DEPUTY COMMISSIONER OF INCOME TAX, CC-7(3),, MUMBAI vs. M/S MACROTECH DEVELOPERS LTD (SUCCESSOR TO SHREENIVAS COTTON MILLS LTD), MUMBAI

disallowances / additions. In the said assessment order, the Assessing Officer observed that the assessee company had carried out certain transactions in contravention of provisions of section 269SS of the Act which would invite the assessee with penalty u/s 271D of the Act. Accordingly, separate penalty proceedings u/s 271D of the Act were initiated for the Asst Year

DEPUTY COMMISSIONER OF INCOME TAX CC-7(3),, MUMBAI vs. M/S MACROTECH DEVELOPERS LTD(EARLIER KNOWN AS M/S LODHA DEVELOPERS PVT LTD), MUMBAI

disallowances / additions. In the said assessment order, the Assessing Officer observed that the assessee company had carried out certain transactions in contravention of provisions of section 269SS of the Act which would invite the assessee with penalty u/s 271D of the Act. Accordingly, separate penalty proceedings u/s 271D of the Act were initiated for the Asst Year

DCIT CEN CIR 7(3), MUMBAI vs. SANATHANAGAR ENTERPRISES LTD, MUMBAI

In the result, all the appeals of the Revenue are dismissed and all Cross Objections of the assessee are allowed

273B of the Act will come to the help of the assessee. Only in such cases, the AO is precluded from levying penalty u/s 271D of the Act. The Ld. A R took support of Explanatory note given while introducing the provisions of sec. 269SS of the Act. However, the Hon’ble Supreme Court has rendered its decision

AGILITY LOGISTICS P.LTD,MUMBAI vs. DCIT TDS 1(1), MUMBAI

In the result, both Department’s appeal and assessee’s cross objection are dismissed

Bench: Shri G.S. Pannu & Shri Saktijit Dey

disallowance under section 40(a)(i). Further, he submitted, even in A.Y. 2010–11 for which proceedings under section 201 were taken up simultaneously by the Assessing Officer, no proceedings for imposition of penalty under section 271C was initiated by the Assessing Officer. He submitted, for the foretasted reasons the assessee being under a bona fide belief that there

DCIT CEN CIR 7(3), MUMBAI vs. NAMINATH BUILDERS & FARMS P. LTD, MUMBAI

In the result, the appeals of Revenue are dismissed

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am

273B of the Act, no penalty under section 271E could be imposed for contravening the provisions of section 269T of the Act. 7.5. In the appellant’s case the genuineness of the transaction made through journal entries is not in doubt and it has not been shown either in the assessment proceedings or in the penalty proceedings that unaccounted income

DCIT CEN CIR 7(3), MUMBAI vs. NATIONAL STANDARD INDIA LTD, MUMBAI

In the result, the appeals of Revenue are dismissed

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am

273B of the Act, no penalty under section 271E could be imposed for contravening the provisions of section 269T of the Act. 7.5. In the appellant’s case the genuineness of the transaction made through journal entries is not in doubt and it has not been shown either in the assessment proceedings or in the penalty proceedings that unaccounted income

DCIT CEN CIR 7(3), MUMBAI vs. NAMINATH BUILDERS & FARMS P. LTD, MUMBAI

In the result, the appeals of Revenue are dismissed

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am

273B of the Act, no penalty under section 271E could be imposed for contravening the provisions of section 269T of the Act. 7.5. In the appellant’s case the genuineness of the transaction made through journal entries is not in doubt and it has not been shown either in the assessment proceedings or in the penalty proceedings that unaccounted income

DCIT CEN CIR 7(3), MUMBAI vs. NAMINATH BUILDERS & FARMS P. LTD, MUMBAI

In the result, the appeals of Revenue are dismissed

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am

273B of the Act, no penalty under section 271E could be imposed for contravening the provisions of section 269T of the Act. 7.5. In the appellant’s case the genuineness of the transaction made through journal entries is not in doubt and it has not been shown either in the assessment proceedings or in the penalty proceedings that unaccounted income

DCIT CEN CIR 7(3), MUMBAI vs. NATIONAL STANDARD INDIA LTD, MUMBAI

In the result, the appeals of Revenue are dismissed

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am

273B of the Act, no penalty under section 271E could be imposed for contravening the provisions of section 269T of the Act. 7.5. In the appellant’s case the genuineness of the transaction made through journal entries is not in doubt and it has not been shown either in the assessment proceedings or in the penalty proceedings that unaccounted income

DCIT CEN CIR 7(3), MUMBAI vs. NAMINATH BUILDERS & FARMS P. LTD, MUMBAI

In the result, the appeals of Revenue are dismissed

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am

273B of the Act, no penalty under section 271E could be imposed for contravening the provisions of section 269T of the Act. 7.5. In the appellant’s case the genuineness of the transaction made through journal entries is not in doubt and it has not been shown either in the assessment proceedings or in the penalty proceedings that unaccounted income

VISEN INDUSTRIES LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (TRANSFER PRICING )-4(3)(1), MUMBAI

Appeal of the assessee is allowed

Bench: Shri Anikesh Banerjee, Jm & Ms Padmavathy S, Am

disallowance under section 40(a)(ia) of the Act. The TPO initiated penalty proceeding under section 271G of the Act before passing the order under section 92CA(3) of the Act for the reason that the assessee has not responded to the show cause notices issued by the TPO. Accordingly the TPO vide order dated 30.09.2019 levied a penalty

AVARSEKAR & SONS P.LTD,MUMBAI vs. ASST CT CEN CIR 45, MUMBAI

In the result, the penalty levied of Rs

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm

disallowed, a separate list thereof for the period A.Y. 2006-07 to A.Y. 2012-13. 24. Submit list of equity shareholders holding shares more than 10 percent individually along with add5ress/PAN for A.Y. 2006-07 to A.Y. 2012-13. Name, PAN, Any sum Specify Address and credited to head & contact no. No.of %shareh equity amount Sr.No. of the party shares

AVARSEKAR & SONS P.LTD,MUMBAI vs. ASST CIT CEN CIR 45, MUMBAI

In the result, the penalty levied of Rs

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm

disallowed, a separate list thereof for the period A.Y. 2006-07 to A.Y. 2012-13. 24. Submit list of equity shareholders holding shares more than 10 percent individually along with add5ress/PAN for A.Y. 2006-07 to A.Y. 2012-13. Name, PAN, Any sum Specify Address and credited to head & contact no. No.of %shareh equity amount Sr.No. of the party shares

AVARSEKAR & SONS P.LTD,MUMBAI vs. ASST CT CEN CIR 45, MUMBAI

In the result, the penalty levied of Rs

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm

disallowed, a separate list thereof for the period A.Y. 2006-07 to A.Y. 2012-13. 24. Submit list of equity shareholders holding shares more than 10 percent individually along with add5ress/PAN for A.Y. 2006-07 to A.Y. 2012-13. Name, PAN, Any sum Specify Address and credited to head & contact no. No.of %shareh equity amount Sr.No. of the party shares

AVARSEKAR & SONS P.LTD,MUMBAI vs. ASST CT CEN CIR 45, MUMBAI

In the result, the penalty levied of Rs

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm

disallowed, a separate list thereof for the period A.Y. 2006-07 to A.Y. 2012-13. 24. Submit list of equity shareholders holding shares more than 10 percent individually along with add5ress/PAN for A.Y. 2006-07 to A.Y. 2012-13. Name, PAN, Any sum Specify Address and credited to head & contact no. No.of %shareh equity amount Sr.No. of the party shares

AVARSEKAR & SONS P.LTD,MUMBAI vs. ASST CIT CEN CIR 45, MUMBAI

In the result, the penalty levied of Rs

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm

disallowed, a separate list thereof for the period A.Y. 2006-07 to A.Y. 2012-13. 24. Submit list of equity shareholders holding shares more than 10 percent individually along with add5ress/PAN for A.Y. 2006-07 to A.Y. 2012-13. Name, PAN, Any sum Specify Address and credited to head & contact no. No.of %shareh equity amount Sr.No. of the party shares

AVARSEKAR & SONS P.LTD,MUMBAI vs. ASST CT CEN CIR 45, MUMBAI

In the result, the penalty levied of Rs

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm

disallowed, a separate list thereof for the period A.Y. 2006-07 to A.Y. 2012-13. 24. Submit list of equity shareholders holding shares more than 10 percent individually along with add5ress/PAN for A.Y. 2006-07 to A.Y. 2012-13. Name, PAN, Any sum Specify Address and credited to head & contact no. No.of %shareh equity amount Sr.No. of the party shares

AVARSEKAR & SONS P.LTD,MUMBAI vs. ASST CIT CEN CIR 45, MUMBAI

In the result, the penalty levied of Rs

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm

disallowed, a separate list thereof for the period A.Y. 2006-07 to A.Y. 2012-13. 24. Submit list of equity shareholders holding shares more than 10 percent individually along with add5ress/PAN for A.Y. 2006-07 to A.Y. 2012-13. Name, PAN, Any sum Specify Address and credited to head & contact no. No.of %shareh equity amount Sr.No. of the party shares