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 ()

loss of revenue. The penalty under the said sections is a civil liability. The penalty under the said sections is a civil liability. The penalty under the said sections is a civil liability. Wilful concealment is not an essential ingredient for attracting Wilful concealment is not an essential ingredient for attracting Wilful concealment is not an essential ingredient for attracting

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 ()

loss of revenue. The penalty under the said sections is a civil liability. The penalty under the said sections is a civil liability. The penalty under the said sections is a civil liability. Wilful concealment is not an essential ingredient for attracting Wilful concealment is not an essential ingredient for attracting Wilful concealment is not an essential ingredient for attracting

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 ()

loss of revenue. The penalty under the said sections is a civil liability. The penalty under the said sections is a civil liability. The penalty under the said sections is a civil liability. Wilful concealment is not an essential ingredient for attracting Wilful concealment is not an essential ingredient for attracting Wilful concealment is not an essential ingredient for attracting

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

loss made by assessee, was negated by Revenue authorities as well as by the Tribunal. On the basis of addition made and confirmed by higher authorities, AO imposed penalty for furnished inaccurate particulars. Appellate authority cancelled the penalty. The Delhi High Court while dismissing the appeal filed by the department, held that just because some additions have been made

M/S MASCOT CONSTRUCTION PVT. LTD.,MUMBAI vs. INCOME TAX OFFICER, 2(2)(3)

In the result, the appeal of the assessee is allowed

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh () Assessment Year: 2010-11 M/S Mascot Constructions Pvt. Ltd., Income-Tax Officer 2(2)(3), 3Rd Floor, Indian Mercantile Aayakar Bhavan, Vs. Chambers, 14R, Kamani Marg, Mumbai-400020. Ballard Estate, Mumbai-400001. Pan No. Aaccm 6531 H Appellant Respondent

loss of Rs.1,60,444/ of Rs.1,60,444/- on 25.11.2010, the Assessing Officer completed the assessment u/s he Assessing Officer completed the assessment u/s he Assessing Officer completed the assessment u/s 143(3) of the Income 143(3) of the Income-tax Act, 1961 (in short ‘the Act’) tax Act, 1961 (in short ‘the Act’) on 9/11/2012, wherein

THE DCIT-1(3)(1) MUMBAI, MUMBAI vs. M/S FERN INFRASTRUCTURE PVT LTD, MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

penalty levied u/s. 271(1)(c) without appreciating the fact that assessee's claim regarding carry forward of loss of Rs. 13,53,82,605/- was disallowed with assessee consent and acceptance which would otherwise result in suppression of income by way of set

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

loss income as declared, small\ntaxable income as assessed even after the additions were made and\nthat the expenses as claimed were otherwise eligible and allowed in the\nnext assessment year, it is to be accepted that the assessee had shown\nthat they had acted bona fidely. Thus, the assessee should not have\nbeen burdened with penalty for concealment

ANJIS DEVELOPERS PRIVATE LIMITED,MUMBAI vs. PRINCIPLE CIT-5,MUMBAI, MUMBAI

In the result, the appeal filed by the assessee is dismissed

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2017-18 Anjis Developers Private Limited, Pcit-5, 2Nd Floor, Soham Apartments, Room No. 515, 5Th Floor, 208, Walkeshwar Road, Teen Vs. Aayakar Bhavan, Mk. Batti, Road, Mumbai-400006. Mumbai-400020. Pan No. Aaaca 6022 H Appellant Respondent : Assessee By S. Sriram/Dinesh Kukreja/Ssnyaknavedie Revenue By : Shri Chetan Kacha, Dr : Date Of Hearing 25/11/2022 Date Of Pronouncement : 20/02/2023

loss of Rs.9 The assessee was engaged in the business of real estate The assessee was engaged in the business of real estate The assessee was engaged in the business of real estate development. The case was selected for scrutiny a . The case was selected for scrutiny a . The case was selected for scrutiny and Assessing Anjis Developers

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

loss of revenue?" 7. "Whether on the facts and circumstances of the case and in law, Ld. CIT(A) has erred in deleting the penalty levied u/s 271(1)(c) of the Act, without appreciating judgment on the decision of Hon'ble Delhi High Court in the case of CIT Vs Atul Kumar Gupta in ITA No. 479/2014, which reinforces

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

loss of revenue?" 7. "Whether on the facts and circumstances of the case and in law, Ld. CIT(A) has erred in deleting the penalty levied u/s 271(1)(c) of the Act, without appreciating judgment on the decision of Hon'ble Delhi High Court in the case of CIT Vs Atul Kumar Gupta in ITA No. 479/2014, which reinforces

DCIT, CC-7(1), MUMBAI vs. M/S MANEESH PHARMACEUTICALS LTD., MUMBAI

losses for the Assessment Year 2010-11. Therefore, the aforesaid addition/disallowance was confirmed by the CIT(A). 3 Assessment Year: 2010-11 5. Thereafter, notice dated 16.01.2021 was issued to the Assessee under Section 274 read with Section 271(1)(c) of the Act (hereinafter referred to as the „Second Penalty Notice‟). In response thereto, the Assessee filed submission vide

INCOME TAX OFFICER 19.1.1, PIRAMAL CHAMBER LAL BAUG vs. A J DIAM, MUMBAI

In the result, appeal filed by the revenue is dismissed in the above terms

Bench: Shri Om Prakash Kant & Shri. Raj Kumar Chauhanito-19(1)(1), Mumbai A. J. Diam Room No. 501, Piramal Chamber, Vs. 304, 3Rd Floor, Deccan Vikas Chs Lalbaug, Mumbai-400 012. Ltd. 584/1/584, Vithalbhai Patel Road, Kothachiwadi, Mumbai- 400 004 Pan: Aaofa4830G (Appellant) (Respondent)

set aside the penalty imposed on the ground that the penalty levied u/s 271(1)(c) of the Act on estimated addition was not sustainable. It was held by Ld CIT(A) that the notice issued for imposing penalty was not valid notice because it has mentioned both the limbs i.e. concealment of income or furnishing inaccurate particulars of income

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

loss of\nrevenue. The penalty under the said sections is a civil liability.\nWilful concealment is not an essential ingredient for attracting\nthe civil liability as is the case in the matter of prosecution\nunder section 276C of the Act. While considering an appeal\nagainst an order made under section 271(1)(c) what is\nrequired to be examined

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

loss of\nrevenue. The penalty under the said sections is a civil liability.\nWilful concealment is not an essential ingredient for attracting\nthe civil liability as is the case in the matter of prosecution\nunder section 276C of the Act. While considering an appeal\nagainst an order made under section 271(1)(c) what is\nrequired to be examined

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

setting off brought forward business losses from the taxable income. taxable income. Deepak Novochem 3 ITA Nos. 2558 to 2562/Mum/2023 ITA Nos. 2558 to 2562/Mum/2023 Initiation of penalty proceedings itiation of penalty proceedings 5. On the facts and in the circumstances of the case, and in law, the Ld. On the facts and in the circumstances of the case

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

setting off brought forward business losses from the taxable income. taxable income. Deepak Novochem 3 ITA Nos. 2558 to 2562/Mum/2023 ITA Nos. 2558 to 2562/Mum/2023 Initiation of penalty proceedings itiation of penalty proceedings 5. On the facts and in the circumstances of the case, and in law, the Ld. On the facts and in the circumstances of the case

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

setting off brought forward business losses from the taxable income. taxable income. Deepak Novochem 3 ITA Nos. 2558 to 2562/Mum/2023 ITA Nos. 2558 to 2562/Mum/2023 Initiation of penalty proceedings itiation of penalty proceedings 5. On the facts and in the circumstances of the case, and in law, the Ld. On the facts and in the circumstances of the case

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

setting off brought forward business losses from the taxable income. taxable income. Deepak Novochem 3 ITA Nos. 2558 to 2562/Mum/2023 ITA Nos. 2558 to 2562/Mum/2023 Initiation of penalty proceedings itiation of penalty proceedings 5. On the facts and in the circumstances of the case, and in law, the Ld. On the facts and in the circumstances of the case