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

A.C.I.T. CENTRAL CIRCLE-20, MUMBAI vs. ANKUR DRUGS & PHARMA LTD., MUMBAI

In the result appeal of the Revenue in I

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No. 7529/Mum/2011 (नििाारण वर्ा / Assessment Year: 2006-07)

Section 80IC clearly requires manufacturing . Thus, learned CIT DR strongly supported the levying of penalty u/s 271(1)(c) of the 1961 Act and contended that the appellate order of learned CIT(A) is erroneous which needed to be reversed and penalty levied by the AO be confirmed. 10. The assessee during the course of hearing was directed

CAPRICON REALTY LTD.,MUMBAI vs. ACIT CIR 2(1), MUMBAI

In the result, appeal of assessee is allowed

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No. 5724/Mum/2013 (नििाारण वर्ा / Assessment Year : 2005-06)

section 271(1)(c) in this case. Accordingly we set aside the order of CIT(A) and delete the penalty levied.” 7. Following the aforesaid precedent, which has been rendered under identical circumstances, we set-aside the order of CIT(A) and direct the Assessing Officer to delete the penalty imposed u/s 271

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

10. Thus it is not denied that ultimately the addition sustained in the hands of the assessee are based on estimate. We noted further that in each of the cases, the AO initiated penalty proceedings under Section 271(1)(c) during the course of assessment by observing in the assessment order “penalty proceedings under Section 271(1)(c) are initiated

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

10. Thus it is not denied that ultimately the addition sustained in the hands of the assessee are based on estimate. We noted further that in each of the cases, the AO initiated penalty proceedings under Section 271(1)(c) during the course of assessment by observing in the assessment order “penalty proceedings under Section 271(1)(c) are initiated

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

10. Thus it is not denied that ultimately the addition sustained in the hands of the assessee are based on estimate. We noted further that in each of the cases, the AO initiated penalty proceedings under Section 271(1)(c) during the course of assessment by observing in the assessment order “penalty proceedings under Section 271(1)(c) are initiated

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

10. Thus it is not denied that ultimately the addition sustained in the hands of the assessee are based on estimate. We noted further that in each of the cases, the AO initiated penalty proceedings under Section 271(1)(c) during the course of assessment by observing in the assessment order “penalty proceedings under Section 271(1)(c) are initiated

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

10. Thus it is not denied that ultimately the addition sustained in the hands of the assessee are based on estimate. We noted further that in each of the cases, the AO initiated penalty proceedings under Section 271(1)(c) during the course of assessment by observing in the assessment order “penalty proceedings under Section 271(1)(c) are initiated

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

10. Thus it is not denied that ultimately the addition sustained in the hands of the assessee are based on estimate. We noted further that in each of the cases, the AO initiated penalty proceedings under Section 271(1)(c) during the course of assessment by observing in the assessment order “penalty proceedings under Section 271(1)(c) are initiated

AMIT CAPITAL & SECURITIES P.LTD,MUMBAI vs. ITO 2(1)(1), MUMBAI

The appeal of the assessee is allowed

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year 2006-07 Amit Capital & Securities Income Tax Officer Private Limited, Range-2(1)(1), बनाम/ 47A, 3Rd Floor, Plot No.308, Aayakar Bhavan, Vs. Hanuman Building, Perin M. K. Road, Nariman Street, Fort, Mumbai-400020 Mumbai-400001 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaaca4219Q "नधा"रती क" ओर से / Assessee By Shri Govind Jhaveri Shri Satishchandra Rajore-Dr राज"व क" ओर से / Revenue By 04/10/2018 सुनवाई क" तार"ख / Date Of Hearing : घोषणा क" तार"ख/Date Of Pronouncement 09/10/2018

37,196/- Stock exchange expenses Rs. 22,190/- Demat charges Rs. 804/- Legal expenses Rs. 4,556/- Security transaction tax Rs. 6,221/- Office expenses Rs. 3,121/- Interest paid Rs. 13,758/- -------------------- Rs. 13,87,846/- =========== The Ld CIT(A) confirmed the order of the AO by observing that the assessee has failed to furnish the details of expenses

EON AVIATION PVT. LTD.,MUMBAI vs. DCIT, 5(1), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Mahavir Singh() & Shri G Manjunatha ()

37,16,8757- Considering the facts of the case I am satisfied that minimum penalty of Rs. 79,05,625/- be levied in he case ofhe assessee.,1 therefore direct: the assessee to pay a sum of Rs. 79,05,625/- by way of penalty u/s. 271(l)(c) of the I.T. Act, 1961. Issue demand notice and challan accordingly

DCIT CC 3(4) CEN RG 3, MUMBAI vs. LAXMICHAND D. ROHIRA, MUMBAI

In the result, the appeals of the revenue are hereby dismissed and cross-objections filed by the assessee are hereby ordered to be allowed

Bench: Shri R.C. Sharma, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. Nos.1178 To 1184/Mum/2016 (निर्धारण वर्ा / Assessment Years: 2002-03, 2003-04, 2004-05, 2005-06, 2006-07, 2008-09 & 2007-08) Dy. Cit Cc-3(4) Central बिधम/ Shri Lakhmichand D. Rohira, 2301, Dheeraj Heigh Range-3 Vs. Gaurav, New Link Rd, Room No. 1915, 19Th Floor, Andheri (W), Mumbai- Air India Bldg, Nariman 400053. Point, Mumbai-400021. Co. Nos. 250 To 256/Mum/2017 (Arising Out Of Ita. Nos.1183, 1178, 1179, 1180, 1181 1182 & 1184/M/2016) (निर्धारण वर्ा / Assessment Years: 2008-09, 2002-03, 2003-04, 2004-05, 2005-06, 2006-07& 2007-08) बिधम/ Shri Lakhmichand D. Dy. Cit Cc-3(4) Central Rohira, 2301, Dheeraj Heigh Range-3 Vs. Gaurav, New Link Rd, Room No. 1915, 19Th Floor, Andheri (W), Mumbai- Air India Bldg, Nariman 400053. Point, Mumbai-400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Adnpr6420M (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri Chaitanya Anjaria (Dr) Assessee By: Shri Vimal Punmiya (Ar) सुनवाई की तारीख / Date Of Hearing: 05.09.2018 घोषणा की तारीख /Date Of Pronouncement: 24.09.2018

10. Thus it is not denied that ultimately the addition sustained in the hands of the assessee are based on estimate. We noted further that in each of the cases, the AO initiated penalty proceedings under Section 271(1)(c) during the course of assessment by observing in the assessment order "penalty proceedings under Section 271(1)(c) are initiated

SANDEEP BHIMRAO LAD,MUMBAI vs. DCIT CIRCLE-3, THANE

Bench: Shri S. Rifaur Rahman, Am & Shri Ram Lal Negi, Jm आयकरअपीलसं./ I.T.A. No. 1620/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2009-10)

10 I.T.A. No. 1617 to 1620/Mum/2018 Sandeep Bhimrao Lad & Sunny Ashok Lad 7. Aggrieved with the above order, assessee preferred appeal before us raising following grounds of appeal: 1. The Hon. CIT (A) erred in confirming the penalty of Rs. 9,37,365/- levied u/s 271(1)(c) not appreciating that the penalty was levied for the reason that

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)

271(1)(c) of the Act, can be levied in respect of the disallowance made by the Assessing Officer, as the appellant had paid the tax on deemed income under the provision of section 115JB of the Act. On the facts and circumstances of the case and in law, the penalty levied ought to be deleted.” 14. Our decision

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)

271(1)(c) of the Act, can be levied in respect of the disallowance made by the Assessing Officer, as the appellant had paid the tax on deemed income under the provision of section 115JB of the Act. On the facts and circumstances of the case and in law, the penalty levied ought to be deleted.” 14. Our decision

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)

271(1)(c) of the Act, can be levied in respect of the disallowance made by the Assessing Officer, as the appellant had paid the tax on deemed income under the provision of section 115JB of the Act. On the facts and circumstances of the case and in law, the penalty levied ought to be deleted.” 14. Our decision

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)

271(1)(c) of the Act, can be levied in respect of the disallowance made by the Assessing Officer, as the appellant had paid the tax on deemed income under the provision of section 115JB of the Act. On the facts and circumstances of the case and in law, the penalty levied ought to be deleted.” 14. Our decision