ASSISTANT COMMISSIONER OF INCOME TA , JAIPUR vs. SHRI NATH CORPORATION, JAIPUR

In the result, the appeals filed by the Revenue are dismissed

11-2006 and cash was found from possession of assessee Assessee had drawn cash flow statement for entire period of six years in order to determine undisclosed income based on seized material for each of six assessment years - Whether penalty under section 271(1)(c) cannot be imposed by invoking Explanation 5 in assessment year 2004-05 in respect

ASSISTANT COMMISSIONER OF INCOME TAX, JAIPUR vs. JITENDRA KUMAR AGARWAL, JAIPUR

In the result, the appeals filed by the Revenue are dismissed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

11 Shri Nath Corporation & Ors., Jaipur. question of satisfaction of Assessing Officer or the Commissioner (Appeals) or the Commissioner does not arise. We have to keep in mind that it is the Assessing Officer who initiated the penalty proceedings and directed the payment of penalty. He had not recorded any satisfaction during the course of survey. Decision to initiate penalty

M/S RAJASTHAN STATE INDUSTRIAL DEVELOPMENT AND INVESTMENT CORPORATION LTD.,JAIPUR vs. DCIT, CIRCLE-6, JAIPUR, JAIPUR

In the result, both the appeals of the assessee are allowed as indicated hereinabove

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

section 271(1)(c), thus, Assessing Officer was not clear whether he intended to levy a penalty on assessee for concealment of particulars of his income or furnishing inaccurate particulars, Tribunal was justified in quashing penalty proceedings u/s 271(1)(c) initiated against assessee. 4. It is further submitted that in Para 11 of the assessment order the penalty proceedings

M/S RAJASTHAN STATE INDUSTRIAL DEVELOPMENT & INVESTMENT CORPORATION LTD.,JAIPUR vs. DCIT, CIRCLE-6, JAIPUR, JAIPUR

In the result, both the appeals of the assessee are allowed as indicated\nhereinabove

11 [relied upon in Manjunath Cotton &\nGinning Factory (supra)] wherein it is observed that concealment of income and\nfurnishing of inaccurate particulars of income in Section 271(1)(c) of the Act, carry different\nmeanings/ connotations. Therefore, the satisfaction of the Assessing Officer with regard to\nonly one of the two breaches mentioned under Section 271

RAKESH KUMAR JAIN,JAIPUR vs. DCIT,CIRCLE-2, JAIPUR, JAIPUR

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

Bench: Or At The Time Of Hearing Of The Appeal & / Or Modify Any Of The Above Grounds.

11. In view of the aforesaid discussion, if the decision of this Court in case of Manjunatha Cotton & Ginning Factory (supra) is considered, the resultant effect would be that the notice in question issued under Section 271(1)(c) for levy of penalty and consequently the penalty imposed, both would be unsustainable and cannot stand

SUPERFINE HOTELS PRIVATE LIMITED,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-6,, JAIPUR

In the result, appeal of the assessee is partly allowed

section 271(1)(c)\nof I.T. Act, 1961 imposing penalty being 100% of tax leviable on\nfollowing income treating same as concealed income of assessee-\nFurther AO also imposed penalty u/s 271AAA by passing separate\norder on alleged undisclosed income which she determined by treating\nland under JV as outright sale on income therefore on same income\ntwo different penalties

GHANSHYAM TAK,NAYA GHAR AJMER vs. DCIT CENTRAL CIRCLE AJMER, JAIPUR ROAD AJMER

In the result, appeal of the assessee is allowed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

11. This now takes us to next contention of the ld AR regarding amount surrendered during the course of search not qualifying as an “undisclosed income” u/s 271AAB r/w explanation thereto and merely surrender made in the statement recorded u/s 132(4) is not sufficient for levy of penalty. It is a settled legal proposition that the penalty provisions needs

R P WOOD PRODUCTS PRIVATE LIMITED,AJMER vs. DCIT CENTRAL CIRCLE AJMER, JAIPUR ROAD AJMER

In the result, appeal of the assessee is allowed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

6 R.P. Wood Products Pvt. Ltd., Ajmer. and stereotyped and does not specify the default or any venal breach of the specific penal provisions of the Income Tax Act committed by the assessee. Further, Assessing Officer Central Circle-Ajmer levied the penalty under section 271AAB(1A) of the Income Tax Act when no such penalty u/s 271AAB

RAJ KUMAR JAIN,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE – 2, JAIPUR, JAIPUR

In the result, appeal of the assessee is allowed

271 and 275 read with the section u/s 271AAB of the IT Act and a penalty notice was issued accordingly. You are hereby allowed further opportunity of being heard and to show cause why an order imposing penalty on you should not be made u/s 271AAB of the Income Tax Act 1961. If you do not wish to avail yourself

DCIT, CENTRAL CIRCLE-2, JAIPUR, CENTRAL CIRCLE-2 JAIPUR vs. SHRI PRAKASH CHAND SHARMA, C-42, GOKUL PATH VAISHALI NAGAR, JAIPUR, JAIPUR

In the result, appeals of the revenue are dismissed

Bench: Ao On The Charge Of Concealment Of Income.

6. Now, So far as the legal position of proceedings u/s 271(1)(c) of the Act are concerned, let us first examine the relevant statues by way of which, penalty u/s 271(1)(c) in this case can be imposed. Explain 5A to section 271(a)(c) is clear & categorical in this regard. For the sake of immediate reference

DCIT, CENTRAL CIRCLE-2, JAIPUR, CENTRAL CIRCLE-2 JAIPUR vs. SHRI PRAKASH CHAND SHARMA, C-42, GOKUL PATH VAISHALI NAGAR, JAIPUR, JAIPUR

In the result, appeals of the revenue are dismissed

Bench: Ao On The Charge Of Concealment Of Income.

6. Now, So far as the legal position of proceedings u/s 271(1)(c) of the Act are concerned, let us first examine the relevant statues by way of which, penalty u/s 271(1)(c) in this case can be imposed. Explain 5A to section 271(a)(c) is clear & categorical in this regard. For the sake of immediate reference

DCIT, CENTRAL CIRCLE-2, JAIPUR, CENTRAL CIRCLE-2 JAIPUR vs. SHRI PRAKASH CHAND SHARMA, C-42, GOKUL PATH VAISHALI NAGAR, JAIPUR, JAIPUR

In the result, appeals of the revenue are dismissed

Bench: Ao On The Charge Of Concealment Of Income.

6. Now, So far as the legal position of proceedings u/s 271(1)(c) of the Act are concerned, let us first examine the relevant statues by way of which, penalty u/s 271(1)(c) in this case can be imposed. Explain 5A to section 271(a)(c) is clear & categorical in this regard. For the sake of immediate reference

VAIBHAV GLOBAL LIMITED,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-5, JAIPUR

In the result, the penalty is directed to be deleted and appeal of the assessee is allowed

6. Now coming to the penalty proceedings, the same were initiated by the Assessing Officer while completing the assessment proceedings U/s 143(3) r.w.s. 144C of the I.T. Act wherein the AO has made transfer pricing adjustment/addition of Rs. 18,68,02,513/-and has Vaibhav Global Ltd. vs. ACIT stated that penalty U/s 271(1)(c) is leviable

VAIBHAV GLOBAL LIMITED,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-5, JAIPUR

In the result, the penalty is directed to be deleted and appeal of the assessee is allowed

6. Now coming to the penalty proceedings, the same were initiated by the Assessing Officer while completing the assessment proceedings U/s 143(3) r.w.s. 144C of the I.T. Act wherein the AO has made transfer pricing adjustment/addition of Rs. 18,68,02,513/-and has Vaibhav Global Ltd. vs. ACIT stated that penalty U/s 271(1)(c) is leviable

RAMESH CHAND BANSAL,BEAWAR vs. DCIT, AJMER

In the result, the appeals of the assessee are allowed

11 respectively whereas in the assessment orders each dated 19.03.2013 for A.Y. 2007-08 and 2008-09, he simply mentioned that the penalty proceedings u/s 27 Shri Ramesh Chand Bansal vs DCIT, Central Circle, Ajmer 271(1)(c) are separately initiated on this issue. But the notices issued u/s 274 read with Section 271(1)(c) of the Act were

NARAYAN HEIGHTS & TOWERS,JAIPUR vs. ITO, JAIPUR

In the result, the appeal of the assessee is allowed

Bench: The Hearing Of Appeal.”

u/s 274 of the Act should specifically state as to whether penalty is being proposed for concealment of particulars of income or inaccurate particulars of income. In the present case notice under section 274 dated 25/3/2015 enclosed at paper book page 16 reads as under: “Penalty Notice Under Section 274, Read with Section 271

DY. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2, JAIPUR, JAIPUR vs. M/S GOKUL KRIPA COLONIZERS & DEVELOPERS PVT. LTD., JAIPUR

In the result, the appeals of the revenue stands dismissed, and the

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

11. In fact, when the AO recommended the initiation of penalty proceedings the AO appeared to be conscious of the fact that he did not have the power to issue notice as far as the penalty proceedings under Section 271-E was concerned. He, therefore, referred the matter concerning penalty proceedings under Section 271-E to the Additional

DY. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2, JAIPUR, JAIPUR vs. M/S GOKUL KRIPA COLONIZERS & DEVELOPERS PVT. LTD., JAIPUR

In the result, the appeals of the revenue stands dismissed, and the

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

11. In fact, when the AO recommended the initiation of penalty proceedings the AO appeared to be conscious of the fact that he did not have the power to issue notice as far as the penalty proceedings under Section 271-E was concerned. He, therefore, referred the matter concerning penalty proceedings under Section 271-E to the Additional