RAJESH B. JAIN AS LEGAL HEIR OF BHANWARLAL M. JAIN,MUMBAI vs. WARD 19(1)(1), MUMBAI

Bench: Justice (Retd.) C V Bhadang & Shri Arun Khodpia, Am

section 271(1)(c) of the Act. In response, the assessee made his submissions before the ld. AO, however the contentions raised by the assessee are not enough to satisfy the ld. AO, accordingly, a penalty @ 100% of the total tax was imposed for Rs. 1,13,35,645/-. 7. Being dissatisfied with the aforesaid penalty order u/s

RAJESH B, JAIN AS LEGAL OF BHANWARLAL M. JAIN,MUMBAI vs. WARD 19(1)(1), MUMBAI

section\n271(1)(c) of the Act. In response, the assessee made his submissions before the\nld. AO, however the contentions raised by the assessee are not enough to satisfy\nthe ld. AO, accordingly, a penalty @ 100% of the total tax was imposed for Rs.\n1,13,35,645/-.\n7.\nBeing dissatisfied with the aforesaid penalty order u/s 271

RAJESH B. JAIN AS LEGAL HEIR OF BHANWARLAL M. JAIN,MUMBAI vs. WARD 19(1)(1), MUMBAI

section\n271(1)(c) of the Act. In response, the assessee made his submissions before the\nld. AO, however the contentions raised by the assessee are not enough to satisfy\nthe ld. AO, accordingly, a penalty 100% of the total tax was imposed for Rs.\n1,13,35,645/-.\n7.\nBeing dissatisfied with the aforesaid penalty order u/s 271

RAJESH B. JAIN AS LEGAL HEIR OF BHANWARLAL M. JAIN,MUMBAI vs. WARD 19(1)(1), MUMBAI

Bench: Justice (Retd.) C V Bhadang & Shri Arun Khodpia, Am

section 271(1)(c) of the Act. In response, the assessee made his submissions before the ld. AO, however the contentions raised by the assessee are not enough to satisfy the ld. AO, accordingly, a penalty @ 100% of the total tax was imposed for Rs. 1,13,35,645/-. 7. Being dissatisfied with the aforesaid penalty order u/s

RAJESH B. JAIN AS LEGAL HEIR OF BHANWARLAL M JAIN,MUMBAI vs. WARD 19(1)(1), MUMBAI

section\n271(1)(c) of the Act. In response, the assessee made his submissions before the\nld. AO, however the contentions raised by the assessee are not enough to satisfy\nthe ld. AO, accordingly, a penalty @ 100% of the total tax was imposed for Rs.\n1,13,35,645/-.\n7.\nBeing dissatisfied with the aforesaid penalty order u/s 271

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

ARTI SHAILEN TOPIWALA,ANDHERI WEST, MUMBAI vs. ITO, WARD 34(1)(1), MUMBAI, BKC, BANDRA EAST, MUMBAI

In the result both the appeals of the assessee are allowed for In the result both the appeals of the assessee are allowed for In the result both the appeals of the assessee are allowed for statisti...

Bench: Shri Sandeep Gosain () & Om Prakash Kant () Ita No. 4383 & 4384/Mum/2025 Assessment Year: 2013-14 Arti Shailen Topiwala Ito, Ward 34(1)(1), Mumbai B-701, Parimal Apartment, C.D. Income Tax Appellate Barfiwala Road, Andheri West, Vs. Tribunal, Mumbai- 400058 Mumbai- 400020 Pan No. Aacpt 3505 D Appellant Respondent

u/s 271(1)(c) of the Act. The grounds raised by the assessee in its raised by the assessee in its appeal are reproduced as under: appeal are reproduced as under: “1. On the facts and circumstances of the case and in law, the 1. On the facts and circumstances of the case and in law, the 1

ARTI SHAILEN TOPIWALA,ANDHERI WEST, MUMBAI vs. ITO, WARD 34(1)(1), MUMBAI, BKC, BANDRA EAST, MUMBAI

In the result both the appeals of the assessee are allowed for In the result both the appeals of the assessee are allowed for In the result both the appeals of the assessee are allowed for statisti...

Bench: Shri Sandeep Gosain () & Om Prakash Kant () Ita No. 4383 & 4384/Mum/2025 Assessment Year: 2013-14 Arti Shailen Topiwala Ito, Ward 34(1)(1), Mumbai B-701, Parimal Apartment, C.D. Income Tax Appellate Barfiwala Road, Andheri West, Vs. Tribunal, Mumbai- 400058 Mumbai- 400020 Pan No. Aacpt 3505 D Appellant Respondent

u/s 271(1)(c) of the Act. The grounds raised by the assessee in its raised by the assessee in its appeal are reproduced as under: appeal are reproduced as under: “1. On the facts and circumstances of the case and in law, the 1. On the facts and circumstances of the case and in law, the 1

DCIT CENTRAL CIRCLE 7 (1) MUMBAI , MUMBAI vs. PANTHER INVESTRADE LIMITED, MUMBAI

In the result, both the Cross appeals no

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

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

DCIT(CENTRAL CIRCLE)-7(1), MUMBAI vs. PANTHER INVESTRADE LIMITED, MUMBAI

In the result, both the Cross appeals no

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

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

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

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

35,137/- made u/s 37(1) of the\nact on estimated basis.\n2. On the facts and circumstances of the case and in law, the\nlearned CIT (A) has erred in confirming the penalty leviedon\nsuo-moto disallowance of interest of Rs.44,65,742/- & Excess\ndepreciation of Rs.97,75,277/- in the return\nof\nincome filed u/s 153A.\n9.1 While

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

35,137/- made u/s 37(1) of the\nact on estimated basis.\n2. On the facts and circumstances of the case and in law, the\nlearned CIT (A) has erred in confirming the penalty levied on\nsuo-moto disallowance of interest of Rs.44,65,742/- & Excess\ndepreciation of Rs.97,75,277/-\nin the return of\nincome filed u/s 153A.\n9.1

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. 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 ()

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 appeals of the assesses from AY 2014-15 to AY\n2020-21 are partly allowed

35,137/- made u/s 37(1) of the\nact on estimated basis.\n2. On the facts and circumstances of the case and in law, the\nlearned CIT (A) has erred in confirming the penalty levied on\nsuo-moto disallowance of interest of Rs.44,65,742/- & Excess\ndepreciation of Rs.97,75,277/- in the return of\nincome filed u/s 153A.\n9.1

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

35 taxmann 562(Jodhpur-Trib.) and other Benches of ITAT. So, in view of the decisions of the Hon'ble High Courts and Tribunals, we are of the considered opinion that this is not a fit case where penalty can be imposed under section 271(1)(c) of the Act for concealment of income or for furnishing incorrect particulars