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 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

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. 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 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

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

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

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

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

PJL CLOTHING INDIA PRIVATE LIMITED,MUMBAI vs. DCIT 8 2 1, MUMBAI

In the result,the appeal of the In the result,the appeal of the assessee is dismissed

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankarpjl Clothing India Pvt. V/S. Nfac/Dcit 8 2 1 Ltd. Aayakar Bhavan, M.K. बनाम 505, 506 Dalamal Road, Churchgate, Chambers, New Marine Mumbai-400020 Lines, Vitthaldasthackersey Marg, Churchgate, Maharashtra-400020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacp2782R .. Appellant/अपीलाथ" Respondent/""तवाद"

penalty u/s 271(1)(c) of the IT Act is not leviable, where the assessee voluntarilty withdrew the e IT Act is not leviable, where the assessee voluntarilty withdrew the e IT Act is not leviable, where the assessee voluntarilty withdrew the claim of weighted deduction u/s 35(1)(ii) of the Act and offered to tax the claim

RELIANCE INDUSTRIES LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX -CIRCLE 3(4) , MUMBAI

In the result, the appeal of the Revenue is dismissed whereas\nthe appeal of the assessee is allowed

u/s 32AC of\nRs.6,28,94,089/-, which has been deleted by the Ld. CIT(A)\nobserving as under:\n\"7.3.3.4 Penalty levied on disallowance of deduction of\ninvestment allowance u/s.32AC:\nFacts related to the investment allowance u/s.32AC are that\nduring the year, the assessee had made investment in new\nassets amounting to Rs.7324,42,28,447/-on which

ACIT-3(4), MUMBAI vs. RELIANCE INDUSTRIES LIMITED, MUMBAI

In the result, the appeal of the Revenue is dismissed whereas the appeal of the assessee is allowed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2016-17 Reliance Industries Ltd., Dy. Cit Circle 3(4), 3Rd Floor, Maker Chamber Iv 222 Room No. 559, Aayakar Bhavan, Nariman Point, Vs. Maharshi Karve Road, Mumbai-400021. Mumbai-400020. Pan No. Aaacr 5055 K Appellant Respondent Assessment Year: 2016-17 Acit-3(4), Reliance Industries Ltd., Room No. 481(2), 4Th Floor, 3Rd Floor, Maker Chamber Iv Aayakar Bhavan, N.M. Road, Vs. Nariman Point, New Marine Lines, Mumbai-400021. Mumbai-400020. Pan No. Aaacr 5055 K Appellant Respondent

u/s 32AC of Rs.6,28,94,089/-, which has been deleted by the Ld. CIT(A) observing as under: “7.3.3.4 Penalty levied on disallowance of deduction of investment allowance u/s.32AC: Facts related to the investment allowance u/s.32AC are that during the year, the assessee had made investment in new assets amounting to Rs.7324,42,28,447/-on which the investment

ASST. COMMISSIONER OF INCOME TAX 8(2)(1), MUMBAI, MUMBAI vs. PIRAMAL ENTERPRISES LIMITED, MUMBAI

In the result, the cross-objection of the assessee is allowed\nwhereas appeal of the Revenue is dismissed

271(1)(c) dated\n27.12.2007 of the Act issued was defective as particular limb i.e.\nconcealment of income or furnishing of inaccurate particulars of the\nincome was not stricken off by the Assessing Officer while issuing\nnotice for initiation of penalty, relying on the decision of the\nHon'ble Bombay High Court in the case of Mohd. Farhan Shaikh

ASSISTANT COMMISSIONER OF INCOME TAX , CIRCLE-3(4), MUMBAI, MUMBAI vs. RELIANCE INDUSTRIES LIMITED, MUMBAI

Accordingly.\n7. To sum-up, these Revenue's twin appeals ITA.Nos.1875 & 1872/Mum./2024 and assessee's cross objections C.O.Nos.88 & 89/MUM./2024 are dismissed in above terms

ii) transfer pricing adjustment of Rs.67,98,511/- and (iii) depreciation on account of steel purchases amounting to Rs.5,35,215/-, totalling to Rs.77,63,22,635/- remained upheld. The AO issued notice u/s.271(1)(c) on 13.09.2021, 21.10.2021 and 29.10.2021. In respect of such notices, the assessee filed reply vide letter dated 21.10.2021. The assessee had requested for keeping

DINESH SOMATMAL DHOKAR,MUMBAI vs. INCOME TAX OFFICER - 19(1)(1), MUMBAI

In the result, both the appeals are partly allowed

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

u/s 274 RWs 271 (1) (c) of the Act. Thus, It is apparent that notwithstanding the defective notice, the assessee was fully aware of the reason as to why the Assessing Officer sought to impose penalty. Thus, significant features of the case in hand are that penalty proceedings were initiated during the assessment proceedings. The Assessing Officer had although issued

DINESH SOMATMAL DHOKAR,MUMBAI vs. INCOME TAX OFFICER - 19(1)(1), MUMBAI

In the result, both the appeals are partly allowed

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

u/s 274 RWs 271 (1) (c) of the Act. Thus, It is apparent that notwithstanding the defective notice, the assessee was fully aware of the reason as to why the Assessing Officer sought to impose penalty. Thus, significant features of the case in hand are that penalty proceedings were initiated during the assessment proceedings. The Assessing Officer had although issued

DCIT-3(1)(1), MUMBAI, MUMBAI vs. RELCON INFRAPROJECTS LTD., MUMBAI

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

u/s 271(1)C is not leviable. There is no scope to levy penalty under the said section. Accordingly, in the given set of facts, the penalty levied u/s.271(1)(c) is deleted. Ground raised by the assessee is allowed.” 7.4 In view of the facts of the case and the decisions of the Hon’ble ITAT referred above, penalty

DCIT-3(1)(1), MUMBAI, MUMBAI vs. RELCON INFRAPROJECTS LTD., MUMBAI

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

u/s 271(1)C is not leviable. There is no scope to levy penalty under the said section. Accordingly, in the given set of facts, the penalty levied u/s.271(1)(c) is deleted. Ground raised by the assessee is allowed.” 7.4 In view of the facts of the case and the decisions of the Hon’ble ITAT referred above, penalty