member)

u/s 271(1) (c) observing that the assessee had declared the additional income only because of initiation of search proceedings. We observed that the Assessing Officer has found the credit and debit entries in the bank statement submitted by the assessee only during the assessment proceedings, therefore, there is no link to the material found during the search. Therefore

AMIT BANSAL,HARYANA vs. ACIT CENTRAL CIRCLE-16, DELHI

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

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI SUDHIR PAREEK (Judicial Member)

u/s 271(1) (c) observing that the assessee had declared the additional income only because of initiation of search proceedings. We observed that the Assessing Officer has found the credit and debit entries in the bank statement submitted by the assessee only during the assessment proceedings, therefore, there is no link to the material found during the search. Therefore

JET LITE (INDIA) LTD.,MUMBAI vs. DCIT, CENTRAL CIRCLE-6 (NOW CC-1), MUMBAI

In the result, the appeal of the assessee is dismissed

Bench: Shri M. Balaganesh & Shri Anubhav Sharmajet Lite (India) Ltd, Vs. Dcit, 13, Community Central Circle-6, Centre, Yusuf Sarai, (Now Cc-1), New Delhi New Delhi (Appellant) (Respondent) Pan:Aadcs4480L

u/s 271(1)(c) of the Income-tax Act, 1961 (hereinafter referred to as „the Act‟) dated 28.03.2014 by the Assessing Officer, DCIT, Central Circle-1, New Delhi (hereinafter referred to as „ld. AO‟). 2. The assessee has raised the following grounds of appeal:- “1) On the facts and in the circumstances of the case and in law, the learned

HARISH KUMAR HUF,NEW DELHI vs. DCIT, CIRCLE-34(1), NEW DELHI

In the result, the appeal filed by the Assessee stands partly allowed

Bench: Shri H.S. Sidhu & Dr. B.R.R. Kumara.Y. : 2015-16

251 ITR 99 (SC)/[2001] 169 CTR 489 (SC)] where Hon'ble Supreme Court held that where assessee was unable to furnish evidence for loans and it offered amount of transaction as additional income, Assessing Officer was justified in imposing penalty u/s271 (1 )(c) after finding the explanation to be unacceptable and applying Explanation 1 (B) of the section

M/S. OIL INDUSTRY DEVELOPMENT BOARD,NEW DELHI vs. DCIT, NEW DELHI

In the result, all the three appeals filed by the assessee are allowed

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

1)(c) of the Act at the rate of 100% of the tax sought to be evaded amounting to Rs.1,76,04,180/-, Rs.1,85,13,000/- and Rs.1,39,60,754/- for assessment years 2005-06, 2006-07 and 2007-08 respectively 3.4 On further appeal, the Ld. CIT(A) upheld the penalty in all the three assessment years

M/S. OIL INDUSTRY DEVELOPMENT BOARD,NEW DELHI vs. DCIT, NEW DELHI

In the result, all the three appeals filed by the assessee are allowed

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

1)(c) of the Act at the rate of 100% of the tax sought to be evaded amounting to Rs.1,76,04,180/-, Rs.1,85,13,000/- and Rs.1,39,60,754/- for assessment years 2005-06, 2006-07 and 2007-08 respectively 3.4 On further appeal, the Ld. CIT(A) upheld the penalty in all the three assessment years

M/S. OIL INDUSTRY DEVELOPMENT BOARD,NEW DELHI vs. DCIT, NEW DELHI

In the result, all the three appeals filed by the assessee are allowed

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

1)(c) of the Act at the rate of 100% of the tax sought to be evaded amounting to Rs.1,76,04,180/-, Rs.1,85,13,000/- and Rs.1,39,60,754/- for assessment years 2005-06, 2006-07 and 2007-08 respectively 3.4 On further appeal, the Ld. CIT(A) upheld the penalty in all the three assessment years

M/S. PADMINI INFRASTRUCTURE DEVELOPERS INDIA LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, appeal of the Assessee is allowed for statistical purposes

Bench: Shri K.N. Chary & Shri Anadee Nath Misshra

section 271(1)(c), also lays down clearly that mere production/furnishing of books of accounts/details/documents, etc. (from which A.O. could with due diligence discover something) does not amount to true, full and correct disclosure on the part of the assessee so far as taxing of income is concerned. 10. The Hon’ble Supreme Court in the case of K.P.Madhusudan

M/S. NIRALA HOUSING PVT. LTD.,,NEW DELHI vs. DCIT, NEW DELHI

In the result, all the five appeals are dismissed

Bench: Shri S.K. Yadav & Shri Anadee Nath Misshra

271(1)(c) or U/s 271AAA for either A.Y. 2011-12 or A.Y. 2012-13 because no income was recognized in accordance with Project Completion Method of accounting and no tax was payable. Thus, he submitted that assessee, NHPL and NDPL, were not liable for penalty U/s 271AAA of I.T. Act. He also relied on decisions reported in the following

M/S. NIRALA HOUSING PVT. LTD.,,NEW DELHI vs. DCIT, NEW DELHI

In the result, all the five appeals are dismissed

Bench: Shri S.K. Yadav & Shri Anadee Nath Misshra

271(1)(c) or U/s 271AAA for either A.Y. 2011-12 or A.Y. 2012-13 because no income was recognized in accordance with Project Completion Method of accounting and no tax was payable. Thus, he submitted that assessee, NHPL and NDPL, were not liable for penalty U/s 271AAA of I.T. Act. He also relied on decisions reported in the following

M/S. NIRALA HOUSING PVT. LTD.,,NEW DELHI vs. DCIT, NEW DELHI

In the result, all the five appeals are dismissed

Bench: Shri S.K. Yadav & Shri Anadee Nath Misshra

271(1)(c) or U/s 271AAA for either A.Y. 2011-12 or A.Y. 2012-13 because no income was recognized in accordance with Project Completion Method of accounting and no tax was payable. Thus, he submitted that assessee, NHPL and NDPL, were not liable for penalty U/s 271AAA of I.T. Act. He also relied on decisions reported in the following

DCIT, NEW DELHI vs. M/S NIRALA HOUSING PVT. LTD.,, NEW DELHI

In the result, all the five appeals are dismissed

Bench: Shri S.K. Yadav & Shri Anadee Nath Misshra

271(1)(c) or U/s 271AAA for either A.Y. 2011-12 or A.Y. 2012-13 because no income was recognized in accordance with Project Completion Method of accounting and no tax was payable. Thus, he submitted that assessee, NHPL and NDPL, were not liable for penalty U/s 271AAA of I.T. Act. He also relied on decisions reported in the following

NIRALA DEVELOPERS PVT. LTD.,,NEW DELHI vs. DCIT, NEW DELHI

In the result, all the five appeals are dismissed

Bench: Shri S.K. Yadav & Shri Anadee Nath Misshra

271(1)(c) or U/s 271AAA for either A.Y. 2011-12 or A.Y. 2012-13 because no income was recognized in accordance with Project Completion Method of accounting and no tax was payable. Thus, he submitted that assessee, NHPL and NDPL, were not liable for penalty U/s 271AAA of I.T. Act. He also relied on decisions reported in the following

PR. COMMISSIONER OF INCOME TAX-19 vs. SHRI ANKUR AGGARWAL

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE NAJMI WAZIRI

u/s 271(1)(c) is imposable when there is variation in assessed and returned income and not otherwise. If there is no variation, there will be no concealment. When there is no concealment, the question of levy of penalty would not arise. 6. Aggrieved by the CIT (A) order, the Revenue filed appeal before the Income Tax Appellate Tribunal contending

PR. COMMISSIONER OF INCOME TAX-19 vs. SHRI NEERAJ JINDAL

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE NAJMI WAZIRI

u/s 271(1)(c) is imposable when there is variation in assessed and returned income and not otherwise. If there is no variation, there will be no concealment. When there is no concealment, the question of levy of penalty would not arise. 6. Aggrieved by the CIT (A) order, the Revenue filed appeal before the Income Tax Appellate Tribunal contending

PR. COMMISSIONER OF INCOME TAX-19 vs. SHRI ANKUR AGGARWAL

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE NAJMI WAZIRI

u/s 271(1)(c) is imposable when there is variation in assessed and returned income and not otherwise. If there is no variation, there will be no concealment. When there is no concealment, the question of levy of penalty would not arise. 6. Aggrieved by the CIT (A) order, the Revenue filed appeal before the Income Tax Appellate Tribunal contending

ACIT, NEW DELHI vs. M/S. SAHARA INDIA FINANCIAL CORPORATION LTD, LUCKNOW

In the result, all the four cross objections of the assessee are dismissed

Bench: Shri H. S. Sidhu & Shri Prashant Maharishi

271-I, clause (c) or clause (d) of sub-section (1) or sub-section (2) of section 272A, sub-section (1) of section 272AA or section 272B or sub-section (1) or sub-section 1A) of section 272BB or sub-section (1) of section 272BBB or clause (b) of sub-section (1) or clause (b) or clause

M/S. M.G. CONTRACTORS PVT. LTD.,NEW DELHI vs. DCIT, FARIDABAD

In the result, all the appeals of the assessee are allowed

Bench: Shri I.C. Sudhir & Shri Prashant Maharishi

u/s 271(1)(C), which are discretionary provisions. If he made surrender before the detection of any unrecorded transactions. 27 It is next submitted that Chairman of the assessee Company was not aware of the guidelines of CBDT, in which guidelines it has been prescribed that no surrender would be obtained from any assessee and if any surrender would