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 ()

10 percentile of administrative expenses on estimate basis and initiated penalty u/s 271(1)(c) of the Act for furnishing basis and initiated penalty u/s 271(1)(c) of the Act for furnishing basis and initiated penalty u/s 271(1)(c) of the Act for furnishing inaccurate particulars of the income. rate particulars of the income. 4.3 Further, the Assessing

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 ()

10 percentile of administrative expenses on estimate basis and initiated penalty u/s 271(1)(c) of the Act for furnishing basis and initiated penalty u/s 271(1)(c) of the Act for furnishing basis and initiated penalty u/s 271(1)(c) of the Act for furnishing inaccurate particulars of the income. rate particulars of the income. 4.3 Further, the Assessing

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

u/s 271(1)(c) of the Act in respect of various additions. The assessee filed appeal against the quantum additions before the Ld. CIT(A) who partly allowed the appeal of the assessee. Reliance Industries Ltd After receipt of the order of the Ld. CIT(A), the Assessing Officer issued show cause notice to the assessee as why the penalty

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX-CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

10. The ground No. 5 relates to initiation of penalty proceedings The ground No. 5 relates to initiation of penalty proceedings The ground No. 5 relates to initiation of penalty proceedings u/s 271(1)(c) of the Act u/s 271(1)(c) of the Act ,which being premature at this stage premature at this stage, same is dismissed as infructuous

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

10. The ground No. 5 relates to initiation of penalty proceedings The ground No. 5 relates to initiation of penalty proceedings The ground No. 5 relates to initiation of penalty proceedings u/s 271(1)(c) of the Act u/s 271(1)(c) of the Act ,which being premature at this stage premature at this stage, same is dismissed as infructuous

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

10. The ground No. 5 relates to initiation of penalty proceedings The ground No. 5 relates to initiation of penalty proceedings The ground No. 5 relates to initiation of penalty proceedings u/s 271(1)(c) of the Act u/s 271(1)(c) of the Act ,which being premature at this stage premature at this stage, same is dismissed as infructuous

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

10. The ground No. 5 relates to initiation of penalty proceedings The ground No. 5 relates to initiation of penalty proceedings The ground No. 5 relates to initiation of penalty proceedings u/s 271(1)(c) of the Act u/s 271(1)(c) of the Act ,which being premature at this stage premature at this stage, same is dismissed as infructuous

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

10. The ground No. 5 relates to initiation of penalty proceedings The ground No. 5 relates to initiation of penalty proceedings The ground No. 5 relates to initiation of penalty proceedings u/s 271(1)(c) of the Act u/s 271(1)(c) of the Act ,which being premature at this stage premature at this stage, same is dismissed as infructuous

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

u/s 274 RWs 271 (1) (c) of the Act. Thus, It is apparent that notwithstanding the defective notice, the assessee was fully aware of the reason as to why the Assessing Officer sought to impose penalty. Thus, significant features of the case in hand are that penalty proceedings were initiated during the assessment proceedings. The Assessing Officer had although issued

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

u/s 274 RWs 271 (1) (c) of the Act. Thus, It is apparent that notwithstanding the defective notice, the assessee was fully aware of the reason as to why the Assessing Officer sought to impose penalty. Thus, significant features of the case in hand are that penalty proceedings were initiated during the assessment proceedings. The Assessing Officer had although issued

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

In the result all appeals of the assesses from AY 2014-15 to AY\n2020-21 are partly allowed

10%\non administrative expenses and no basis for such estimation has\nbeen provided by the Assessing Officer. In the circumstances,\naddition being merely on the estimate basis cannot be sustained in\nview of reasons pari materia with penalty cancelled u/s 271(1)(c) of\nthe Act and particularly in view of clause of sub-section 2 of section\n270

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

In the result all appeals of the assesses from AY 2014-15 to AY\n2020-21 are partly allowed

10%\non administrative expenses and no basis for such estimation has\nbeen provided by the Assessing Officer. In the circumstances,\naddition being merely on the estimate basis cannot be sustained in\nview of reasons pari materia with penalty cancelled u/s 271(1)(c) of\nthe Act and particularly in view of clause of sub-section 2 of section\n270

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

u/s 271(1)(c) of the Act in respect of various\nadditions. The assessee filed appeal against the quantum additions\nbefore the Ld. CIT(A) who partly allowed the appeal of the assessee.\nAfter receipt of the order of the Ld. CIT(A), the Assessing Officer\nissued show cause notice to the assessee as why the penalty might\nnot

ANAND RATHI SHARE AND STOCK BROKERS LIMITED ,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 5(1), MUMBAI

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

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

10,37,000 Total penalty of Rs.10,37,000/ Rs.10,37,000/-(Rupees Ten Lakh Thirty Seven (Rupees Ten Lakh Thirty Seven Thousands only) is hereby levied on is hereby levied on R.E. M/s. Anand Rathi And Stock R.E. M/s. Anand Rathi And Stock under section 271 FA of the I.T. Act.” Brokers Ltd. under 5. In appeal, the assessee

ANAND RATHI SHARE AND STOCK BROKERS LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 5(1), MUMBAI

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

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

10,37,000 Total penalty of Rs.10,37,000/ Rs.10,37,000/-(Rupees Ten Lakh Thirty Seven (Rupees Ten Lakh Thirty Seven Thousands only) is hereby levied on is hereby levied on R.E. M/s. Anand Rathi And Stock R.E. M/s. Anand Rathi And Stock under section 271 FA of the I.T. Act.” Brokers Ltd. under 5. In appeal, the assessee

ANAND RATHI SHARE AND STOCK BROKERS LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 5(1), MUMBAI

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

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

10,37,000 Total penalty of Rs.10,37,000/ Rs.10,37,000/-(Rupees Ten Lakh Thirty Seven (Rupees Ten Lakh Thirty Seven Thousands only) is hereby levied on is hereby levied on R.E. M/s. Anand Rathi And Stock R.E. M/s. Anand Rathi And Stock under section 271 FA of the I.T. Act.” Brokers Ltd. under 5. In appeal, the assessee

ANAND RATHI SHARE AND STOCK BROKERS LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 5(1), MUMBAI

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

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

10,37,000 Total penalty of Rs.10,37,000/ Rs.10,37,000/-(Rupees Ten Lakh Thirty Seven (Rupees Ten Lakh Thirty Seven Thousands only) is hereby levied on is hereby levied on R.E. M/s. Anand Rathi And Stock R.E. M/s. Anand Rathi And Stock under section 271 FA of the I.T. Act.” Brokers Ltd. under 5. In appeal, the assessee

RAJESH B. JAIN AS LEGAL HEIR OF BHANWARLAL M JAIN,MUMBAI vs. INCOME TAX OFFICER, WARD-19(1)(1), MUMBAI

Bench: Justice (Retd.) C V Bhadang & Shri Arun Khodpia, Am

37. In view of the above, it is held that assessee has failed to offer bonafide explanation in respect of the committed default making this a fit case for levy of penalty, I am of view that the assessee is liable for penalty and the tax sought to be evaded' is computed pursuant to clause (iii) of section 271