SWARAN NADHAN SALARIA,MUMBAI vs. DICT CENTRAL CIRCLE 1(2), MUMBAI

In the result all In the result all appeals of the assesses from AY 2014

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

section 271(1)(c) of the Act are fulfilled. In view of the above, the penalty in respect of interest and the excess the penalty in respect of interest and the excess the penalty in respect of interest and the excess depreciation is also cancelled cancelled. The relevant grounds of the appeal of The relevant grounds of the appeal

SWARAN NADHAN SALARIA,MUMBAI vs. DCIT CENTRAL CIRCLE 1(2), MUMBAI

In the result all In the result all appeals of the assesses from AY 2014

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

section 271(1)(c) of the Act are fulfilled. In view of the above, the penalty in respect of interest and the excess the penalty in respect of interest and the excess the penalty in respect of interest and the excess depreciation is also cancelled cancelled. The relevant grounds of the appeal of The relevant grounds of the appeal

SWARAN NADHAN SALARIA,MUMBAI vs. DCIT CENTRAL CIRCLE 1(2), MUMBAI

In the result all In the result all appeals of the assesses from AY 2014

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

section 271(1)(c) of the Act are fulfilled. In view of the above, the penalty in respect of interest and the excess the penalty in respect of interest and the excess the penalty in respect of interest and the excess depreciation is also cancelled cancelled. The relevant grounds of the appeal of The relevant grounds of the appeal

SWARAN NADHAN SALARIA,MUMBAI vs. DCIT CENTRAL CIRCLE 1(2), MUMBAI

In the result all In the result all appeals of the assesses from AY 2014

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

section 271(1)(c) of the Act are fulfilled. In view of the above, the penalty in respect of interest and the excess the penalty in respect of interest and the excess the penalty in respect of interest and the excess depreciation is also cancelled cancelled. The relevant grounds of the appeal of The relevant grounds of the appeal

JM FINANCIAL PROPERTY FUND I,MUMBAI vs. INCOME TAX OFFICER, WARD - 25(1)(1), MUMBAI, MUMBAI

In the result, the appeal of the assessee for assessment year

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

penalty proceedings under section 271(1)(c) of the Act against the Appellant on proceedings under section 271(1)(c) of the Act against the Appellant on proceedings under section 271(1)(c) of the Act against the Appellant on account of furnishing inaccurate particulars and concealment of income. count of furnishing inaccurate particulars and concealment of income. count

JM FINANCIAL PROPERTY FUND I,MUMBAI vs. INCOME TAX OFFICER, WARD - 25(1)(1), MUMBAI, MUMBAI

In the result, the appeal of the assessee for assessment year

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

penalty proceedings under section 271(1)(c) of the Act against the Appellant on proceedings under section 271(1)(c) of the Act against the Appellant on proceedings under section 271(1)(c) of the Act against the Appellant on account of furnishing inaccurate particulars and concealment of income. count of furnishing inaccurate particulars and concealment of income. count

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

10. The Assessee in response to the aforesaid show cause notice, filed her reply dated 24.05.2017, which reads as under: "We refer to your notice in respect of penalty under section 271(1)(c) of the Act. In connection to that, under the instructions of our above mentioned Assessee and on his behalf, we state and submit as follows

DCIT, CC-7(1), MUMBAI vs. M/S MANEESH PHARMACEUTICALS LTD., MUMBAI

u/s 274 r.w.s. 271 has to be held as void-ab-initio. I, therefore, overturn the impugned order and direct to delete the penalty. The additional grounds of appeal are accordingly allowed.” (Emphasis Supplied) 7. Being aggrieved by the order, dated 27.07.2022, passed by the CIT(A) deleting penalty of INR 2,85,23,354/- under Section 271

ANJIS DEVELOPERS PRIVATE LIMITED,MUMBAI vs. PRINCIPLE CIT-5,MUMBAI, MUMBAI

In the result, the appeal filed by the assessee is dismissed

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2017-18 Anjis Developers Private Limited, Pcit-5, 2Nd Floor, Soham Apartments, Room No. 515, 5Th Floor, 208, Walkeshwar Road, Teen Vs. Aayakar Bhavan, Mk. Batti, Road, Mumbai-400006. Mumbai-400020. Pan No. Aaaca 6022 H Appellant Respondent : Assessee By S. Sriram/Dinesh Kukreja/Ssnyaknavedie Revenue By : Shri Chetan Kacha, Dr : Date Of Hearing 25/11/2022 Date Of Pronouncement : 20/02/2023

u/s 271(1)(c) of the Act has rendered, t of the Act has rendered, the assessment order erroneous in so far he assessment order erroneous in so far Anjis Developers Pvt. Ltd. 7 AY 2017-18 as prejudicial to the interest of the Rev as prejudicial to the interest of the Revenue. The relevant finding of enue. The relevant

FRANKLIN TEMPLETON INTERNATIONAL SERVICES (INDIA) P.LTD,MUMBAI vs. DCIT CIR 6(3)(1), MUMBAI

10,887/-.\nbeing short-fall.\nGround 2 - Penalty Proceedings under Section 271(1)(c) of the Act\nThe said ground is premature at this stage.\n2.1. On the facts and in the circumstances of the case, the learned AO\nhas erred in law in initiating penalty proceedings under Section 271(1)(c)\nof the Act.\nThe Appellant prays that

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

3% of GP rate in the entire purchases amount. The ld. AO has levied penalty u/s. 271(1)(c) of Rs. 5,68,596/- on the final addition sustained at Rs. 16,72,834/-. The ld. CIT(A) without discussing the issue on merits held that even in the case of an estimate, Explanation to Section 271(1)(c) will

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

3% of GP rate in the entire purchases amount. The ld. AO has levied penalty u/s. 271(1)(c) of Rs. 5,68,596/- on the final addition sustained at Rs. 16,72,834/-. The ld. CIT(A) without discussing the issue on merits held that even in the case of an estimate, Explanation to Section 271(1)(c) will

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

3) r.w.s. 144C of the Act was completed on 25.03.2019, wherein the total income was assessed at Rs.16797,17,09,934/- under normal provisions of the Act and book profit at Rs.37412,87,67,520/- u/s 115JB of the Act. Along with the assessment order, the Assessing Officer initiated penalty u/s 271(1)(c) of the Act in respect

GAUTAM PURANMAL PODDAR,KALYAN vs. ACIT, CIRCLE 3(2), KALYAN

In the result, the appeals of the assessee are allowed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Ita Nos. 583 & 584/Mum/2023 Assessment Years: 2014-15 & 2015-16 Gautam Puranmal Poddar Acit, Circle-3(2), (Huf), 2Nd Floor, Rani Mansion, Plot No. Rl 1 Milap Nagar Midc Vs. Above Canara Bank, Resioential Area Dombivli East Murbad Rd. Kalyan, Kalyan-421 301. Thane-421 301. Pan No. Aaehg 6868 A Appellant Respondent Assessee By : Mr. Jayant Bhatt, Ca Revenue By : Mr. Paresh Deshpande, Dr : Date Of Hearing 27/04/2023 Date Of Pronouncement : 28/04/2023 Order

3) of the Act on 27.12.2016 claim of exemption of Rs.20,87,787/- u/s 10(38) of the Act for long te u/s 10(38) of the Act for long term capital gain u/s 10(38) of the Act for long te was added to the returned income. The addition made was accepted was added to the returned income

GAUTAM PURANMAL PODDAR,KALYAN vs. ACIT, CIRCLE 3(2), KALYAN

In the result, the appeals of the assessee are allowed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Ita Nos. 583 & 584/Mum/2023 Assessment Years: 2014-15 & 2015-16 Gautam Puranmal Poddar Acit, Circle-3(2), (Huf), 2Nd Floor, Rani Mansion, Plot No. Rl 1 Milap Nagar Midc Vs. Above Canara Bank, Resioential Area Dombivli East Murbad Rd. Kalyan, Kalyan-421 301. Thane-421 301. Pan No. Aaehg 6868 A Appellant Respondent Assessee By : Mr. Jayant Bhatt, Ca Revenue By : Mr. Paresh Deshpande, Dr : Date Of Hearing 27/04/2023 Date Of Pronouncement : 28/04/2023 Order

3) of the Act on 27.12.2016 claim of exemption of Rs.20,87,787/- u/s 10(38) of the Act for long te u/s 10(38) of the Act for long term capital gain u/s 10(38) of the Act for long te was added to the returned income. The addition made was accepted was added to the returned income

ESSEL MINING & INDUSTRIES LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX - CENTRAL CIRCLE 1(4), MUMBAI

In the result, the appeal of the Revenue for assessment year the result, the appeal of the Revenue for assessment year the result, the appeal of the Revenue for assessment year

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2011-12 & Assessment Year: 2012-13 Essel Mining & Industries Ltd., Dy. Cit, Central Circle-1(4), Industry House, 18Th Floor, 10, 9Th Floor, Old Cgo Building, Camac Street, Vs. Mk Road, Kolkata-700017. Mumbai-400020. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 & Assessment Year: 2012-13 Jcit, Central Circle-1(4), M/S Essel Mining & Industries Room No. 902, Pratishtha Ltd., Bhavan, 9Th Floor, Old Cgo Vs. Industry House, 18Th Floor, 10, Building Annexe, Camac Street, Mumbai-400020. Kolkata-700017. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 M/S Essel Mining & Industries Dy. Cit, Central Circle-1(4), Ltd., 9Th Floor, Old Cgo Building, Vs. Industry House, 18Th Floor, 10, Mk Road

u/s 80IA and u/s 10B of the Act on claim of deduction u/s 80IA and u/s 10B of the Act on claim of deduction u/s 80IA and u/s 10B of the Act – Rs 2,62,53,000/ Rs 2,62,53,000/- We find that this is only concerned with workin We find that this is only concerned with workin

ESSEL MINING & INDUSTRIES LIMITED,MUMBAI vs. DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(4), MUMBAI

In the result, the appeal of the Revenue for assessment year the result, the appeal of the Revenue for assessment year the result, the appeal of the Revenue for assessment year

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2011-12 & Assessment Year: 2012-13 Essel Mining & Industries Ltd., Dy. Cit, Central Circle-1(4), Industry House, 18Th Floor, 10, 9Th Floor, Old Cgo Building, Camac Street, Vs. Mk Road, Kolkata-700017. Mumbai-400020. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 & Assessment Year: 2012-13 Jcit, Central Circle-1(4), M/S Essel Mining & Industries Room No. 902, Pratishtha Ltd., Bhavan, 9Th Floor, Old Cgo Vs. Industry House, 18Th Floor, 10, Building Annexe, Camac Street, Mumbai-400020. Kolkata-700017. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 M/S Essel Mining & Industries Dy. Cit, Central Circle-1(4), Ltd., 9Th Floor, Old Cgo Building, Vs. Industry House, 18Th Floor, 10, Mk Road

u/s 80IA and u/s 10B of the Act on claim of deduction u/s 80IA and u/s 10B of the Act on claim of deduction u/s 80IA and u/s 10B of the Act – Rs 2,62,53,000/ Rs 2,62,53,000/- We find that this is only concerned with workin We find that this is only concerned with workin

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

10% on estimate basis which was confirmed by the Tribunal. The AO levied penalty on the disallowance. CIT(A) confirmed it. On appeal, the Third Member observed as follows: Tisya Jewels 13 "It is a trite law that no penalty can be imposed u/s 271(1)(c) of the Act on an estimated income/additions... What follows from the above discussion