R J CORPORATION,MUMBAI vs. INCOME TAX OFFICER, 42(1)(4), MUMBAI, MUMBAI

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

Bench: SHRI SAKTIJIT DEY (Vice President), SHRI MAKARAND VASANT MAHADEOKAR (Accountant Member)

bogus purchases. The Assessing Officer rejected the books under section 145(3) and estimated the profit element embedded in the purchases at 12.5 percent and further made an addition towards alleged commission. Penalty under section 271(1)(c

DCIT-3(1)(1), MUMBAI, MUMBAI vs. RELCON INFRAPROJECTS LTD., MUMBAI

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

271(1)(c) of the Act observing that the addition in respect of alleged bogus purchases was sustained to the extent of 2% such purchases, and since the addition was sustained on estimate basis, Assessment Year 2014-2015 to 2019-2020 penalty under Section

DCIT-3(1)(1), MUMBAI, MUMBAI vs. RELCON INFRAPROJECTS LTD., MUMBAI

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

271(1)(c) of the Act observing that the addition in respect of alleged bogus purchases was sustained to the extent of 2% such purchases, and since the addition was sustained on estimate basis, Assessment Year 2014-2015 to 2019-2020 penalty under Section

DCIT-3(1)(1), MUMBAI, MUMBAI vs. RELCON INFRAPROJECTS LTD., MUMBAI

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

271(1)(c) of the Act observing that the addition in respect of alleged bogus purchases was sustained to the extent of 2% such purchases, and since the addition was sustained on estimate basis, Assessment Year 2014-2015 to 2019-2020 penalty under Section

DCIT-3(1)(1), MUMBAI, MUMBAI vs. RELCON INFRAPROJECTS LTD., MUMBAI

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

271(1)(c) of the Act observing that the addition in respect of alleged bogus purchases was sustained to the extent of 2% such purchases, and since the addition was sustained on estimate basis, Assessment Year 2014-2015 to 2019-2020 penalty under Section

DCIT-3(1)(1), MUMBAI, MUMBAI vs. RELCON INFRAPROJECTS LTD., MUMBAI

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

271(1)(c) of the Act observing that the addition in respect of alleged bogus purchases was sustained to the extent of 2% such purchases, and since the addition was sustained on estimate basis, Assessment Year 2014-2015 to 2019-2020 penalty under Section

DCIT-3(1)(1), MUMBAI, MUMBAI vs. RELCON INFRAPROJECTS LTD., MUMBAI

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

271(1)(c) of the Act observing that the addition in respect of alleged bogus purchases was sustained to the extent of 2% such purchases, and since the addition was sustained on estimate basis, Assessment Year 2014-2015 to 2019-2020 penalty under Section

DCIT 3(1)(1),MUMBAI, MUMBAI vs. RELCON INFRAPROJECTS LTD, MUMBAI

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

271(1)(c) of the Act observing that the addition in respect of alleged bogus purchases was sustained to the extent of 2% such purchases, and since the addition was sustained on estimate basis, Assessment Year 2014-2015 to 2019-2020 penalty under Section

INCOME TAX OFFICIER- 23(3)(1), MUMBAI, MUMBAI vs. TISYA JEWELS, MUMBAI

In the result, both the appeals of the Revenue are accordingly partly allowed

Bench: Shri Om Prakash Kant () & Shri Anikesh Banerjee () Assessment Year: 2007-08 & Assessment Year: 2012-13 Income Tax Officer- 23(3)(1), Tisya Jewels Mumbai G-2 Sagar Fortune, 184 525A, 5Th Floor, Piramal Chambers, Vs. Waterfield Road, Bandra West, Parel, Mumbai-400012 Mumbai- 400050 Pan No. Aadft 8056 G Appellant Respondent Assessee By : Mr. Nishit Gandhi A/W Ms. Aadnya Bhandari Revenue By : Mr. Hemanshu Joshi, Cit-Dr

bogus purchases which the co-ordinate bench of the Tribunal in quantum proceedings reduced to 12.5% of such purchases. In our opinion, this is a clear cut case where the Income has been estimated by applying a percentage of 12.5% and therefore the penalty under section 271(1)(c

INCOME TAX OFFICER- 23(3)(1), MUMBAI, MUMBAI vs. TISYA JEWELS, MUMBAI

In the result, both the appeals of the Revenue are accordingly partly allowed

Bench: Shri Om Prakash Kant () & Shri Anikesh Banerjee () Assessment Year: 2007-08 & Assessment Year: 2012-13 Income Tax Officer- 23(3)(1), Tisya Jewels Mumbai G-2 Sagar Fortune, 184 525A, 5Th Floor, Piramal Chambers, Vs. Waterfield Road, Bandra West, Parel, Mumbai-400012 Mumbai- 400050 Pan No. Aadft 8056 G Appellant Respondent Assessee By : Mr. Nishit Gandhi A/W Ms. Aadnya Bhandari Revenue By : Mr. Hemanshu Joshi, Cit-Dr

bogus purchases which the co-ordinate bench of the Tribunal in quantum proceedings reduced to 12.5% of such purchases. In our opinion, this is a clear cut case where the Income has been estimated by applying a percentage of 12.5% and therefore the penalty under section 271(1)(c

DCIT CC 7(2), MUMBAI, MUMBAI vs. M/S MAN INDUSTRIES (INDIA) LIMITED, MUMBAI

In the result, both the both the appeal of the Revenue are dismissed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

271(1)(c) of the Act levied based on estimated addition of the Act levied based on estimated addition of bogus purchases is unsustainable. The assessing officer is of bogus purchases is unsustainable. The assessing officer is of bogus purchases is unsustainable. The assessing officer is directed to delete the penalty. The grounds of appeals are directed to delete

DCIT CC-7(2), MUMBAI, MUMBAI vs. MAN INDUSTRIES (I) LTD., MUMBAI

In the result, both the both the appeal of the Revenue are dismissed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

271(1)(c) of the Act levied based on estimated addition of the Act levied based on estimated addition of bogus purchases is unsustainable. The assessing officer is of bogus purchases is unsustainable. The assessing officer is of bogus purchases is unsustainable. The assessing officer is directed to delete the penalty. The grounds of appeals are directed to delete

NAVEEN KUMAR, I.T.O.-19(1)(1), MUMBAI vs. ASHOK INDUSTRIAL CORPORATION, MUMBAI

Bench: SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

bogus purchases.? 4. Whether on the facts and in the circumstances of the case and in law, the Ld. CITIA) has erred in deleting the penalty levied u/s. 271(1)(c) of the IT Act of Rs. 1,44,633/-, ignoring the fact that upon invoking provisions of section

RELIANCE INDUSTRIES LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX -CIRCLE 3(4) , MUMBAI

In the result, the appeal of the Revenue is dismissed whereas\nthe appeal of the assessee is allowed

section 271(1)(c).\n[Para 9.1]\nIn view of aforesaid, impugned order of the Commissioner\n(Appeals) deleting penalty was to be upheld..' \nThus, respectfully following the decision of Hon'ble Supreme\nCourt in the case of KC Builders (supra), the penalty\nu/s.271(1)(c) levied by the AO on transfer pricing adjustment is\ndeleted.\n7.3.3.7 The levy

ACIT-3(4), MUMBAI vs. RELIANCE INDUSTRIES LIMITED, MUMBAI

In the result, the appeal of the Revenue is dismissed whereas the appeal of the assessee is allowed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2016-17 Reliance Industries Ltd., Dy. Cit Circle 3(4), 3Rd Floor, Maker Chamber Iv 222 Room No. 559, Aayakar Bhavan, Nariman Point, Vs. Maharshi Karve Road, Mumbai-400021. Mumbai-400020. Pan No. Aaacr 5055 K Appellant Respondent Assessment Year: 2016-17 Acit-3(4), Reliance Industries Ltd., Room No. 481(2), 4Th Floor, 3Rd Floor, Maker Chamber Iv Aayakar Bhavan, N.M. Road, Vs. Nariman Point, New Marine Lines, Mumbai-400021. Mumbai-400020. Pan No. Aaacr 5055 K Appellant Respondent

section 271(1)(c). [Para 9.1] In view of aforesaid, impugned order of the Commissioner (Appeals) deleting penalty was to be upheld..' Thus, respectfully following the decision of Hon'ble Supreme Court in the case of K C Builders (supra), the penalty u/s.271(1)(c) levied by the AO on transfer pricing adjustment is deleted. 7.3.3.7 The levy of penalty

FABRIKANT TRADING (INDIA) PRIVATE LIMITED,MUMBAI vs. DCIT CIRCLE 5(1)(1), MUMBAI

In the result, the appeal by the assessee is allowed

Bench: Shri Om Prakash Kant & Shri Sandeep Singh Karhail

purchases from the bogus entities as non-genuine. Fabrikant Trading (India) Pvt. Ltd. 5. Subsequently, the penalty order dated 14/05/2018 was passed by the AO under section 271(1)(c

DINESH SOMATMAL DHOKAR,MUMBAI vs. INCOME TAX OFFICER - 19(1)(1), MUMBAI

In the result, both the appeals are partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Sunil Kumar Singh, Jm

bogus purchases amounting to ₹10,28,586/- was added and total income of the assessee was reassessed at ₹16,54,060/- by an assessment order dated 31st December, 2015. In the reassessment order the learned Assessing Officer has initiated the penalty proceedings, under Section 271(1)(c

DINESH SOMATMAL DHOKAR,MUMBAI vs. INCOME TAX OFFICER - 19(1)(1), MUMBAI

In the result, both the appeals are partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Sunil Kumar Singh, Jm

bogus purchases amounting to ₹10,28,586/- was added and total income of the assessee was reassessed at ₹16,54,060/- by an assessment order dated 31st December, 2015. In the reassessment order the learned Assessing Officer has initiated the penalty proceedings, under Section 271(1)(c

M/S SUPERTECH CONSTRUCTION COMPANY,MUMBAI vs. ACIT 27 (3), MUMBAI

In the result, appeal preferred by the Assessee is allowed

bogus purchases vide order, dated 03/06/2019 which was confirmed by the Tribunal, vide order, dated 10/03/2021, passed in ITA No. 5721/Mum/2019. 5. The Assessing Officer had also initiated penalty proceedings under Section 271(1)(c