ACIT CIRCLE-2(1)(1), MUMBAI vs. M/S BOMBAY DYEING & MANUFACTURING CO. LTD. , MUMBAI

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

capital gain offered, is added to the income ofthe assessee. Penalty proceedings u/s 271(l)(c) of the Act is initiated

THE BOMBAY DYEING & MANUFACTURING COMPANY LTD.,,MUMBAI vs. DCIT, C--2(1), MUMBAI, MUMBAI

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

capital gain offered, is added to the income ofthe assessee. Penalty proceedings u/s 271(l)(c) of the Act is initiated

ELENJICKAMALIL V. THOMAS,NAVI MUMBAI vs. DCIT 22(3), MUMBAI

In the result, appeal of the assessee in ITA no

Bench: Shri Mahavir Singh & Shri Ramit Kocharआमकय अऩीर सं/.I.T.A. No.2647/Mum/2017 (नििाारण वषा / Assessment Year : (2009-10) बिाम / Elenjickamalil V. Thomas Dcit 22(3) 212, Vardhaman Chambers, Mumbai Sector-17, Vashi, V. Navi Mumbai – 400 703 स्थामी रेखा सं/.Pan: Aacpe7339L (अऩीराथी / Appellant) (प्रत्मथी / Respondent) ..

penalty levied by the AO u/s 271(1)(c) of the 1961 Act , which are as under : “(i) On account of income on completion of project –Rs.77,99,056/- (ii) In respect of cash deposit –Rs.3,00,000/- (iii) Short term capital gain

NSE IT LTD,MUMBAI vs. DCIT 8(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.5935/Mum/2014 (नििाारण वर्ा / Assessment Year: 2005-06) बिाम/ M/S. Nse. It Ltd, Dcit 8(2), Mumbai Trade Globe, Ground Floor, Andheri Kurla Road, V. Andheri (E), Mumbai 400059 स्थायी ऱेखा सं./ Pan : Aabcn0159P (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

penalty proceeding u/s 271(1)(c) against the assessee for furnishing of inaccurate particulars of income u/s. 271(1)(c) of the Act in the assessment order passed u/s 143(3) r.w.s. 147 dated 06-07-2010 w.r.t. net long term capital gain

SKF INDIA LTD,MUMBAI vs. ASST CIT 4(3)4, MUMBAI

In the result, the appeal filed by the Revenue is dismissed and the appeals filed by the assessee are allowed

Bench: Shri Rajendra & Shri C.N. Prasadआयकर अपील सं /I.Ta No.7092/Mum/2013 ("नधा"रण वष" / Assessment Year:2002-03 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 Appellant Respondent आयकर अपील सं /I.Ta No.3558/Mum/2012 ("नधा"रण वष" / Assessment Year:2005-06 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 आयकर अपील सं /I.Ta No.7093/Mum/2013 ("नधा"रण वष" / Assessment Year:2004-05 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 आयकर अपील सं /I.Ta No.6989/Mum/2013 ("नधा"रण वष" / Assessment Year:2004-05

Capital gain taxable @ 20%. The Assessing Officer initiated the penalty 5 SKF India Ltd. proceedings for all these Assessment Years and required the assessee to explain as to why penalty u/s. 271

SKF INIDA LTD( SINCE MAY 19 2004 NAME HAS BEEN CHANGED FROM SKF BEARING INDIA LTD),MUMBAI vs. DCIT RG 4(3), MUMBAI

In the result, the appeal filed by the Revenue is dismissed and the appeals filed by the assessee are allowed

Bench: Shri Rajendra & Shri C.N. Prasadआयकर अपील सं /I.Ta No.7092/Mum/2013 ("नधा"रण वष" / Assessment Year:2002-03 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 Appellant Respondent आयकर अपील सं /I.Ta No.3558/Mum/2012 ("नधा"रण वष" / Assessment Year:2005-06 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 आयकर अपील सं /I.Ta No.7093/Mum/2013 ("नधा"रण वष" / Assessment Year:2004-05 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 आयकर अपील सं /I.Ta No.6989/Mum/2013 ("नधा"रण वष" / Assessment Year:2004-05

Capital gain taxable @ 20%. The Assessing Officer initiated the penalty 5 SKF India Ltd. proceedings for all these Assessment Years and required the assessee to explain as to why penalty u/s. 271

SHANNO MOHAMMED YUSUF WARSI ,MUMBAI vs. INCOME TAX OFFICER-25(1)(3), MUMBAI

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2013-14

Penalty proceeding u/s 271(1)(c) is initi u/s 271(1)(c) is initiated for furnishing inaccurate particulars of income ated for furnishing inaccurate particulars of income with a view to concealment of income. with a view to concealment of income.” 3. Before the Ld. CIT(A) Before the Ld. CIT(A) the assessee challenged validity of the challenged validity

MAHESH M. GANDHI,MUMBAI vs. ACIT 20(2), MUMBAI

In the result, appeal filed by the assessee in ITA No

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.2976/Mum/2016 ("नधा"रण वष" / Assessment Year : 2011-12) Shri Mahesh M. Gandhi, Asst. Commissioner Of बनाम/ 303/304, Sholay Income Tax – 20(2), V. Apartments, Mumbai. Raheja Complex, Seven Bungalows, Versova, Andheri (W), Mumbai – 400 061. "थायी लेखा सं./Pan : Aabpg3545P (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

capital gain of Rs. 12,23,642/- was added by the AO to the total income of the assessee in the assessment order dated 20-02-2014 framed u/s 143(3) of the Act and penalty proceedings u/s. 271

DCIT CC 3(4) CEN RG 3, MUMBAI vs. DHANVINDER BINDRA, MUMBAI

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

Bench: Shri P K Bansal & Shri R.L. Negi

penalty proceedings u/s 271(1)(c) of the I T Act, 1961 is initiated separately on this point. 6….. *** *** The assessee has vide letter dated 18.02.2014 filed revised computation of income offering Rs.12,23,642/- under the head ‘Short Term Capital Gains

DCIT CC 3(4) CEN RG 3, MUMBAI vs. DHANVINDER BINDRA, MUMBAI

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

Bench: Shri P K Bansal & Shri R.L. Negi

penalty proceedings u/s 271(1)(c) of the I T Act, 1961 is initiated separately on this point. 6….. *** *** The assessee has vide letter dated 18.02.2014 filed revised computation of income offering Rs.12,23,642/- under the head ‘Short Term Capital Gains

DCIT CC 3(4) CEN RG 3, MUMBAI vs. DHANVINDER BINDRA, MUMBAI

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

Bench: Shri P K Bansal & Shri R.L. Negi

penalty proceedings u/s 271(1)(c) of the I T Act, 1961 is initiated separately on this point. 6….. *** *** The assessee has vide letter dated 18.02.2014 filed revised computation of income offering Rs.12,23,642/- under the head ‘Short Term Capital Gains

DCIT CC 3(4) CEN RG 3, MUMBAI vs. DHANVINDER BINDDRA, MUMBAI

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

Bench: Shri P K Bansal & Shri R.L. Negi

penalty proceedings u/s 271(1)(c) of the I T Act, 1961 is initiated separately on this point. 6….. *** *** The assessee has vide letter dated 18.02.2014 filed revised computation of income offering Rs.12,23,642/- under the head ‘Short Term Capital Gains

DCIT CC 3(4) CEN RG 3, MUMBAI vs. DHANVINDER BINDRA, MUMBAI

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

Bench: Shri P K Bansal & Shri R.L. Negi

penalty proceedings u/s 271(1)(c) of the I T Act, 1961 is initiated separately on this point. 6….. *** *** The assessee has vide letter dated 18.02.2014 filed revised computation of income offering Rs.12,23,642/- under the head ‘Short Term Capital Gains

DCIT CC 3(4) CEN RG 3, MUMBAI vs. DHANVINDER BINDRA, MUMBAI

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

Bench: Shri P K Bansal & Shri R.L. Negi

penalty proceedings u/s 271(1)(c) of the I T Act, 1961 is initiated separately on this point. 6….. *** *** The assessee has vide letter dated 18.02.2014 filed revised computation of income offering Rs.12,23,642/- under the head ‘Short Term Capital Gains

ILA JITENDRA MEHTA,MUMBAI vs. DCIT CENTRAL CIRCLE 8(4), MUMBAI

In the result, the appeal of the Assessee is allowed

Bench: Shri Narender Kumar Choudhry & Smt Renu Jauhriassessment Year: 2014-15

penalty u/s 271(1)(c) of the Act is not leviable, however, he by considering and observing as under: “That in the case pertaining to AY. 2013-14 also the Assessee has claimed an incorrect claim deduction u/s 54F of the Act of long term capital gain

ADITYA BIRLA TELECOM LIMITED,MUMBAI vs. DY. COMM OF INCOME TAX 10(1), MUMBAI

In the result appeal of the assessee is allowed in part in terms indicated hereinabove

penalty proceedings under Section 271(1)(c) of the Act. Each of the above ground is independent and without prejudice to one another. The Appellant craves leave to add, to alter, to amend or to delete any or all of the above grounds of appeal, at or prior to hearing of the appeal. 2. Rival contentions have been heard

SHAKIL HAMID SHEIKH,NAVI MUMBAI vs. ACIT 22(3), MUMBAI

In the result, the appeal filed by the assessee in ITA No

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 6775/Mum/2013 ("नधा"रण वष" / Assessment Year : 2008-09) Shri Shakil Hamid Sheikh, Asstt. Commissioner Of बनाम/ Survey No. 183, Income Tax – 22(3), V. Kukshet, Mumbai. Opp. Hpcl, Midc, Navi Mumbai – 400 703. "थायी लेखा सं./Pan : Abqps2677G .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

capital gain chargeable to tax under the Act while framing quantum assessment u/s 143(3) of the Act. The Penalty proceedings u/s. 271

M/S MASCOT CONSTRUCTION PVT. LTD.,MUMBAI vs. INCOME TAX OFFICER, 2(2)(3)

In the result, the appeal of the assessee is allowed

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh () Assessment Year: 2010-11 M/S Mascot Constructions Pvt. Ltd., Income-Tax Officer 2(2)(3), 3Rd Floor, Indian Mercantile Aayakar Bhavan, Vs. Chambers, 14R, Kamani Marg, Mumbai-400020. Ballard Estate, Mumbai-400001. Pan No. Aaccm 6531 H Appellant Respondent

capital gains by using the sale value adopted by the Stamp Valuation authorities and that since this sale value d by the Stamp Valuation authorities and that since this sale value d by the Stamp Valuation authorities and that since this sale value was merely an estimate, no penalty u/s 271