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

INCOME TAX OFFICER- 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

u/s 271(1)(c) of the Act, without appreciating judgment on the decision of Hon'ble Delhi High Court in the case of CIT Vs Atul Kumar Gupta in ITA No. 479/2014, which reinforces the Revenue Authority to impose penalties under section 271(1)(c), in the cases where the assessee fails to provide accurate and satisfactory explanations for discrepancies

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

u/s 271(1)(c) of the Act, without appreciating judgment on the decision of Hon'ble Delhi High Court in the case of CIT Vs Atul Kumar Gupta in ITA No. 479/2014, which reinforces the Revenue Authority to impose penalties under section 271(1)(c), in the cases where the assessee fails to provide accurate and satisfactory explanations for discrepancies

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

penalty cancelled u/s 271(1)(c) of\nthe Act and particularly in view of clause of sub-section 2 of section\n270 of the Act as in the case of the assessee, the Assessing Officer\nhas made disallowance out of cash expenses and no books of\naccounts have been rejected invoking section 145(3

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

penalty cancelled u/s 271(1)(c) of\nthe Act and particularly in view of clause of sub-section 2 of section\n270 of the Act as in the case of the assessee, the Assessing Officer\nhas made disallowance out of cash expenses and no books of\naccounts have been rejected invoking section 145(3

R J CORPORATION,MUMBAI vs. INCOME TAX OFFICER, 42(1)(4), MUMBAI, MUMBAI

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

Bench: SHRI SAKTIJIT DEY (Vice President), SHRI MAKARAND VASANT MAHADEOKAR (Accountant Member)

145(3) of the Act. However, since the sales declared by the assessee were not doubted, the Assessing Officer estimated the profit element embedded in such purchases at 12.5 percent and made additions accordingly. In the respective assessment orders passed under section 143(3) read with section 147 dated 20.11.2015, the additions were made on account of alleged bogus purchases

R J CORPORATION,MUMBAI vs. INCOME TAX OFFICER, 42(1)(4), MUMBAI, MUMBAI

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

Bench: SHRI SAKTIJIT DEY (Vice President), SHRI MAKARAND VASANT MAHADEOKAR (Accountant Member)

145(3) of the Act. However, since the sales declared by the assessee were not doubted, the Assessing Officer estimated the profit element embedded in such purchases at 12.5 percent and made additions accordingly. In the respective assessment orders passed under section 143(3) read with section 147 dated 20.11.2015, the additions were made on account of alleged bogus purchases

TRIG DETECTIVES PVT LTD ,MUMBAI vs. DCIT-CENTRAL CIRCLE 1(2), MUMBAI

In the result, the appeals filed by the assessee bearing ITA Nos

Bench: Shri Anikesh Banerjee & Shri Prabhash Shankar

penalty cancelled u/s 271(1)(c) of the Act and particularly in view of clause of sub-section 2 of section 270 of the Act as in the case of the assessee, the Assessing Officer has made disallowance out of cash expenses and no books of accounts have been rejected invoking section 145(3

TRIG DETECTIVES PVT LTD,MUMBAI vs. DCIT CENTRAL CIRCLE 1(2), MUMBAI

In the result, the appeals filed by the assessee bearing ITA Nos

Bench: Shri Anikesh Banerjee & Shri Prabhash Shankar

penalty cancelled u/s 271(1)(c) of the Act and particularly in view of clause of sub-section 2 of section 270 of the Act as in the case of the assessee, the Assessing Officer has made disallowance out of cash expenses and no books of accounts have been rejected invoking section 145(3

TRIG DETECTIVES PVT LTD,MUMBAI vs. DCIT CENTRAL CIRCLE 1(2), MUMBAI

In the result, the appeals filed by the assessee bearing ITA Nos

Bench: Shri Anikesh Banerjee & Shri Prabhash Shankar

penalty cancelled u/s 271(1)(c) of the Act and particularly in view of clause of sub-section 2 of section 270 of the Act as in the case of the assessee, the Assessing Officer has made disallowance out of cash expenses and no books of accounts have been rejected invoking section 145(3

TRIG DETECTIVES PVT LTD,MUMBAI vs. DCIT-CENTRAL CIRCLE 1(2), MUMBAI

In the result, the appeals filed by the assessee bearing ITA Nos

Bench: Shri Anikesh Banerjee & Shri Prabhash Shankar

penalty cancelled u/s 271(1)(c) of the Act and particularly in view of clause of sub-section 2 of section 270 of the Act as in the case of the assessee, the Assessing Officer has made disallowance out of cash expenses and no books of accounts have been rejected invoking section 145(3

TRIG DETECTIVES PVT LTD,MUMBAI vs. DCIT -CENTRAL CIRCLE -1(2), MUMBAI

In the result, the appeals filed by the assessee bearing ITA Nos

Bench: Shri Anikesh Banerjee & Shri Prabhash Shankar

penalty cancelled u/s 271(1)(c) of the Act and particularly in view of clause of sub-section 2 of section 270 of the Act as in the case of the assessee, the Assessing Officer has made disallowance out of cash expenses and no books of accounts have been rejected invoking section 145(3

TRIG DETECTIVES PVT LTD,MUMBAI vs. DCIT-CENTRAL CIRCLE 1(2), MUMBAI

In the result, the appeals filed by the assessee bearing ITA Nos

Bench: Shri Anikesh Banerjee & Shri Prabhash Shankar

penalty cancelled u/s 271(1)(c) of the Act and particularly in view of clause of sub-section 2 of section 270 of the Act as in the case of the assessee, the Assessing Officer has made disallowance out of cash expenses and no books of accounts have been rejected invoking section 145(3

TRIG DETECTIVES PVT LTD,MUMBAI vs. DCIT-CENTRAL CIRCLE 1(2), MUMBAI

In the result, the appeals filed by the assessee bearing ITA Nos

Bench: Shri Anikesh Banerjee & Shri Prabhash Shankar

penalty cancelled u/s 271(1)(c) of the Act and particularly in view of clause of sub-section 2 of section 270 of the Act as in the case of the assessee, the Assessing Officer has made disallowance out of cash expenses and no books of accounts have been rejected invoking section 145(3

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

penalty cancelled u/s 271(1)(c) of\nthe Act and particularly in view of clause of sub-section 2 of section\n270 of the Act as in the case of the assessee, the Assessing Officer\nhas made disallowance out of cash expenses and no books of\naccounts have been rejected invoking section 145(3

NAVEEN KUMAR, I.T.O.-19(1)(1), MUMBAI vs. ASHOK INDUSTRIAL CORPORATION, MUMBAI

Bench: SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

145(3) of the Act and addition was made of R.5,95,044/- being 8% of the alleged bogus purchases of Rs.74,38,050/-. The assessee filed appeals before the ld. CIT(A). But later on, the appeals were withdrawn. The ld. AO, by invoking the provisions of section 271(1)(c) of the Act, initiated the concealment penalty proceedings

INCOME TAX OFFICER, KAUTALIYA BHAVAN vs. RASHESH SHIRISHKUMAR BHUTA, MUMBAI

In the result, the appeals of the learned Assessing Officer for 025

Bench: Shri Prashant Maharishi, Am & Shri Sunil Kumar Singh, Jm

u/s 145 (3) of the Act estimated income to the extent of 9% of such bogus purchases for both these years. On appeal, the learned CIT (A) restricted the addition to the extent of 5%. On such addition sustained at the rate of 5% of the bogus purchases, the penalty under Section 271