MUNIR M. KHAN,MUMBAI vs. DCIT- CC -7(1), MUMBAI

In the result, appeal filed by the assesee is allowed and appeal filed by the revenue is dismissed

Bench: Shri Saktijit Dey & Shri G. Manjunathamunir Khan Vs. Dcit, Central Circle-7(1) 654, 6Th Floor 1404, ‘A’ Wing Raj Classic Bldg Aaykar Bhawan Off. Yari Road, Versova M.K.Road Andheri(W) Mumbai-400 020 Mumbai-400 061 Pan/Gir No.Asgpk3313A (Appellant) .. (Respondent) & Dcit, Central Circle-7(1) Vs. Munir Khan 654, 6Th Floor 1404, ‘A’ Wing Aaykar Bhawan Raj Classic Bldg M.K.Road Off. Yari Road, Versova Mumbai-400 020 Andheri(W) Mumbai-400 061 Pan/Gir No.Asgpk3313A (Appellant) .. (Respondent)

penalty u/s 271(1 )(c) of Rs. 4,43,49,1 49/- to Rs.58,46,280/- stating that the concealed income as per assessment order was reduced by ITAT from Rs. 13,04,77,050^ to Rs. l,72,20,000/- without appreciating that the Department has filed appeal u/s 260 A before the Hon’ble High Court with respect

SUCCESS DEVELOPERS P.LTD,MUMBAI vs. DCIT CEN CIR 10, MUMBAI

Bench: Shri R. C. Sharma, Am & Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 5608/Mum/2015 (निर्धारणवर्ा / Assessment Year: 2011-12)

u/s 133A, it would automatically follow that income had been concealed in the return of income filed, the assessment whereof was completed on 28th March, 2013. The provisions of sub-section 1 of section 271 suggest that if the assessee furnishes inaccurate particulars coupled with absence and satisfactory explanation, that would per se make assessee liable to pay penalty. Concealment

PUNJAB SIND DAIRY PRODUCTS P.LTD,MUMBAI vs. ACIT CEN CIR 33, MUMBAI

In the result, appeal of the assessee in ITA no

Bench: Shri Pawan Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6246 & 6247/Mum/2017 (नििाारण वर्ा / Assessment Year : 2006-07 & 2007-08) बिाम/ Punjab Sind Dairy Product Acit Central Circle- P. Ltd., 33,Room No. 32(3), Ag-2 Cama Industrial Aayakar Bhavan, V. Estate, Walbhatt Road, Mumbai-400020 Goregaon (W), Mumbai- 400063 स्थायी ऱेखा सं./ Pan: Aadcp5419Q (अपीऱाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri. K.K. Lalkaka (Ar) Revenue By: Shri. D.G Pansari (Dr) सुनवाई की तारीख /Date Of Hearing : 16.01.2019 घोषणा की तारीख /Date Of Pronouncement : 26.03.2019 आदेश / O R D E R Per Ramit Kochar: These Two Appeals, Filed By Assessee, Being Ita No. 6246 & 6247/Mum/2017, Are Directed Against Two Separate Appellate Orders Both Dated 22.08.2017 In Appeal No. Cit(A)-53/Dccc-5(2)/It- 123/2012-13 & Cit(A)-53/Dccc-5(2)/It-124/2012-13 Respectively, Passed By Learned Commissioner Of Income Tax (Appeals)-53, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2006-07 & 2007- 08 Respectively, The Appellate Proceedings Had Arisen Before Learned Cit(A) From Two Separate Penalty Orders Both Dated 29.03.2012 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 271(1)(C)

unexplained investments that can be clearly attributed to concealed income." There is nothing in the order of the Hon'ble Karnataka High Court to discern that only and solely for the reason that the relevant clause is not struck off in the notice u/s 274, when the facts resulting in formation of belief to initiate penalty is available

PUNJAB SIND DAIRY PRODUCTS P.LTD,MUMBAI vs. DCIT CEN CIR 33, MUMBAI

In the result, appeal of the assessee in ITA no

Bench: Shri Pawan Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6246 & 6247/Mum/2017 (नििाारण वर्ा / Assessment Year : 2006-07 & 2007-08) बिाम/ Punjab Sind Dairy Product Acit Central Circle- P. Ltd., 33,Room No. 32(3), Ag-2 Cama Industrial Aayakar Bhavan, V. Estate, Walbhatt Road, Mumbai-400020 Goregaon (W), Mumbai- 400063 स्थायी ऱेखा सं./ Pan: Aadcp5419Q (अपीऱाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri. K.K. Lalkaka (Ar) Revenue By: Shri. D.G Pansari (Dr) सुनवाई की तारीख /Date Of Hearing : 16.01.2019 घोषणा की तारीख /Date Of Pronouncement : 26.03.2019 आदेश / O R D E R Per Ramit Kochar: These Two Appeals, Filed By Assessee, Being Ita No. 6246 & 6247/Mum/2017, Are Directed Against Two Separate Appellate Orders Both Dated 22.08.2017 In Appeal No. Cit(A)-53/Dccc-5(2)/It- 123/2012-13 & Cit(A)-53/Dccc-5(2)/It-124/2012-13 Respectively, Passed By Learned Commissioner Of Income Tax (Appeals)-53, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2006-07 & 2007- 08 Respectively, The Appellate Proceedings Had Arisen Before Learned Cit(A) From Two Separate Penalty Orders Both Dated 29.03.2012 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 271(1)(C)

unexplained investments that can be clearly attributed to concealed income." There is nothing in the order of the Hon'ble Karnataka High Court to discern that only and solely for the reason that the relevant clause is not struck off in the notice u/s 274, when the facts resulting in formation of belief to initiate penalty is available

AJANTA PHARMA LTD,MUMBAI vs. DCIT CEN CIR 7(2), MUMBAI

In the result, appeal of the assessee is allowed, as above

Bench: Shri G.S. Pannu & Shri Ram Lal Negi: A.Y : 2012-13

Investment Ltd. (2010) 194 Taxman 387. 7. On the facts and in the circumstance of the case and in law, the CIT(A) erred in not appreciating that expenses disallowed by the Appellant were all genuine expenses fully supported by bills and vouchers, paid by account payee cheques and were accounted in the books of accounts and, therefore, no penalty

ORBIT CORPORATION LTD,MUMBAI vs. DCIT CEN CIR 47, MUMBAI

In the result, appeals of the assessee for all three assessment years i

Bench: Shri C.N. Prasad, Hon'Ble & Shri G. Manjunatha, Hon'Ble

unexplained income. 4.3.3 (a) To understand the issue, at the very outset it will be worthwhile to mention that Penalty proceeding u/s 271(1)(c) of the I.T, Act. 1961 can be initiated on two charges, ie. (1) concealment of particulars of income and (2) furnishing of inaccurate particulars of income. If proceedings are initiated on charge of concealment, then

ORBIT CORPORATION LTD,MUMBAI vs. DCIT CEN CIR 47, MUMBAI

In the result, appeals of the assessee for all three assessment years i

Bench: Shri C.N. Prasad, Hon'Ble & Shri G. Manjunatha, Hon'Ble

unexplained income. 4.3.3 (a) To understand the issue, at the very outset it will be worthwhile to mention that Penalty proceeding u/s 271(1)(c) of the I.T, Act. 1961 can be initiated on two charges, ie. (1) concealment of particulars of income and (2) furnishing of inaccurate particulars of income. If proceedings are initiated on charge of concealment, then

ORBIT CORPORATION LTD,MUMBAI vs. DCIT CEN CIR 47, MUMBAI

In the result, appeals of the assessee for all three assessment years i

Bench: Shri C.N. Prasad, Hon'Ble & Shri G. Manjunatha, Hon'Ble

unexplained income. 4.3.3 (a) To understand the issue, at the very outset it will be worthwhile to mention that Penalty proceeding u/s 271(1)(c) of the I.T, Act. 1961 can be initiated on two charges, ie. (1) concealment of particulars of income and (2) furnishing of inaccurate particulars of income. If proceedings are initiated on charge of concealment, then

DEEPAK JATIA ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX - CENTRAL CIRCLE 1(1), MUMBAI

In the result, the appeals filed by the assessee are hereby ordered to be allowed

Bench: Shri Amarjit Singh, Jm & Shri N. K. Pradhan, Am आयकर अपील सं/ I.T.A. Nos. 940 To 943/Mum/2018 (निर्धारण वर्ा / Assessment Years: 2010-11 To 2013-14) बिधम/ Deepak Jatia Dcit-Central Circle-1(1) Room No.903, 9Th Floor, Old Marathon Innova, „A‟ Wing, Vs. 7Th Floor, Off. G. K. Marg, Cgo Bldg, Annexure, M.K. Lower Parel, Mumbai- Road, Mumbai-400020. 400013. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Adxpj8701D (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Anuj Kisnadwala (Ar) Revenue By: Shri Narendra Singh Jang Pangi (Dr) सुनवाई की तारीख / Date Of Hearing: 17/12/2019 घोषणा की तारीख /Date Of Pronouncement: 15/01/2020 आदेश / O R D E R Per Amarjit Singh, (Jm): The Assessee Has Filed The Above Mentioned Appeals Against The Different Order Passed By The Commissioner Of Income Tax (Appeals)- 47, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Ys. 2010-11, 2011-12, 2012-13 & 2013-14 In Which The Penalty Levied By The Ao Has Been Ordered To Be Confirmed.

investment in purchase of flat. The assessee had filed the return of income u/s 139(1) of the I. T. Act, 1961 on 30.07.2010 declaring income to the tune of Rs.97,91,024/-. The said return was processed u/s 143(1) of the Act and thereafter, scrutiny assessment order was passed u/s 143(3) of the Act dated 10.09.2012 assessing

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

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

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 loan and disallowed the same , paid on unsecured loan

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

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

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 loan and disallowed the same , paid on unsecured loan

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

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

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 loan and disallowed the same , paid on unsecured loan

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

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

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 loan and disallowed the same , paid on unsecured loan

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

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

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 loan and disallowed the same , paid on unsecured loan

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

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

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 loan and disallowed the same , paid on unsecured loan

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

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

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 loan and disallowed the same , paid on unsecured loan

SHANNO MOHAMMED YUSUF WARSI ,MUMBAI vs. INCOME TAX OFFICER-25(1)(3), MUMBAI

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2013-14

unexplained expenditure u/s.69C on account of commission paid for arranging the entire transaction of bogus LTCG. arranging the entire transaction of bogus LTCG. Penalty proceeding Penalty proceeding u/s 271(1)(c) is initi u/s 271(1)(c) is initiated for furnishing inaccurate particulars of income ated for furnishing inaccurate particulars of income with a view to concealment of income. with

SUJATA PRAMOD DALVI,THANE vs. DCIT CC, THANE

penalty u/s 271(1)(c) even though no income is concealed & CIT(A) erred in confirming the same.”\n2.1.Shri Pramod Mukund Dalvi, ITA No 3390/Mum/2023 (AY 2013-14)\n“Grounds of Appeal (attached to Form No. 36) Before ITAT, Mumbai Bench.\n1. The Assessing Officer has passed the order after obtaining approval u/s 153D dated 21/12/2018 which is mechanically granted