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

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. 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

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

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

IV Aayakar Bhavan, N.M. Road, Vs. Nariman Point, New Marine Lines, Mumbai-400021. Mumbai-400020. PAN NO. AAACR 5055 K Appellant Respondent : Mr. Madhur Agrawal, Assessee by Mr. Nimesh Vora Revenue by : Ms. Sanyogita Nagpal, CIT-DR Date of Hearing : 19/09/2024 Date of pronouncement : 22/11/2024 Reliance Industries Ltd These cross-appeals by the Revenue and the assessee are directed against

HEMAL MAGANLAL SHAH,MUMBAI vs. CIT (A) NFAC, DELHI

In the result, appeal filed by the assessee is dismissed

Bench: Shri Aby T Varkey & Shri Gagan Goyalhemal Maganlal Shah 84, 4Th Floor, Pankaj-B, Lbs Road, Ghatkopar (W), Mumbai-400086. Pan: Amfps8271G ...... Appellant Vs. The Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Mumbai. ..... Respondent Appellant By : Sh. H.M. Shah Respondent By : Sh. Prasoon Kabra Date Of Hearing : 17/05/2022 Date Of Pronouncement : 10/08/2022 Order Per Gagan Goyal, A.M:

U/s. 271(1) (c) cannot be levied and assessee pleads that there is neither "Concealment' nor 'furnishing of inaccurate particulars' by him. The assessee also relies on following decisions of various High Courts to put weight that he has not concealed the Income. Judicial Pronouncements: 1. Surat Fashions Ltd. vs. ACIT [2011-ITRV-ITAT-AHD-124] 2. Narayansingh J. Deora

ARUN RAVINDRANATH SAWHNEY,MUMBAI vs. DCIT CEN CIR 3(4), MUMBAI

In the result, the appeal of assessee is allowed

Bench: Sri Mahavir Singh, Jm & Sri G Manjunatha, Am Aayakr Apila Sam./ Ita No. 7192/Mum/2016 (Inaqa-Arna Baya- / Assessment Year 2007-08) Arun Ravindranath Sawhney The Dy. Commissioner Of 502, Daisylea Apartment, 17- Income Tax, Central Circle A Mount Pleasant Road, 3(4), Old Acit Central Vs. Mumbai-400 006 Circle 24& 26 Air India Building, Nariman Point, Mumbai-400 021 .. (P`%Yaqaai- / Respondent) (Apilaaqai- / Appellant) स्थायी लेखा िं./Pan No. Aafps4688F

u/s. 271(1)(c) of the Assessee is only trying to propose various theories when he was confronted with hard evidence which clearly establishes that there is deliberate concealment of income. The contention of assessee that the declaration is voluntary cannot be accepted as the assessee declared the amount only when he was left with no escape route on being

DCIT CEN CIR 7(3), MUMBAI vs. GALAXY PREMISES P.LTD, MUMBAI

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri G. Manjunatha

271, section 271A, section 271AA, section 271B, section 271BA, section 271BB, section 271C, section 271D, section 271E, section 271F, section 271G, clause (c) or clause (d) of sub-section (1) or sub-section (2) of section 272A, sub-section (1) of section 272AA or section 272B or sub-section (1) of section 272BB or sub-section (1) of section 272BBB

DCIT CEN CIR 7(3), MUMBAI vs. GALAXY PREMISES P.LTD, MUMBAI

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri G. Manjunatha

271, section 271A, section 271AA, section 271B, section 271BA, section 271BB, section 271C, section 271D, section 271E, section 271F, section 271G, clause (c) or clause (d) of sub-section (1) or sub-section (2) of section 272A, sub-section (1) of section 272AA or section 272B or sub-section (1) of section 272BB or sub-section (1) of section 272BBB

DCIT CEN CIR 7(3), MUMBAI vs. GALAXY PREMISES P.LTD, MUMBAI

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri G. Manjunatha

271, section 271A, section 271AA, section 271B, section 271BA, section 271BB, section 271C, section 271D, section 271E, section 271F, section 271G, clause (c) or clause (d) of sub-section (1) or sub-section (2) of section 272A, sub-section (1) of section 272AA or section 272B or sub-section (1) of section 272BB or sub-section (1) of section 272BBB

DCIT CEN CIR 7(3), MUMBAI vs. GALAXY PREMISES P.LTD, MUMBAI

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri G. Manjunatha

271, section 271A, section 271AA, section 271B, section 271BA, section 271BB, section 271C, section 271D, section 271E, section 271F, section 271G, clause (c) or clause (d) of sub-section (1) or sub-section (2) of section 272A, sub-section (1) of section 272AA or section 272B or sub-section (1) of section 272BB or sub-section (1) of section 272BBB

DCIT CEN CIR 7(3), MUMBAI vs. GALAXY PREMISES P.LTD, MUMBAI

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri G. Manjunatha

271, section 271A, section 271AA, section 271B, section 271BA, section 271BB, section 271C, section 271D, section 271E, section 271F, section 271G, clause (c) or clause (d) of sub-section (1) or sub-section (2) of section 272A, sub-section (1) of section 272AA or section 272B or sub-section (1) of section 272BB or sub-section (1) of section 272BBB

DCIT CEN CIR 7(3), MUMBAI vs. GALAXY PREMISES P.LTD, MUMBAI

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri G. Manjunatha

271, section 271A, section 271AA, section 271B, section 271BA, section 271BB, section 271C, section 271D, section 271E, section 271F, section 271G, clause (c) or clause (d) of sub-section (1) or sub-section (2) of section 272A, sub-section (1) of section 272AA or section 272B or sub-section (1) of section 272BB or sub-section (1) of section 272BBB

SUSHIL S. JHUNJHUNWALA (HUF),MUMBAI vs. ITO 19(1)(4), MUMBAI

Bench: Shri G.S.Pannu, Am & Shri Ravish Sood, Jm Ita Nos. 3001 To 3007/Mum/2015 (निर्धारण वषा / Assessment Year: 2002-03 To 2008-09) Shushil S. Jhujhunwala (Huf) Income Tax Officer-19(1)(4) बिधम/ Flat No. 41/42, 4Th Floor, Mumbai Meghna Apt, S.V. Road, Vs. Santacruz (W), Mumbai-400 054 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aajhs5267C (अऩीराथी /Appellant) (प्रत्मथी / Respondent) :

Section 271(1)(c) of the I.T. Act. The Tribunal has concurred with the view taken by the Commissioner of Income Tax (A). The Commissioner of Income Tax (A) has rightly taken a view that no penalty can be imposed if the facts and circumstances are equally consistent with the hypothesis that the amount does not represent concealed income

DCIT 3(3)(1), MUMBAI vs. RELIANCE GENERAL INSURANCE COMPANY LTD, MUMBAI

The appeal of the revenue is dismissed in terms of our aforesaid observations

Bench: Shri Rajendra, Am & Shri Ravish Sood, Jm Ita Nos. 7245 To 7249/Mum/2016 (निर्धारण वषा / Assessment Year:2007-08 To 2011-12) Dcit-3(3)(1), M/S Reliance General Room No.609, 6Th Floor, Insurance Company Ltd. बिधम/ Aayakar Bhavan, M.K. Road 570, Rectifier House, Naigum Mumbai-400 020 Cross Road, Next To Royal Vs. Industrial Estate, Mumbai-400 031 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aabcr6747B (अऩीराथी /Revenue) (प्रत्मथी / Assessee) :

u/s 271(1)(c) of the Act is liable to P a g e | 28 ITA Nos. 7245 to 7249/Mum/2016- A.Y. 2007-08 to 2011-12 DCIT Vs. M/s Reliance General Insurance Company Ltd. be deleted. We hold so. Since the penalty has been deleted on the preliminary point, the other arguments raised by the appellant are not being dealt

DCIT 3(3)(1), MUMBAI vs. RELIANCE GENERAL INSURANCE COMPANY LTD, MUMBAI

The appeal of the revenue is dismissed in terms of our aforesaid observations

Bench: Shri Rajendra, Am & Shri Ravish Sood, Jm Ita Nos. 7245 To 7249/Mum/2016 (निर्धारण वषा / Assessment Year:2007-08 To 2011-12) Dcit-3(3)(1), M/S Reliance General Room No.609, 6Th Floor, Insurance Company Ltd. बिधम/ Aayakar Bhavan, M.K. Road 570, Rectifier House, Naigum Mumbai-400 020 Cross Road, Next To Royal Vs. Industrial Estate, Mumbai-400 031 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aabcr6747B (अऩीराथी /Revenue) (प्रत्मथी / Assessee) :

u/s 271(1)(c) of the Act is liable to P a g e | 28 ITA Nos. 7245 to 7249/Mum/2016- A.Y. 2007-08 to 2011-12 DCIT Vs. M/s Reliance General Insurance Company Ltd. be deleted. We hold so. Since the penalty has been deleted on the preliminary point, the other arguments raised by the appellant are not being dealt

DCIT 3(3)(1), MUMBAI vs. RELIANCE GENERAL INSURANCE COMPANY LTD, MUMBAI

The appeal of the revenue is dismissed in terms of our aforesaid observations

Bench: Shri Rajendra, Am & Shri Ravish Sood, Jm Ita Nos. 7245 To 7249/Mum/2016 (निर्धारण वषा / Assessment Year:2007-08 To 2011-12) Dcit-3(3)(1), M/S Reliance General Room No.609, 6Th Floor, Insurance Company Ltd. बिधम/ Aayakar Bhavan, M.K. Road 570, Rectifier House, Naigum Mumbai-400 020 Cross Road, Next To Royal Vs. Industrial Estate, Mumbai-400 031 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aabcr6747B (अऩीराथी /Revenue) (प्रत्मथी / Assessee) :

u/s 271(1)(c) of the Act is liable to P a g e | 28 ITA Nos. 7245 to 7249/Mum/2016- A.Y. 2007-08 to 2011-12 DCIT Vs. M/s Reliance General Insurance Company Ltd. be deleted. We hold so. Since the penalty has been deleted on the preliminary point, the other arguments raised by the appellant are not being dealt