DCIT, CENTRAL CIRCLE - 7(1), MUMBAI , MUMBAI vs. TRIUMPH SECURITIES LTD, MUMBAI

In the result, the appeal of the revenue bearing ITA No

u/s.\n271(1)(c) of the Act. It would be useful to reproduce the contents of the said notice as under:\n\"NOTICE UNDER SECTION 274 READ WITH SECTION 271 OF THE INCOME TAX АСТ, 1961,\nPAN: AAACT2152P\nOffice of the\nAsst. Commissioner of Income-tax,\nCentral Circle 40, Room no 653\nAayakar Bhavan, 6th Floor\nM.K. Road, Mumbai

CONNERSTONE ONDEMAND LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION )-2(1)(1), MUMBAI

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

249 as regards the penalty are apposite. In the aforementioned decision which pertained to the penalty proceedings in Tamil Nadu General Sales Tax Act, the Court had found that the authorities below had found that there were some incorrect statements made in the Return. However, the said transactions were reflected in the accounts of the assessee. This Court, therefore, observed

CORNERSTONE ONDEMAND LIMITED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION )-2(1)(1), MUMBAI

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

249 as regards the penalty are apposite. In the aforementioned decision which pertained to the penalty proceedings in Tamil Nadu General Sales Tax Act, the Court had found that the authorities below had found that there were some incorrect statements made in the Return. However, the said transactions were reflected in the accounts of the assessee. This Court, therefore, observed

CORNERSTONE ONDEMAND LIMITED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION )-2(1)(1), MUMBAI

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

249 as regards the penalty are apposite. In the aforementioned decision which pertained to the penalty proceedings in Tamil Nadu General Sales Tax Act, the Court had found that the authorities below had found that there were some incorrect statements made in the Return. However, the said transactions were reflected in the accounts of the assessee. This Court, therefore, observed

CORNERSTONE ONDEMAND LIMITED ,MUMBAI vs. ACIT(IT)-2(1)(1), MUMBAI

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

249 as regards the penalty are apposite. In the aforementioned decision which pertained to the penalty proceedings in Tamil Nadu General Sales Tax Act, the Court had found that the authorities below had found that there were some incorrect statements made in the Return. However, the said transactions were reflected in the accounts of the assessee. This Court, therefore, observed

CORNERSTONE ONDEMAND LIMITED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION )-291)(1), MUMBAI

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

249 as regards the penalty are apposite. In the aforementioned decision which pertained to the penalty proceedings in Tamil Nadu General Sales Tax Act, the Court had found that the authorities below had found that there were some incorrect statements made in the Return. However, the said transactions were reflected in the accounts of the assessee. This Court, therefore, observed

PRIYAA MOHAN GURNANI,NAVI MUMBAI vs. ITO CENTRAL CIRCLE 5(2), MUMBAI

In the result the appeal filed by the assessee stands allowed

u/s 271(1)(c)\neven in respect of undisclosed income detected as a result of the search.\ng. Sub-section 2 which has the effect of resembling the application of section\n271(1)(c) makes it doubly sure that the provisions of section 271(1)(c) would not\napply in cases where a search had taken place and the income

PRIYAA MOHAN GURNANI,NAVI MUMBAI vs. ITO CENTRAL CIRCLE 5(2), MUMBAI

In the result the appeal filed by the assessee stands allowed

u/s 271(1)(c)\neven in respect of undisclosed income detected as a result of the search.\ng. Sub-section 2 which has the effect of resembling the application of section\n271(1)(c) makes it doubly sure that the provisions of section 271(1)(c) would not\napply in cases where a search had taken place and the income

PRIYAA MOHAN GURNANI,NAVI MUMBAI vs. ITO CENTRAL CIRCLE 5(2), MUMBAI

In the result the appeal filed by the assessee stands allowed

u/s 271(1)(c)\neven in respect of undisclosed income detected as a result of the search.\ng. Sub-section 2 which has the effect of resembling the application of section\n271(1)(c) makes it doubly sure that the provisions of section 271(1)(c) would not\napply in cases where a search had taken place and the income

PRIYAA MOHAN GURNANI,NAVI MUMBAI vs. ITO CENTRAL CIRCLE 5 (2), MUMBAI

In the result the appeal filed by the assessee stands allowed

u/s 271(1)(c)\neven in respect of undisclosed income detected as a result of the search.\ng. Sub-section 2 which has the effect of resembling the application of section\n271(1)(c) makes it doubly sure that the provisions of section 271(1)(c) would not\napply in cases where a search had taken place and the income

PRIYAA MOHAN GURNANI ,NAVI MUMBAI vs. ITO CENTRAL CIRCLE 5(2), MUMBAI

In the result the appeal filed by the assessee stands allowed

u/s 271(1)(c)\neven in respect of undisclosed income detected as a result of the search.\ng. Sub-section 2 which has the effect of resembling the application of section\n271(1)(c) makes it doubly sure that the provisions of section 271(1)(c) would not\napply in cases where a search had taken place and the income

PRIYAA MOHAN GURNANI,NAVI MUMBAI vs. ITO CENTRAL CIRCLE 5(2), MUMBAI

In the result the appeal filed by the assessee stands allowed

u/s 271(1)(c)\neven in respect of undisclosed income detected as a result of the search.\ng. Sub-section 2 which has the effect of resembling the application of section\n271(1)(c) makes it doubly sure that the provisions of section 271(1)(c) would not\napply in cases where a search had taken place and the income

PRIYAA MOHAN GURNANI,NAVI MUMBAI vs. ITO CENTRAL CIRCLE 5(2), MUMBAI

In the result the appeal filed by the assessee stands allowed

u/s 271(1)(c)\neven in respect of undisclosed income detected as a result of the search.\ng. Sub-section 2 which has the effect of resembling the application of section\n271(1)(c) makes it doubly sure that the provisions of section 271(1)(c) would not\napply in cases where a search had taken place and the income

THE DCIT-1(3)(1) MUMBAI, MUMBAI vs. M/S FERN INFRASTRUCTURE PVT LTD, MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

2. Brief facts of the case are, assessment u/s. 143 of Income-tax Act, 1961 (in short “Act”) for the A.Y. 2012-13 was completed on 16.03.2015 accepting the returned loss declared in the return filed on 30.09.2012. Subsequently, Assessing Officer issued notice u/s. 154 of the Act dated 23.10.2015 wherein assessed income was sought to be rectified with regard

EVEREST KANTO CYLINDER LTD,MUMBAI vs. DCIT CIRCLE 3(4), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Rahul Chaudhary & Shri Prabhash Shankareverest Kanto Cylinder V/S. Deputy Commissioner Of Ltd. बनाम Income Tax, Circle – 3(4), 204,Raheja Centre, Free World Trade Centre 1, Cuffe Press Journal Marg, Parade, Mumbai – 400005, Nariman Point, Mumbai – Maharashtra 400 021, Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaace0836F Appellant/अपीलार्थी .. Respondent/प्रतिवादी

u/s. 274 of the Act should specifically state the grounds mentioned in Section 271(1)(c), ie, whether it is for concealment of income or for furnishing of incorrect particulars of income. 6.5 Subsequent to the above judgment, in the case of CIT v. SSA's Emerald Meadows 73 taxmann.com 241 (Kar.) (HC), a Division Bench of Hon'ble Karnataka

DWARKA CEMENT WORKS LIMITED(CONVERTED INTO DWARKA CEMENT WORKS LLP W.E.F 15-09-2022),MUMBAI vs. THE INCOME TAX OFFICER,WARD-6(2)(1),MUMBAI, MUMBAI

In the result, the appeal of the assessee is allowed

249\nCommissioner of Income-tax (LTU) v. State Bank of India[2024]\n169taxmann.com 305, Commissioner of Income-tax v. SSA's\nEmerald Meadows[2016] 73taxmann.com 248, and Commissioner\nof Income-tax v. Suresh Chandra Mittal [2001] 119Taxman 433.\n10. The learned CIT(A) reproducing Explanation 1 to section\n271(1)(c) in extensor proceeded to examine the applicability

M.LAKHAMSI& CO. ,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX 17(1), MUMBAI

In the result, the appeal of the assessee is allowed

u/s 271(1)(c) of the Act had been initiated by notice uls.274 read\nwith Section 271(1)(c) issued on 27/12/2011 for concealment and furnishing\ninaccurate particulars of income. Further, as per para 13 of the impugned\norder, the penalty has been levied by the AO for concealment of income.\n6.2 Before me, the AR of the appellant

INCOME TAX OFFICER, MUMBAI vs. SURESH MANEKLAL SHETH, MUMBAI

The appeal of the assessee is allowed

Bench: Shri Saktijit Dey & Ms Padmavathy S, Am

249 (SC) have observed and held (page 158 headnotes) as under: “A glance at the provisions of section 271(1)(c) of the Income- tax Act, 1961, suggests that in order to be covered by it, there has to be concealment o f the particulars o f the income of the assessee. Secondly, the assessee must have furnished inaccurate particulars

MUKON CONSTRUCTION PRIVATE LIMITED,MUMBAI vs. ACIT CIRCLE 7(1)(1), MUMBAI

In the result, the appeal of the assessee is allowed

u/s 271(1)(c) of the Act had been initiated by notice uls.274 read\nwith Section 271(1)(c) issued on 27/12/2011 for concealment and furnishing\ninaccurate particulars of income. Further, as per para 13 of the impugned\norder, the penalty has been levied by the AO for concealment of income.\n6.2 Before me, the AR of the appellant