DY. COMMISSIONER OF INCOME TAX -5(2)(1), MUMBAI, MUMBAI vs. NAKODIAM DIAMONDS PRIVATE LIMITED, MUMBAI

In the result, all the appeals of the revenue are dismissed

Bench: Shri Amarjit Singh & Shri Raj Kumar Chauhan, Juducial Member

penalty levied u/s 271(1)(c) of the I.T. Act observing that the same was levied on addition made on estimate basis ignoring the fact that the evidence uncovered during search or survey proceedings has evidentiary value and is considered true as per the provisions of section 292C

LATE SHRI AMITABH A. PAREKH( THROUGH L/R. JULIE A. PAREKH),MUMBAI vs. ASST CIT CEN CIR 3(2), MUMBAI

In the result, the penalty appeals of the assesse captioned as ITA

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No.2946/Mum/2014 (निर्धारण वर्ा / Assessment Year: 2003-04) & आयकर अपील सं/ I.T.A. No.2947/Mum/2014 (निर्धारण वर्ा / Assessment Year: 2004-05) & आयकर अपील सं/ I.T.A. No.2948/Mum/2014 (निर्धारण वर्ा / Assessment Year: 2005-06) & आयकर अपील सं/ I.T.A. No.2949/Mum/2014 (निर्धारण वर्ा / A Ssessment Year: 2006-07) & आयकर अपील सं/ I.T.A. No.2945/Mum/2014 (निर्धारण वर्ा / Assessment Year: 2007-08) Late Shri Amitabh A. बिधम/ Acit, Central Circle-20 Parekh Mumbai-400020. Vs. (Through Mrs. Julie A. Parekh Legal Representative) 85, Navrang, Peddar Road, Mumbai-400026. आयकर अपील सं/ I.T.A. No.3590/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2003-04) & आयकर अपील सं/ I.T.A. No.3591/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2004-05) & आयकर अपील सं/ I.T.A. No.3592/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2005-06) & आयकर अपील सं/ I.T.A. No.3589/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2006-07) & आयकर अपील सं/ I.T.A. No.597/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2007-08) Late Shri Amitabh A. बिधम/ Dcit, Central Circle-3(2) Old Cgo Building, 8Th Parekh Vs. (Through Mrs. Julie A. Floor, Mumbai-400020. Parekh Legal Representative) 85, Navrang, Peddar Road, Mumbai-400026. A.Ys. 2003-04 To 07-08 Amitabh A. Parekh स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaipp6897N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Sankalp Sharma Revenue By: Shri Sushil K Poddar (Dr) सुनवाई की तारीख / Date Of Hearing: 09/08/2023 घोषणा की तारीख /Date Of Pronouncement: 27/09/2023 आदेश / O R D E R Per Bench:

Penalty u/s 271(1)(c) r.w.s. 274 is initiated for furnishing inaccurate particulars of income.” 12. Aggrieved, the assessee preferred an appeal before the Ld. CIT(A) who was pleased to confirm the same. Now the assessee is in appeal before us. 13. Assailing the action of the lower authorities, the Ld. AR appearing for the assessee submitted that

LATE SHRI AMITABH A. PAREKH( THROUGH L/R. JULIE A. PAREKH),MUMBAI vs. ASST CIT CEN CIR 3(2), MUMBAI

In the result, the penalty appeals of the assesse captioned as ITA

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No.2946/Mum/2014 (निर्धारण वर्ा / Assessment Year: 2003-04) & आयकर अपील सं/ I.T.A. No.2947/Mum/2014 (निर्धारण वर्ा / Assessment Year: 2004-05) & आयकर अपील सं/ I.T.A. No.2948/Mum/2014 (निर्धारण वर्ा / Assessment Year: 2005-06) & आयकर अपील सं/ I.T.A. No.2949/Mum/2014 (निर्धारण वर्ा / A Ssessment Year: 2006-07) & आयकर अपील सं/ I.T.A. No.2945/Mum/2014 (निर्धारण वर्ा / Assessment Year: 2007-08) Late Shri Amitabh A. बिधम/ Acit, Central Circle-20 Parekh Mumbai-400020. Vs. (Through Mrs. Julie A. Parekh Legal Representative) 85, Navrang, Peddar Road, Mumbai-400026. आयकर अपील सं/ I.T.A. No.3590/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2003-04) & आयकर अपील सं/ I.T.A. No.3591/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2004-05) & आयकर अपील सं/ I.T.A. No.3592/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2005-06) & आयकर अपील सं/ I.T.A. No.3589/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2006-07) & आयकर अपील सं/ I.T.A. No.597/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2007-08) Late Shri Amitabh A. बिधम/ Dcit, Central Circle-3(2) Old Cgo Building, 8Th Parekh Vs. (Through Mrs. Julie A. Floor, Mumbai-400020. Parekh Legal Representative) 85, Navrang, Peddar Road, Mumbai-400026. A.Ys. 2003-04 To 07-08 Amitabh A. Parekh स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaipp6897N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Sankalp Sharma Revenue By: Shri Sushil K Poddar (Dr) सुनवाई की तारीख / Date Of Hearing: 09/08/2023 घोषणा की तारीख /Date Of Pronouncement: 27/09/2023 आदेश / O R D E R Per Bench:

Penalty u/s 271(1)(c) r.w.s. 274 is initiated for furnishing inaccurate particulars of income.” 12. Aggrieved, the assessee preferred an appeal before the Ld. CIT(A) who was pleased to confirm the same. Now the assessee is in appeal before us. 13. Assailing the action of the lower authorities, the Ld. AR appearing for the assessee submitted that

LATE SHRI AMITABH A. PAREKH( THROUGH L/R. JULIE A. PAREKH),MUMBAI vs. ASST CIT CEN CIR 3(2), MUMBAI

In the result, the penalty appeals of the assesse captioned as ITA

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No.2946/Mum/2014 (निर्धारण वर्ा / Assessment Year: 2003-04) & आयकर अपील सं/ I.T.A. No.2947/Mum/2014 (निर्धारण वर्ा / Assessment Year: 2004-05) & आयकर अपील सं/ I.T.A. No.2948/Mum/2014 (निर्धारण वर्ा / Assessment Year: 2005-06) & आयकर अपील सं/ I.T.A. No.2949/Mum/2014 (निर्धारण वर्ा / A Ssessment Year: 2006-07) & आयकर अपील सं/ I.T.A. No.2945/Mum/2014 (निर्धारण वर्ा / Assessment Year: 2007-08) Late Shri Amitabh A. बिधम/ Acit, Central Circle-20 Parekh Mumbai-400020. Vs. (Through Mrs. Julie A. Parekh Legal Representative) 85, Navrang, Peddar Road, Mumbai-400026. आयकर अपील सं/ I.T.A. No.3590/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2003-04) & आयकर अपील सं/ I.T.A. No.3591/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2004-05) & आयकर अपील सं/ I.T.A. No.3592/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2005-06) & आयकर अपील सं/ I.T.A. No.3589/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2006-07) & आयकर अपील सं/ I.T.A. No.597/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2007-08) Late Shri Amitabh A. बिधम/ Dcit, Central Circle-3(2) Old Cgo Building, 8Th Parekh Vs. (Through Mrs. Julie A. Floor, Mumbai-400020. Parekh Legal Representative) 85, Navrang, Peddar Road, Mumbai-400026. A.Ys. 2003-04 To 07-08 Amitabh A. Parekh स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaipp6897N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Sankalp Sharma Revenue By: Shri Sushil K Poddar (Dr) सुनवाई की तारीख / Date Of Hearing: 09/08/2023 घोषणा की तारीख /Date Of Pronouncement: 27/09/2023 आदेश / O R D E R Per Bench:

Penalty u/s 271(1)(c) r.w.s. 274 is initiated for furnishing inaccurate particulars of income.” 12. Aggrieved, the assessee preferred an appeal before the Ld. CIT(A) who was pleased to confirm the same. Now the assessee is in appeal before us. 13. Assailing the action of the lower authorities, the Ld. AR appearing for the assessee submitted that

LATE SHRI AMITABH A. PAREKH (THROUGH L/R. JULIE A. PAREKH),MUMBAI vs. ASST CIT CEN CIR 3(2), MUMBAI

In the result, the penalty appeals of the assesse captioned as ITA

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No.2946/Mum/2014 (निर्धारण वर्ा / Assessment Year: 2003-04) & आयकर अपील सं/ I.T.A. No.2947/Mum/2014 (निर्धारण वर्ा / Assessment Year: 2004-05) & आयकर अपील सं/ I.T.A. No.2948/Mum/2014 (निर्धारण वर्ा / Assessment Year: 2005-06) & आयकर अपील सं/ I.T.A. No.2949/Mum/2014 (निर्धारण वर्ा / A Ssessment Year: 2006-07) & आयकर अपील सं/ I.T.A. No.2945/Mum/2014 (निर्धारण वर्ा / Assessment Year: 2007-08) Late Shri Amitabh A. बिधम/ Acit, Central Circle-20 Parekh Mumbai-400020. Vs. (Through Mrs. Julie A. Parekh Legal Representative) 85, Navrang, Peddar Road, Mumbai-400026. आयकर अपील सं/ I.T.A. No.3590/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2003-04) & आयकर अपील सं/ I.T.A. No.3591/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2004-05) & आयकर अपील सं/ I.T.A. No.3592/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2005-06) & आयकर अपील सं/ I.T.A. No.3589/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2006-07) & आयकर अपील सं/ I.T.A. No.597/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2007-08) Late Shri Amitabh A. बिधम/ Dcit, Central Circle-3(2) Old Cgo Building, 8Th Parekh Vs. (Through Mrs. Julie A. Floor, Mumbai-400020. Parekh Legal Representative) 85, Navrang, Peddar Road, Mumbai-400026. A.Ys. 2003-04 To 07-08 Amitabh A. Parekh स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaipp6897N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Sankalp Sharma Revenue By: Shri Sushil K Poddar (Dr) सुनवाई की तारीख / Date Of Hearing: 09/08/2023 घोषणा की तारीख /Date Of Pronouncement: 27/09/2023 आदेश / O R D E R Per Bench:

Penalty u/s 271(1)(c) r.w.s. 274 is initiated for furnishing inaccurate particulars of income.” 12. Aggrieved, the assessee preferred an appeal before the Ld. CIT(A) who was pleased to confirm the same. Now the assessee is in appeal before us. 13. Assailing the action of the lower authorities, the Ld. AR appearing for the assessee submitted that

MEGHJI MANSUKHLAL DODHIA,BHIWANDI vs. DCIT-CC-3, THANE, THANE

penalty u/s 271(1)(c) of the Income Tax\nAct, 1961.\n16. The appellant craves leave to add to, alter, amend, modify and\n/or delete all or any of the foregoing grounds of appeal.\nThe appellant prays before the Hon'ble Tribunal to delete the additions\nmade by the AO and confirmed by the Ld. CIT (A) and/or any other

M/S. KISHOR D NAIK (HUF),MUMBAI vs. ACIT, CENTRAL CIRCLE -2, THANE

In the result, the appeal of the assessee is accordingly allowed

292C of the Income-Tax Act, 1961.\n2. At the threshold, the learned counsel for the assessee\nsubmitted that the present appeal has been instituted with a delay\nof seventy-six (76) days. In support thereof, reliance has been\nplaced upon the affidavit sworn by Shri Ritesh, the accountant of\nthe assessee. It has been submitted that the delay occasioned

DCIT, CC-7(2), MUMBAI vs. M/S. PATANJALI FOODS LTD.,( FORMERLY KNOWN AS RUCHI SOYA INDUSTRIES LTD,, MUMBAI

u/s 115JB\nof the Act.\n12.3 Heard both the parties. We note that on identical set of facts, the\nHon'ble High Court of Bombay in the case of Mangalore Refinery\nand Petrochemicals Pvt Ltd (ITA No.875 & 1237 of 2017) dated\n17.03.2020 was inter alia seized with the following question of law:\n\"2. Whether on the facts

M/S. PATANJALI FOODS LTD (FORMERLY KNOWN AS RUCHI SOYA INDUSTRIES LTD),MUMBAI vs. DY COMM OF INCOME TAX- CENTRAL CIRCLE-7(2), MUMBAI

In the result, the appeal and cross objections of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13)

u/s 115JB of the Act, as already held in Paras 8.6 & 8.7 above, since these subsidies have been held to be in the nature of capital receipt, the same cannot be added to arrive at the book profit u/s 115JB of the Act. Following the ratio laid down in the decisions of Harinagar Sugar Mills Ltd (supra) and Ankit Metal

DCIT, CC-7(2), MUMBAI vs. M/S. PATANJALI FOODS LTD.,( FORMERLY KNOWN AS RUCHI SOYA INDUSTRIES LTD,, MUMBAI

In the result, the appeal and cross objections of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13)

u/s 115JB of the Act, as already held in Paras 8.6 & 8.7 above, since these subsidies have been held to be in the nature of capital receipt, the same cannot be added to arrive at the book profit u/s 115JB of the Act. Following the ratio laid down in the decisions of Harinagar Sugar Mills Ltd (supra) and Ankit Metal

DCIT, CC-7(2), MUMBAI vs. M/S. PATANJALI FOODS LTD.,( FORMERLY KNOWN AS RUCHI SOYA INDUSTRIES LTD,, MUMBAI

In the result, the appeal and cross objections of the assessee are\npartly allowed and the appeals of the revenue are dismissed

u/s 115JB of the Act, as\nalready held in Paras 8.6 & 8.7 above, since these subsidies have been\nheld to be in the nature of capital receipt, the same cannot be added to\narrive at the book profit u/s 115JB of the Act. Following the ratio laid\ndown in the decisions of Harinagar Sugar Mills Ltd (supra)\nand Ankit Metal