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 u/s 271(1)(c) levied by the AO stood sustained by learned CIT(A) on long term capital gains of Rs. 40,79,195/- on the sale of land component in the factory building. The assessee merged both leasehold land and factory building constructed on the said land as one single asset viz Factory Building in its books

TRADE WINGS LTD,MUMBAI vs. ITO WD 2(3)(3), MUMBAI

In the result , appeal of the assessee company in ITA No

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 3416/Mum/2013 ("नधा"रण वष" / Assessment Year : 2006-07) आयकर अपील सं./I.T.A. No. 3417/Mum/2013 ("नधा"रण वष" / Assessment Year : 2007-08) आयकर अपील सं./I.T.A. No. 3418/Mum/2013 ("नधा"रण वष" / Assessment Year : 2008-09) आयकर अपील सं./I.T.A. No. 3419/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) Trade Wings Limited, Income Tax Officer – Ward बनाम/ 18/20-K, Dubash Marg, 2(3)(3), V. Fort,Mumbai – 400 023. Aayakar Bhavan, M.K. Marg, Mumbai – 400 020. "थायी लेखा सं./Pan : Aaact4639F (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

house property" as against business income computed by the appellant. On the facts and circumstances of the case and in law, the penalty levied on disallowance of depreciation to the extent of Rs. 1,67,426/- ought to be deleted. 3. Without prejudice to the ground no. 1 & 2 above, no penalty u/s 271

TRADE WINGS LTD,MUMBAI vs. ITO WD 2(3)(3), MUMBAI

In the result , appeal of the assessee company in ITA No

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 3416/Mum/2013 ("नधा"रण वष" / Assessment Year : 2006-07) आयकर अपील सं./I.T.A. No. 3417/Mum/2013 ("नधा"रण वष" / Assessment Year : 2007-08) आयकर अपील सं./I.T.A. No. 3418/Mum/2013 ("नधा"रण वष" / Assessment Year : 2008-09) आयकर अपील सं./I.T.A. No. 3419/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) Trade Wings Limited, Income Tax Officer – Ward बनाम/ 18/20-K, Dubash Marg, 2(3)(3), V. Fort,Mumbai – 400 023. Aayakar Bhavan, M.K. Marg, Mumbai – 400 020. "थायी लेखा सं./Pan : Aaact4639F (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

house property" as against business income computed by the appellant. On the facts and circumstances of the case and in law, the penalty levied on disallowance of depreciation to the extent of Rs. 1,67,426/- ought to be deleted. 3. Without prejudice to the ground no. 1 & 2 above, no penalty u/s 271

TRADE WINGS LTD,MUMBAI vs. ITO WD 2(3)(3), MUMBAI

In the result , appeal of the assessee company in ITA No

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 3416/Mum/2013 ("नधा"रण वष" / Assessment Year : 2006-07) आयकर अपील सं./I.T.A. No. 3417/Mum/2013 ("नधा"रण वष" / Assessment Year : 2007-08) आयकर अपील सं./I.T.A. No. 3418/Mum/2013 ("नधा"रण वष" / Assessment Year : 2008-09) आयकर अपील सं./I.T.A. No. 3419/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) Trade Wings Limited, Income Tax Officer – Ward बनाम/ 18/20-K, Dubash Marg, 2(3)(3), V. Fort,Mumbai – 400 023. Aayakar Bhavan, M.K. Marg, Mumbai – 400 020. "थायी लेखा सं./Pan : Aaact4639F (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

house property" as against business income computed by the appellant. On the facts and circumstances of the case and in law, the penalty levied on disallowance of depreciation to the extent of Rs. 1,67,426/- ought to be deleted. 3. Without prejudice to the ground no. 1 & 2 above, no penalty u/s 271

TRADE WINGS LTD,MUMBAI vs. ITO WD 2(3)(3), MUMBAI

In the result , appeal of the assessee company in ITA No

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 3416/Mum/2013 ("नधा"रण वष" / Assessment Year : 2006-07) आयकर अपील सं./I.T.A. No. 3417/Mum/2013 ("नधा"रण वष" / Assessment Year : 2007-08) आयकर अपील सं./I.T.A. No. 3418/Mum/2013 ("नधा"रण वष" / Assessment Year : 2008-09) आयकर अपील सं./I.T.A. No. 3419/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) Trade Wings Limited, Income Tax Officer – Ward बनाम/ 18/20-K, Dubash Marg, 2(3)(3), V. Fort,Mumbai – 400 023. Aayakar Bhavan, M.K. Marg, Mumbai – 400 020. "थायी लेखा सं./Pan : Aaact4639F (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

house property" as against business income computed by the appellant. On the facts and circumstances of the case and in law, the penalty levied on disallowance of depreciation to the extent of Rs. 1,67,426/- ought to be deleted. 3. Without prejudice to the ground no. 1 & 2 above, no penalty u/s 271

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) ..

u/s 271(1)(c) on the ground that the assessee had furnished inaccurate particulars of her income and concealed her income. However, the Tribunal cancelled the penalty on the ground that a "bona fide mistake" had been made on her behalf by her Advocate/Chartered Accountant and there was no concealment of income nor a furnishing of inaccurate particulars. On appeal

THE PHOENIX MILLS LTD,MUMBAI vs. ASST CIT CEN CIR 47, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

penalty u/s. 271(1)(c) of the Act with regard to the addition 5 M/s. The Phoenix Mills Ltd. upheld by the Tribunal for less than 10% of the alleged expenses, on estimate basis. 6. In the result, both the appeals of the assessee are allowed. ITA No. 48, 49,50,51,52,241 &242/Mum/2015 7. These are appeals

THE PHOENIX MILLS LTD,MUMBAI vs. ASST CIT CEN CIR 47, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

penalty u/s. 271(1)(c) of the Act with regard to the addition 5 M/s. The Phoenix Mills Ltd. upheld by the Tribunal for less than 10% of the alleged expenses, on estimate basis. 6. In the result, both the appeals of the assessee are allowed. ITA No. 48, 49,50,51,52,241 &242/Mum/2015 7. These are appeals

THE PHOENIX MILLS LTD,MUMBAI vs. ASST CIT CEN CIR 47, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

penalty u/s. 271(1)(c) of the Act with regard to the addition 5 M/s. The Phoenix Mills Ltd. upheld by the Tribunal for less than 10% of the alleged expenses, on estimate basis. 6. In the result, both the appeals of the assessee are allowed. ITA No. 48, 49,50,51,52,241 &242/Mum/2015 7. These are appeals

THE PHOENIX MILLS LTD,MUMBAI vs. DCIT CEN CIR 47, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

penalty u/s. 271(1)(c) of the Act with regard to the addition 5 M/s. The Phoenix Mills Ltd. upheld by the Tribunal for less than 10% of the alleged expenses, on estimate basis. 6. In the result, both the appeals of the assessee are allowed. ITA No. 48, 49,50,51,52,241 &242/Mum/2015 7. These are appeals

ASST CIT CC 8(4), MUMBAI vs. PHOENIX MILLS LTD, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

penalty u/s. 271(1)(c) of the Act with regard to the addition 5 M/s. The Phoenix Mills Ltd. upheld by the Tribunal for less than 10% of the alleged expenses, on estimate basis. 6. In the result, both the appeals of the assessee are allowed. ITA No. 48, 49,50,51,52,241 &242/Mum/2015 7. These are appeals

THE PHOENIX MILLS LTD,MUMBAI vs. ASST CIT CEN CIR 47, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

penalty u/s. 271(1)(c) of the Act with regard to the addition 5 M/s. The Phoenix Mills Ltd. upheld by the Tribunal for less than 10% of the alleged expenses, on estimate basis. 6. In the result, both the appeals of the assessee are allowed. ITA No. 48, 49,50,51,52,241 &242/Mum/2015 7. These are appeals

THE PHOENIX MILLS LTD,MUMBAI vs. ASST CIT CEN CIR 47, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

penalty u/s. 271(1)(c) of the Act with regard to the addition 5 M/s. The Phoenix Mills Ltd. upheld by the Tribunal for less than 10% of the alleged expenses, on estimate basis. 6. In the result, both the appeals of the assessee are allowed. ITA No. 48, 49,50,51,52,241 &242/Mum/2015 7. These are appeals

THE PHOENIX MILLS LTD,MUMBAI vs. ASST CIT CEN CIR 47, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

penalty u/s. 271(1)(c) of the Act with regard to the addition 5 M/s. The Phoenix Mills Ltd. upheld by the Tribunal for less than 10% of the alleged expenses, on estimate basis. 6. In the result, both the appeals of the assessee are allowed. ITA No. 48, 49,50,51,52,241 &242/Mum/2015 7. These are appeals

ASST CIT CC 8(4), MUMBAI vs. PHOENIX MILLS LTD, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

penalty u/s. 271(1)(c) of the Act with regard to the addition 5 M/s. The Phoenix Mills Ltd. upheld by the Tribunal for less than 10% of the alleged expenses, on estimate basis. 6. In the result, both the appeals of the assessee are allowed. ITA No. 48, 49,50,51,52,241 &242/Mum/2015 7. These are appeals

VASWANI TRUST,MUMBAI vs. ITO 12(2)(4), MUMBAI

In the result, this appeal of assessee is partly allowed

Bench: Shri Sandeep Gosain & Shri G. Manjunatha

penalty levied u/s. 271(1)(c) of the Act by holding that : 11 : ITA Nos. 3005, 3006, 3007, 3008 & 3009/Mum/18 the assessee claimed standard deduction u/s. 24 of the Act in respect of maintenance charges and other charges considering the same as part of rental income, which is otherwise not assessable under the head ‘income from house property

MOHAN THAKURDAS GURNANI,NAVI MUMBAI vs. ITO CENTRAL CIRCLE 5(2), MUMBAI

In the result, all the five appeals of the assessee are partly allowed

house property vide order u/s 143(3) r.w.s.153A dated 26.10.2021. Thereafter, the Ld. AO\nCOME TAX APPELLATE TRUN\nPage 11\nITA No. 435 to 439/Mum/2025\nΑ.Υ. 2010-11, 11-12, 12-13, 13-14 & 16-17\nMohan Thakurdas Gurnani\nissued a show cause notice to the assessee to explain as to why penalty should not be levied u/s 271

RAJU MOHAN GURNANI,NAVI MUMBAI vs. INCOME TAX OFFICER, CENTRAL CIRCLE 5(2), MUMBAI

In the result, all three appeals of the assessee are allowed

Bench: Shri Rahul Chaudhary & Smt. Renu Jauhriआयकर अपील सं./Ita No. 246/Mum/2025 (निर्धारण वर्ा / Assessment Year :2014-15) आयकर अपील सं./Ita No. 247/Mum/2025 (निर्धारण वर्ा / Assessment Year :2015-16) आयकर अपील सं./Ita No. 248/Mum/2025 (निर्धारण वर्ा / Assessment Year :2016-17) Raju Mohan Gurnani V/S. Ito, Central Circle 5(2) बिधम Flat No. 2101, Moraj Casa Room No. 427, 4Th Floor, Grande, Plot No. 57, Sector Kautilya Bhavan, Bandra 17, Koperkhairne Kurla Complex, Bandra Maharashtra-410209 East, Maharashtra-400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aalpg9103B Appellant/अपीलधर्थी .. Respondent/प्रनिवधदी निर्ााररती की ओर से /Assessee By: None रधजस्व की ओर से /Revenue By: Shri R. R. Makwana

u/s 271(1)(c) of the Act by Ld. CIT(A) vide order dated 28.11.2024. A penalty of Rs. 24,11,180/- was imposed by the Ld. AO vide order dated 02.03.2022 in respect of the undisclosed notional income from house property

RAJU MOHAN GURNANI,NAVI MUMBAI vs. INCOME TAX OFFICER, CENTRAL CIRCLE 5(2), MUMBAI

In the result, all three appeals of the assessee are allowed

Bench: Shri Rahul Chaudhary & Smt. Renu Jauhriआयकर अपील सं./Ita No. 246/Mum/2025 (निर्धारण वर्ा / Assessment Year :2014-15) आयकर अपील सं./Ita No. 247/Mum/2025 (निर्धारण वर्ा / Assessment Year :2015-16) आयकर अपील सं./Ita No. 248/Mum/2025 (निर्धारण वर्ा / Assessment Year :2016-17) Raju Mohan Gurnani V/S. Ito, Central Circle 5(2) बिधम Flat No. 2101, Moraj Casa Room No. 427, 4Th Floor, Grande, Plot No. 57, Sector Kautilya Bhavan, Bandra 17, Koperkhairne Kurla Complex, Bandra Maharashtra-410209 East, Maharashtra-400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aalpg9103B Appellant/अपीलधर्थी .. Respondent/प्रनिवधदी निर्ााररती की ओर से /Assessee By: None रधजस्व की ओर से /Revenue By: Shri R. R. Makwana

u/s 271(1)(c) of the Act by Ld. CIT(A) vide order dated 28.11.2024. A penalty of Rs. 24,11,180/- was imposed by the Ld. AO vide order dated 02.03.2022 in respect of the undisclosed notional income from house property