M/S G.D. TAMBI & SONS,JAIPUR vs. ACIT, CIRCLE-3, JAIPUR, JAIPUR

In the results, the appeal of the assessee in ITA no

Bench: moving towards the facts of the case we would like to mention that the assessee has assailed the appeal for assessment year 2015-16 in

271(1)(c) of the Act If we take the view that a cloim which is wholly untenable in law and has absolutely no foundation on which it could be made, the assessee would not be liable to imposition of penalty even if he was not acting bonafide while making a claim of this nature, that would give a licence

M/S G.D. TAMBI & SONS,JAIPUR vs. ACIT, CIRCLE-3, JAIPUR, JAIPUR

In the results, the appeal of the assessee in ITA no

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

271(1)(c) of the Act If we take the view that a cloim which is wholly untenable in law and has absolutely no foundation on which it could be made, the assessee would not be liable to imposition of penalty even if he was not acting bonafide while making a claim of this nature, that would give a licence

DCIT, JAIPUR vs. JADAU JEWELLERS & MFG (P) LTD., JAIPUR

In the result, the appeals filed by the assessee are partly allowed and that of the Revenue are dismissed

Section 40(a)(ia) provides for certain disallowances in certain cases notwithstanding that those amounts are generally allowed under the general section. The computation u/s.29 has to be made u/s.145 on the basis of books of account regularly maintained by the assessee which the Assessing Officer did by estimating the profit at 5% of the sales. The learned Counsel