DY. COMMISSIONER OF INCOME TAX CIRCLE - 3(3)(1), MUMBAI , MUMBAI vs. SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA, MUMBAI

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

c) of the Act. The ld. AR further submitted that the assessee in earlier years has established the fact that there is no credit balance in the provisions account and therefore the question of applying the proviso to section 36(1)(vii) 6 ITA 2943-2894-2893-3160-3173/M/ 2023 & 2971-2970/M/ 2023 Small Industries Development Bank

DY. COMMISSIONER OF INCOME TAX CIRCLE - 3(3)(1), MUMBAI, MUMBAI vs. SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA, MUMBAI

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

c) of the Act. The ld. AR further submitted that the assessee in earlier years has established the fact that there is no credit balance in the provisions account and therefore the question of applying the proviso to section 36(1)(vii) 6 ITA 2943-2894-2893-3160-3173/M/ 2023 & 2971-2970/M/ 2023 Small Industries Development Bank

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 3(3)(1),MUMBAI, MUMBAI

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

c) of the Act. The ld. AR further submitted that the assessee in earlier years has established the fact that there is no credit balance in the provisions account and therefore the question of applying the proviso to section 36(1)(vii) 6 ITA 2943-2894-2893-3160-3173/M/ 2023 & 2971-2970/M/ 2023 Small Industries Development Bank

INDRANI SUNIL PILLAI,MUMBAI vs. ACIT 21(1), MUMBAI

In the result, assessee’s appeal is allowed

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

6 Mrs. Indrani Sunil Pillai of offence committed by the assessee in terms of section 271(1)(c). Further, not striking–off the inappropriate words in the show cause notice issued under section 274 of the Act by not mentioning the exact charge for which he intends to impose penalty under section 271(1)(c), the assessee was deprived

POLYCHEM LTD,MUMBAI vs. DCIT 1(2)(2), MUMBAI

In the result, assessee’s appeal is allowed

Bench: Shri Saktijit Dey & Shri Ramit Kochar

6 Polychem Ltd. not amount to furnishing of inaccurate of particulars of income in terms of section 271(1)(c). In support of such contention, he relied upon the decision of the Hon'ble Jurisdictional High Court in CIT v/s Nalin P. Shah (HUF), ITA no.49/2013 dated 4th March 2013. He also relied upon the decision

SAI SAMARTH ENTERPRISES,MUMBAI vs. DCIT , CC- 1 , THANE

In the result, the appeals filed by the assessee are hereby allowed

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No. 3718/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T.A. No. 3720/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2011-12) & आयकर अपील सं/ I.T.A. No. 3721/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2010-11) बिधम/ M/S. Sai Samarth Enterprises Dcit-Central Circle-1, 107, Patel Building, Parel, Thane. Vs. Mumbai. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Abufs9008B (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Suchek Anchaliya Revenue By: Shri T. S. Khalsa (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 04/03/2021 घोषणा की तारीख /Date Of Pronouncement: 24/05/2021 आदेश / O R D E R Per Amarjit Singh, (Jm): The Assessee Has Filed The Above Mentioned Appeals Against The Order Dated 29.03.2018 Passed By The Commissioner Of Income Tax (Appeals)- 11, Pune [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Ys. 2010-11, 2011-12, 2012-13 In Which The Penalty Levied By The Ao Has Been Ordered To Be Confirmed.

c) cannot be automatically imposed. 19. The whole matter can be examined from a different perspective as well. Section 153A provides the procedure for completion of assessment where a search is initiated under Section 132 or books of account, or other documents or any assets are requisitioned under Section 132A after 31.05.2003. In such cases, the Assessing Officer shall issue

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) :

reassessment initiated penalty proceedings under Sec. 271(1)(c) in respect of „furnishing of inaccurate particulars of income‟ by the assessee in respect of the aforesaid amount of Rs.93,22,558/- which was earlier claimed by the assessee as an expenditure in its „books of account‟. 4. That as the assessee had voluntarily disallowed the amount of Rs.93

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) :

reassessment initiated penalty proceedings under Sec. 271(1)(c) in respect of „furnishing of inaccurate particulars of income‟ by the assessee in respect of the aforesaid amount of Rs.93,22,558/- which was earlier claimed by the assessee as an expenditure in its „books of account‟. 4. That as the assessee had voluntarily disallowed the amount of Rs.93

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) :

reassessment initiated penalty proceedings under Sec. 271(1)(c) in respect of „furnishing of inaccurate particulars of income‟ by the assessee in respect of the aforesaid amount of Rs.93,22,558/- which was earlier claimed by the assessee as an expenditure in its „books of account‟. 4. That as the assessee had voluntarily disallowed the amount of Rs.93

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) :

reassessment initiated penalty proceedings under Sec. 271(1)(c) in respect of „furnishing of inaccurate particulars of income‟ by the assessee in respect of the aforesaid amount of Rs.93,22,558/- which was earlier claimed by the assessee as an expenditure in its „books of account‟. 4. That as the assessee had voluntarily disallowed the amount of Rs.93

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) :

reassessment initiated penalty proceedings under Sec. 271(1)(c) in respect of „furnishing of inaccurate particulars of income‟ by the assessee in respect of the aforesaid amount of Rs.93,22,558/- which was earlier claimed by the assessee as an expenditure in its „books of account‟. 4. That as the assessee had voluntarily disallowed the amount of Rs.93

MAHESH M. GANDHI,MUMBAI vs. ACIT 20(2), MUMBAI

In the result, appeal filed by the assessee in ITA No

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.2976/Mum/2016 ("नधा"रण वष" / Assessment Year : 2011-12) Shri Mahesh M. Gandhi, Asst. Commissioner Of बनाम/ 303/304, Sholay Income Tax – 20(2), V. Apartments, Mumbai. Raheja Complex, Seven Bungalows, Versova, Andheri (W), Mumbai – 400 061. "थायी लेखा सं./Pan : Aabpg3545P (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

reassessment cannot be declared as invalid in the penalty proceedings.” We do not find any infirmity in the notice dated 20-02-2014 issued by the A.O. u/s 271(1)(c) r.w.s. 274 of the Act wherein the AO has clearly framed an alternate charges for levying penalty u/s 271(1)(c) of the Act at the stage of issue

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

6,25,478/- was reopened by issue of notice under Section 148 of the Act and subsequently, reassessment order was passed wherein 12.5% of bogus purchases amounting to ₹10,28,586/- was added and total income of the assessee was reassessed at ₹16,54,060/- by an assessment order dated 31st December, 2015. In the reassessment order the learned Assessing

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

6,25,478/- was reopened by issue of notice under Section 148 of the Act and subsequently, reassessment order was passed wherein 12.5% of bogus purchases amounting to ₹10,28,586/- was added and total income of the assessee was reassessed at ₹16,54,060/- by an assessment order dated 31st December, 2015. In the reassessment order the learned Assessing

NAVBHARAT POTTERIES PRIVATE LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX - CIRCLE 7(1)(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed in above\nterms

reassessment has to be based on\nfulfilment of certain pre-condition and if the concept of \"change of\nopinion\" is removed, as contended on behalf of the Department, then, in\nthe garb of re-opening the assessment, review would take place. Ld. AR\nhas further relied on the judgment of Hon'ble Apex Court in PCIT vs.\nFibres and Fabrics

DWARKA CEMENT WORKS LIMITED(CONVERTED INTO DWARKA CEMENT WORKS LLP W.E.F 15-09-2022),MUMBAI vs. THE INCOME TAX OFFICER,WARD-6(2)(1),MUMBAI, MUMBAI

In the result, the appeal of the assessee is allowed

reassessment order, the Assessing Officer held\nthat the reduction in loss from Rs. 1,15,25,958/- as originally\nreturned to Rs. (-) 30,057/- represented concealment of income to\nthe extent of Rs. 1,14,95,901/-\n6. On the aforesaid basis, the Assessing Officer initiated and\nsubsequently levied penalty under section 271(1)(c) of the Act at\n100

DCIT CEN CIR 8(4), MUMBAI vs. SAVITA OIL TECHNOLOGIES LTD, MUMBAI

Appeal is allowed

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.7620/Mum/2016 (नििाारण वर्ा / Assessment Year : 2010-11)

reassessment, the assessee shall be entitled to receive, in addition to the interest payable under sub-section (1), an additional interest on such amount of refund calculated at the rate of three per cent per annum, for the period beginning from the date following the date of expiry of the time allowed under sub-section (5) of section

CORNERSTONE ONDEMAND LIMITED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION )-291)(1), MUMBAI

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

c) the income reassessed is greater than the income assessed or reassessed immediately before such reassessment; 13 ITA 3747, 3751, 3753, 3752 and 5677/Mum/2024 Cornerstone Ondemand Limited (d) the amount of deemed total income assessed or reassessed as per the provisions of section 115JB or section 115JC, as the case may be, is greater than the deemed total income determined