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

penalty u/s. 271(1)(c) of Rs. 5,68,596/- on the final addition sustained at Rs. 16,72,834/-. The ld. CIT(A) without discussing the issue on merits held that even in the case of an estimate, Explanation to Section

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

penalty u/s. 271(1)(c) of Rs. 5,68,596/- on the final addition sustained at Rs. 16,72,834/-. The ld. CIT(A) without discussing the issue on merits held that even in the case of an estimate, Explanation to Section

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

68,101/- as on 01.04.2012 related to capitalization of steel purchase in AY. 2003-04 was disallowed. Both the CIT(A) as well as ITAT upheld the disallowance on depreciation on steel purchase. Therefore, penalty proceedings u/s.271(1)(c) on the issue was rightly initiated.\nThe AO referred to the provisions of section 271

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

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

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

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

SHRI NARENDRA S SHAH,MUMBAI vs. DCIT, CC- 2(2), , MUMBAI

Bench: Shri Vikas Awasthy () & Shri Om Prakash Kant ()

section 68 section 68 of the Act and some unexplained expenditure under d some unexplained expenditure under section d some unexplained expenditure under 69C of the Act and also disallowed interest of Rs.5,73,193/ of the Act and also disallowed interest of Rs.5,73,193/- of the Act and also disallowed interest of Rs.5,73,193/ , paid on unsecured

SHRI NARENDRA S SHAH,MUM vs. DCIT, CC-2(2), , MUM

Bench: Shri Vikas Awasthy () & Shri Om Prakash Kant ()

section 68 section 68 of the Act and some unexplained expenditure under d some unexplained expenditure under section d some unexplained expenditure under 69C of the Act and also disallowed interest of Rs.5,73,193/ of the Act and also disallowed interest of Rs.5,73,193/- of the Act and also disallowed interest of Rs.5,73,193/ , paid on unsecured

SHRI NARENDRA S SHAH,MUM vs. DCIT, CC-2(2),, MUM

Bench: Shri Vikas Awasthy () & Shri Om Prakash Kant ()

section 68 section 68 of the Act and some unexplained expenditure under d some unexplained expenditure under section d some unexplained expenditure under 69C of the Act and also disallowed interest of Rs.5,73,193/ of the Act and also disallowed interest of Rs.5,73,193/- of the Act and also disallowed interest of Rs.5,73,193/ , paid on unsecured

SHRI NARENDRA S SHAH,MUMBAI vs. DCIT, CC-2(2),, MUMBAI

Bench: Shri Vikas Awasthy () & Shri Om Prakash Kant ()

section 68 section 68 of the Act and some unexplained expenditure under d some unexplained expenditure under section d some unexplained expenditure under 69C of the Act and also disallowed interest of Rs.5,73,193/ of the Act and also disallowed interest of Rs.5,73,193/- of the Act and also disallowed interest of Rs.5,73,193/ , paid on unsecured

DCIT, CC-2(2),, MUM vs. SHRI NARENDRA S SHAH, MUMBAI

Bench: Shri Vikas Awasthy () & Shri Om Prakash Kant ()

section 68 section 68 of the Act and some unexplained expenditure under d some unexplained expenditure under section d some unexplained expenditure under 69C of the Act and also disallowed interest of Rs.5,73,193/ of the Act and also disallowed interest of Rs.5,73,193/- of the Act and also disallowed interest of Rs.5,73,193/ , paid on unsecured

SHRI NARENDRA S SHAH ,MUMBAI vs. DCIT, CEN CIR-(2), , MUMBAI

Bench: Shri Vikas Awasthy () & Shri Om Prakash Kant ()

section 68 section 68 of the Act and some unexplained expenditure under d some unexplained expenditure under section d some unexplained expenditure under 69C of the Act and also disallowed interest of Rs.5,73,193/ of the Act and also disallowed interest of Rs.5,73,193/- of the Act and also disallowed interest of Rs.5,73,193/ , paid on unsecured

DCIT, CC-2(2), , MUM vs. SHRI NARENDRA S SHAH, MUM

Bench: Shri Vikas Awasthy () & Shri Om Prakash Kant ()

section 68 section 68 of the Act and some unexplained expenditure under d some unexplained expenditure under section d some unexplained expenditure under 69C of the Act and also disallowed interest of Rs.5,73,193/ of the Act and also disallowed interest of Rs.5,73,193/- of the Act and also disallowed interest of Rs.5,73,193/ , paid on unsecured

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

Section 271(1) (c) remains a penal statute. Rule of strict construction shall apply thereto. Ingredients of imposing penalty remains the same. The purpose of the Legislature that it is meant to be deterrent to tax evasion is evidenced by the increase in the quantum of penalty, from 20 per cent under the 1922 Act to 300 per cent