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

271(1)(c)\nof the Act.\nThe Appellant prays that the penalty proceedings be dropped in the\nmatter.\nGround 5 - Levy of interest under section 234B of the Act\n5.1. On the facts and in the circumstances of the case, the learned AO\nhas erred in charging interest of Rs. 2,81,17,008.\nThe Appellant prays that

MARSH INDIA INSURANCE BROKERS PVT. LTD,MUMBAI vs. ADDL /JTDY/ACIT/ITO/NFAC, MUMBAI

In the result, both the appeal

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2016-17 & Assessment Year: 2017-18 Marsh India Insurance Brokers Additional/Joint/Deputy/Assistant Private Limited, Commissioner Of Income 1201-02, Tower, One India Vs. Tax/Income-Tax Officer, National Bulls Centre, Jupiter Mills E-Assessment Centre, Delhi. Compound, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400013. Pan No. Aadcm 4220 G Appellant Respondent Assessee By : Mr. Madhur Agrawal Revenue By : Mr. Manoj Kumar, Cit-Dr

section 234B of the Act. Marsh India Insurance Brokers Pvt. Ltd. Marsh India Insurance Brokers Pvt. Ltd. ITA Nos. 2471/MUM/2021 & 642/Mum/2022 Ground No. 5: Error in initiating penalty proceedings u/s 271

MARSH INDIA INSURANCE BROKERS PRIVATE LIMITED ,MUMBAI vs. ADDL/JT/DY/ASSTT/CIT/ITO/NFAC, DELHI, DELHI

In the result, both the appeal

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2016-17 & Assessment Year: 2017-18 Marsh India Insurance Brokers Additional/Joint/Deputy/Assistant Private Limited, Commissioner Of Income 1201-02, Tower, One India Vs. Tax/Income-Tax Officer, National Bulls Centre, Jupiter Mills E-Assessment Centre, Delhi. Compound, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400013. Pan No. Aadcm 4220 G Appellant Respondent Assessee By : Mr. Madhur Agrawal Revenue By : Mr. Manoj Kumar, Cit-Dr

section 234B of the Act. Marsh India Insurance Brokers Pvt. Ltd. Marsh India Insurance Brokers Pvt. Ltd. ITA Nos. 2471/MUM/2021 & 642/Mum/2022 Ground No. 5: Error in initiating penalty proceedings u/s 271

VINEET THAKAR,NAVI MUMBAI vs. ITO(41)(4)(4), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri Saktijit Dey & Shri Prabhash Shankar

234B and 234C. 6.1 On careful consideration of the contentions, we find that in the case under consideration, penalty for concealment u/s 271(1)(c) has been imposed in terms of Explanation 3 thereof, being a case of deemed concealment on account of non filing of the return. According to the Explanation 4 to Section

SWADESH TEXTILES P. LTD,MUMBAI vs. ITO 4(3)(4), MUMBAI

In the result, the appeal is partly allowed

Bench: Shri Joginder Singh () & Shri N.K. Pradhan () Assessment Year: 2011-12 Swadeshi Textiles Pvt. Ltd. Ito-4(3)(4), Mumbai ¾, 1St Floor, Kapadia Vs. Chambers, 599, Jss Road, Chira Bazar, Mumbai- 400002. Pan No. Aagcs2102Q Appellant Respondent Assessee By : Mr. Snehal J. Shah, Ar Revenue By : Mr. V. Justin, Dr Date Of Hearing : 22/05/2018 Date Of Pronouncement: 17/08/2018

234B of Rs.1,19,910/-, u/s 234C of Rs.17,301/- and u/s 234D of Rs.1,17,435/-. The disallowances made by the AO while computing book profit u/s 115JB are (i) instead of deducting depreciation debited to the P&L account, the assessee has deducted depreciation as per income tax and (ii) while computing the book profit, the assessee

ROBIN BIPIN MEHTA,MUMBAI vs. ACIT CC 20, MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri R.C.Sharma, Am Mr. Robin Bipin Mehta Vs. Acit- Cc-20, Mumbai – 3, Deepak, 1St Floor, 401, 400 021 S.V.Road, Vile Parle (West) Mumbai – 400 056 Pan/Gir No. Aabpm8343D Appellant) .. Respondent)

234B & 234C as applicable. Give credit for taxes paid after due verification. Issue demand noticed and challan accordingly issue show cause notice for initiating penalty u/s 271 (l )( c) of the IT Act, 1961 for furnishing inaccurate particulars of the income. This order is passed after getting approval from Addl. CIT, Range-4, Central Circle-Il, Mumbai vide his letter

CIFCO FINANCE LTD,MUMBAI vs. ASST CIT (OSD-II) CIR 7, MUMBAI

In the result all 16 appeals related to the assessee are disposed off

Bench: The Income Tax Appellate Tribunal C Bench Mumbai Before Sri Amit Shukla J M & Prashant Maharishi Am In The Matter Of Cifco Finance Limited, [ Aaacc1765F] Bhupen Chambers, Dalal Street, Mumbai V The Asst Commissioner Of Income Tax Aykar Bhavan 4Th Floor , M K Road Mumbai 20

271 (1) © of the income tax act, 1961 levied by the learned assessing officer as per order dated 29/6/2011 was confirmed. Therefore assessee is aggrieved and in appeal before us. Page 39 of 50 107. We find that the learned assessing officer has levied penalty with respect to the several disallowances made in the order u/s

M/S. CIFCO FINANCE LTD.,MUMBAI vs. ACIT (OSD-II) CR-7, MUMBAI

In the result all 16 appeals related to the assessee are disposed off

Bench: The Income Tax Appellate Tribunal C Bench Mumbai Before Sri Amit Shukla J M & Prashant Maharishi Am In The Matter Of Cifco Finance Limited, [ Aaacc1765F] Bhupen Chambers, Dalal Street, Mumbai V The Asst Commissioner Of Income Tax Aykar Bhavan 4Th Floor , M K Road Mumbai 20

271 (1) © of the income tax act, 1961 levied by the learned assessing officer as per order dated 29/6/2011 was confirmed. Therefore assessee is aggrieved and in appeal before us. Page 39 of 50 107. We find that the learned assessing officer has levied penalty with respect to the several disallowances made in the order u/s

M/S. CIFCO FINANCE LTD.,MUMBAI vs. ACIT (OSD-II) CR-7, MUMBAI

In the result all 16 appeals related to the assessee are disposed off

Bench: The Income Tax Appellate Tribunal C Bench Mumbai Before Sri Amit Shukla J M & Prashant Maharishi Am In The Matter Of Cifco Finance Limited, [ Aaacc1765F] Bhupen Chambers, Dalal Street, Mumbai V The Asst Commissioner Of Income Tax Aykar Bhavan 4Th Floor , M K Road Mumbai 20

271 (1) © of the income tax act, 1961 levied by the learned assessing officer as per order dated 29/6/2011 was confirmed. Therefore assessee is aggrieved and in appeal before us. Page 39 of 50 107. We find that the learned assessing officer has levied penalty with respect to the several disallowances made in the order u/s

ACIT (OSD-II) CENT. RG. - 7, MUMBAI vs. M/S. CIFCO FINANCE LTD., MUMBAI

In the result all 16 appeals related to the assessee are disposed off

Bench: The Income Tax Appellate Tribunal C Bench Mumbai Before Sri Amit Shukla J M & Prashant Maharishi Am In The Matter Of Cifco Finance Limited, [ Aaacc1765F] Bhupen Chambers, Dalal Street, Mumbai V The Asst Commissioner Of Income Tax Aykar Bhavan 4Th Floor , M K Road Mumbai 20

271 (1) © of the income tax act, 1961 levied by the learned assessing officer as per order dated 29/6/2011 was confirmed. Therefore assessee is aggrieved and in appeal before us. Page 39 of 50 107. We find that the learned assessing officer has levied penalty with respect to the several disallowances made in the order u/s

M/S. CIFCO FINANCE LTD.,MUMBAI vs. ACIT (OSD-II) CR.-7, MUMBAI

In the result all 16 appeals related to the assessee are disposed off

Bench: The Income Tax Appellate Tribunal C Bench Mumbai Before Sri Amit Shukla J M & Prashant Maharishi Am In The Matter Of Cifco Finance Limited, [ Aaacc1765F] Bhupen Chambers, Dalal Street, Mumbai V The Asst Commissioner Of Income Tax Aykar Bhavan 4Th Floor , M K Road Mumbai 20

271 (1) © of the income tax act, 1961 levied by the learned assessing officer as per order dated 29/6/2011 was confirmed. Therefore assessee is aggrieved and in appeal before us. Page 39 of 50 107. We find that the learned assessing officer has levied penalty with respect to the several disallowances made in the order u/s

M/S. CIFCO FINANCE LTD.,MUMBAI vs. ACIT (OSD-II) CR-7, MUMBAI

In the result all 16 appeals related to the assessee are disposed off

Bench: The Income Tax Appellate Tribunal C Bench Mumbai Before Sri Amit Shukla J M & Prashant Maharishi Am In The Matter Of Cifco Finance Limited, [ Aaacc1765F] Bhupen Chambers, Dalal Street, Mumbai V The Asst Commissioner Of Income Tax Aykar Bhavan 4Th Floor , M K Road Mumbai 20

271 (1) © of the income tax act, 1961 levied by the learned assessing officer as per order dated 29/6/2011 was confirmed. Therefore assessee is aggrieved and in appeal before us. Page 39 of 50 107. We find that the learned assessing officer has levied penalty with respect to the several disallowances made in the order u/s

CIFCO FINANCE LTD,MUMBAI vs. ACIT (OSD-II) CR 7, MUMBAI

In the result all 16 appeals related to the assessee are disposed off

Bench: The Income Tax Appellate Tribunal C Bench Mumbai Before Sri Amit Shukla J M & Prashant Maharishi Am In The Matter Of Cifco Finance Limited, [ Aaacc1765F] Bhupen Chambers, Dalal Street, Mumbai V The Asst Commissioner Of Income Tax Aykar Bhavan 4Th Floor , M K Road Mumbai 20

271 (1) © of the income tax act, 1961 levied by the learned assessing officer as per order dated 29/6/2011 was confirmed. Therefore assessee is aggrieved and in appeal before us. Page 39 of 50 107. We find that the learned assessing officer has levied penalty with respect to the several disallowances made in the order u/s

CIFCO FINANCE LTD,MUMBAI vs. DCIT (OSD-II) CR-7, MUMBAI

In the result all 16 appeals related to the assessee are disposed off

Bench: The Income Tax Appellate Tribunal C Bench Mumbai Before Sri Amit Shukla J M & Prashant Maharishi Am In The Matter Of Cifco Finance Limited, [ Aaacc1765F] Bhupen Chambers, Dalal Street, Mumbai V The Asst Commissioner Of Income Tax Aykar Bhavan 4Th Floor , M K Road Mumbai 20

271 (1) © of the income tax act, 1961 levied by the learned assessing officer as per order dated 29/6/2011 was confirmed. Therefore assessee is aggrieved and in appeal before us. Page 39 of 50 107. We find that the learned assessing officer has levied penalty with respect to the several disallowances made in the order u/s

CIFCO FINANCE LTD,MUMBAI vs. ACIT (OSD II), CR 7,, MUMBAI

In the result all 16 appeals related to the assessee are disposed off

Bench: The Income Tax Appellate Tribunal C Bench Mumbai Before Sri Amit Shukla J M & Prashant Maharishi Am In The Matter Of Cifco Finance Limited, [ Aaacc1765F] Bhupen Chambers, Dalal Street, Mumbai V The Asst Commissioner Of Income Tax Aykar Bhavan 4Th Floor , M K Road Mumbai 20

271 (1) © of the income tax act, 1961 levied by the learned assessing officer as per order dated 29/6/2011 was confirmed. Therefore assessee is aggrieved and in appeal before us. Page 39 of 50 107. We find that the learned assessing officer has levied penalty with respect to the several disallowances made in the order u/s

M/S. CIFCO FINANCE LTD.,MUMBAI vs. ACIT (OSD-II) CR-7, MUMBAI

In the result all 16 appeals related to the assessee are disposed off

Bench: The Income Tax Appellate Tribunal C Bench Mumbai Before Sri Amit Shukla J M & Prashant Maharishi Am In The Matter Of Cifco Finance Limited, [ Aaacc1765F] Bhupen Chambers, Dalal Street, Mumbai V The Asst Commissioner Of Income Tax Aykar Bhavan 4Th Floor , M K Road Mumbai 20

271 (1) © of the income tax act, 1961 levied by the learned assessing officer as per order dated 29/6/2011 was confirmed. Therefore assessee is aggrieved and in appeal before us. Page 39 of 50 107. We find that the learned assessing officer has levied penalty with respect to the several disallowances made in the order u/s

CIFCO FINANCE LTD,MUMBAI vs. DCIT (OSD-II) CR-7, MUMBAI

In the result all 16 appeals related to the assessee are disposed off

Bench: The Income Tax Appellate Tribunal C Bench Mumbai Before Sri Amit Shukla J M & Prashant Maharishi Am In The Matter Of Cifco Finance Limited, [ Aaacc1765F] Bhupen Chambers, Dalal Street, Mumbai V The Asst Commissioner Of Income Tax Aykar Bhavan 4Th Floor , M K Road Mumbai 20

271 (1) © of the income tax act, 1961 levied by the learned assessing officer as per order dated 29/6/2011 was confirmed. Therefore assessee is aggrieved and in appeal before us. Page 39 of 50 107. We find that the learned assessing officer has levied penalty with respect to the several disallowances made in the order u/s

CIFCO FINANCE LTD.,MUMBAI vs. ACIT (OSD II) CIR.7, MUMBAI

In the result all 16 appeals related to the assessee are disposed off

Bench: The Income Tax Appellate Tribunal C Bench Mumbai Before Sri Amit Shukla J M & Prashant Maharishi Am In The Matter Of Cifco Finance Limited, [ Aaacc1765F] Bhupen Chambers, Dalal Street, Mumbai V The Asst Commissioner Of Income Tax Aykar Bhavan 4Th Floor , M K Road Mumbai 20

271 (1) © of the income tax act, 1961 levied by the learned assessing officer as per order dated 29/6/2011 was confirmed. Therefore assessee is aggrieved and in appeal before us. Page 39 of 50 107. We find that the learned assessing officer has levied penalty with respect to the several disallowances made in the order u/s

M/A. CIFCO FINANCE LTD,MUMBAI vs. THE ACIT (OSD II) CR-7, MUMBAI

In the result all 16 appeals related to the assessee are disposed off

Bench: The Income Tax Appellate Tribunal C Bench Mumbai Before Sri Amit Shukla J M & Prashant Maharishi Am In The Matter Of Cifco Finance Limited, [ Aaacc1765F] Bhupen Chambers, Dalal Street, Mumbai V The Asst Commissioner Of Income Tax Aykar Bhavan 4Th Floor , M K Road Mumbai 20

271 (1) © of the income tax act, 1961 levied by the learned assessing officer as per order dated 29/6/2011 was confirmed. Therefore assessee is aggrieved and in appeal before us. Page 39 of 50 107. We find that the learned assessing officer has levied penalty with respect to the several disallowances made in the order u/s