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

vii) In the judgment delivered in the case of Union of India and\nOthers Vs. Dharmendra Textile Processors and Others (2007)\n295 ITR 244 (SC) the Hon'ble Apex Court has reiterated as\nunder:\n\"...the object behind the enactment of section 271(1)(c) read\nwith the Explanations quoted above indicates that the said\nsection has been enacted

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

vii) In the judgment delivered in the case of Union of India and\nOthers Vs. Dharmendra Textile Processors and Others (2007)\n295 ITR 244 (SC) the Hon'ble Apex Court has reiterated as\nunder:\n\"...the object behind the enactment of section 271(1)(c) read\nwith the Explanations quoted above indicates that the said\nsection has been enacted

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

vii) In the judgment delivered in the case of Union of India and\nOthers Vs. Dharmendra Textile Processors and Others (2007)\n295 ITR 244 (SC) the Hon'ble Apex Court has reiterated as\nunder:\n\"...the object behind the enactment of section 271(1)(c) read\nwith the Explanations quoted above indicates that the said\nsection has been enacted

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. 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

RAJU MOHAN GURNANI,NAVI MUMBAI vs. CENTRAL CIRCLE 5(2), MUMBAI

In the result, all three appeals of the assessee are allowed

Bench: Shri Rahul Chaudhary & Smt. Renu Jauhriआयकर अपील सं./Ita No. 246/Mum/2025 (निर्धारण वर्ा / Assessment Year :2014-15) आयकर अपील सं./Ita No. 247/Mum/2025 (निर्धारण वर्ा / Assessment Year :2015-16) आयकर अपील सं./Ita No. 248/Mum/2025 (निर्धारण वर्ा / Assessment Year :2016-17) Raju Mohan Gurnani V/S. Ito, Central Circle 5(2) बिधम Flat No. 2101, Moraj Casa Room No. 427, 4Th Floor, Grande, Plot No. 57, Sector Kautilya Bhavan, Bandra 17, Koperkhairne Kurla Complex, Bandra Maharashtra-410209 East, Maharashtra-400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aalpg9103B Appellant/अपीलधर्थी .. Respondent/प्रनिवधदी निर्ााररती की ओर से /Assessee By: None रधजस्व की ओर से /Revenue By: Shri R. R. Makwana

vii. the appellant was prevented by a reasonable cause, viii. the order passed was beyond the time permissible u/s 275, ix. passing an order dt. 02.03.2022 u/s. 271(1)(c) in respect of the proceedings which had been time barred by operation of law and provisions of S. 275 of the Income Tax Act, x. levying penalty u/s. 271(1

RAJU MOHAN GURNANI,NAVI MUMBAI vs. INCOME TAX OFFICER, CENTRAL CIRCLE 5(2), MUMBAI

In the result, all three appeals of the assessee are allowed

Bench: Shri Rahul Chaudhary & Smt. Renu Jauhriआयकर अपील सं./Ita No. 246/Mum/2025 (निर्धारण वर्ा / Assessment Year :2014-15) आयकर अपील सं./Ita No. 247/Mum/2025 (निर्धारण वर्ा / Assessment Year :2015-16) आयकर अपील सं./Ita No. 248/Mum/2025 (निर्धारण वर्ा / Assessment Year :2016-17) Raju Mohan Gurnani V/S. Ito, Central Circle 5(2) बिधम Flat No. 2101, Moraj Casa Room No. 427, 4Th Floor, Grande, Plot No. 57, Sector Kautilya Bhavan, Bandra 17, Koperkhairne Kurla Complex, Bandra Maharashtra-410209 East, Maharashtra-400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aalpg9103B Appellant/अपीलधर्थी .. Respondent/प्रनिवधदी निर्ााररती की ओर से /Assessee By: None रधजस्व की ओर से /Revenue By: Shri R. R. Makwana

vii. the appellant was prevented by a reasonable cause, viii. the order passed was beyond the time permissible u/s 275, ix. passing an order dt. 02.03.2022 u/s. 271(1)(c) in respect of the proceedings which had been time barred by operation of law and provisions of S. 275 of the Income Tax Act, x. levying penalty u/s. 271(1

RAJU MOHAN GURNANI,NAVI MUMBAI vs. INCOME TAX OFFICER, CENTRAL CIRCLE 5(2), MUMBAI

In the result, all three appeals of the assessee are allowed

Bench: Shri Rahul Chaudhary & Smt. Renu Jauhriआयकर अपील सं./Ita No. 246/Mum/2025 (निर्धारण वर्ा / Assessment Year :2014-15) आयकर अपील सं./Ita No. 247/Mum/2025 (निर्धारण वर्ा / Assessment Year :2015-16) आयकर अपील सं./Ita No. 248/Mum/2025 (निर्धारण वर्ा / Assessment Year :2016-17) Raju Mohan Gurnani V/S. Ito, Central Circle 5(2) बिधम Flat No. 2101, Moraj Casa Room No. 427, 4Th Floor, Grande, Plot No. 57, Sector Kautilya Bhavan, Bandra 17, Koperkhairne Kurla Complex, Bandra Maharashtra-410209 East, Maharashtra-400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aalpg9103B Appellant/अपीलधर्थी .. Respondent/प्रनिवधदी निर्ााररती की ओर से /Assessee By: None रधजस्व की ओर से /Revenue By: Shri R. R. Makwana

vii. the appellant was prevented by a reasonable cause, viii. the order passed was beyond the time permissible u/s 275, ix. passing an order dt. 02.03.2022 u/s. 271(1)(c) in respect of the proceedings which had been time barred by operation of law and provisions of S. 275 of the Income Tax Act, x. levying penalty u/s. 271(1

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

271 of the IT Act. In the notice, the AO has scored off the phrase \"have concealed the particulars of your income\" and the charge intimated for initiation of penalty was \"for furnishing of inaccurate particulars of such income\". In subsequent notices, reference was made to notice dated 10.11.2020. In the subsequent notices, it was specifically mentioned that why order

JIK INDUSTRIES LIMITED,MUMBAI vs. DCIT, CIR-2(2)(1), MUMBAI

u/s. 271(1)(c) of the Act deserves to be considered as void ab initio. The same be held now. 2. The Ld. CIT(A) has erred in confirming impugned penalty of Rs 55,34,03,602/- under section 271(1)(c) of the Act. It is submitted that on the facts of the case and in view

DCIT(IT)-4(1)(2), MUMBAI vs. ARUN MADHAVACHARI RANGACHARI, MUMBAI

Penalty proceedings u/s 271(1)(c) of\nthe 1 T Act, 1961 tins been initiated for furnishing inaccurate particulars of income.)\n13. It is notable that reassessment proceedings u's 147 of the Income tax Act in the\ncase of Sh. Arun Rangachari has been initiated and in the said proceedings, the above\nstated Income has been added

INCOME TAX OFFICER, KAUTALIYA BHAVAN vs. RASHESH SHIRISHKUMAR BHUTA, MUMBAI

In the result, the appeals of the learned Assessing Officer for 025

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

271(1)(c) of the Act. v. She further stated that the decision cited by the learned Departmental Representative in case of JRD Stock Brokers Pvt. Ltd. Vs. CIT dated 4th March, 2015, of Hon'ble Delhi High Court does not apply to the facts of the case as it was a case of penalty levied under Section

INCOME TAX OFFICER, KAUTALIYA BHAVAN vs. RASHESH SHIRISHKUMAR BHUTA, MUMBAI

In the result, the appeals of the learned Assessing Officer for 025

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

271(1)(c) of the Act. v. She further stated that the decision cited by the learned Departmental Representative in case of JRD Stock Brokers Pvt. Ltd. Vs. CIT dated 4th March, 2015, of Hon'ble Delhi High Court does not apply to the facts of the case as it was a case of penalty levied under Section

DCIT CIR 6(1), MUMBAI vs. BRIGGS TRADING CO, P. LTD, MUMBAI

Penalty u/s 271(1)(c) of the Act is initiated\nfor this disallowance.\n[Addition: Rs. 57,52,59,040]”\n\n5.2 The Ld. CIT(A) upheld the disallowance for principle advance\nof Rs.50 crores and interest component credited in assessment year\n2001-02 and assessment year 2002-03.\n\n5.3 Before us, the Ld. Counsel for the assessee submitted

DCIT-3(4), MUMBAI vs. M/S UNION OF BANK OF INDIA, MUMBAI

9,49, 46,665/- on\naccount of recovery in respect of accounts written off of rural branches is\nadded to the total income of the assessee. Penalty proceedings u/s 271 (1) (C)\nare initiated for furnishing inaccurate particulars of income\"\n11.\nWe heard the parties and perused the material on record. The ld. AR brought\nto our attention that

BRIGS TRADING CO. P.LTD,MUMBAI vs. ACIT CIR 6(1), MUMBAI

In the result, the appeal of the assessee for

Penalty u/s 271(1)(c) of the Act is initiated\nfor this disallowance.\n[Addition: Rs. 57,52,59,040]”\n5.2 The Ld. CIT(A) upheld the disallowance for principle advance\nof Rs.50 crores and interest component credited in assessment year\n2001-02 and assessment year 2002-03.\n5.3 Before us, the Ld. Counsel for the assessee submitted that\nassessee

ASST CIT CC 38, MUMBAI vs. UNIPHOS ENTERPRISES LTD, MUMBAI

In the result, the appeal of assessee is allowed

Bench: SHRI PAWAN SINGH (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

penalty levied u/s 271(1)(c)) ACIT, CC-38, Room no. M/s. United Phosphorous Ltd. 32(1), Ayakar Bhavan, Vs. Uniphos House, Madhu Park, 11th Road, Khar (W), Mumbai. Maharishi Karve Rd., Mumbai-400020. PAN: AAACU 3440 P (Appellant) .. (Respondent) Assessee by Ms. Vasanti Patel Advocate Revenue by Shri. Kiran Unavekar, Sr. DR Date of Hearing 18/03/2025 Date of Pronouncement