GIRDHARILAL MOTILAL AGRAWAL,BULDANA vs. ITO WARD-1, KHAMGAON, KHAMGAON

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

u/s 271(1)(c). Reliance is placed on following: Penalty is discretionary, not automatic and has to be exercised judicially The Supreme Court had, in the case of Hindustan Steel Ltd. v. State of Orissa [1972] 83 ITR 26 held that (Copy enclosed at Attachment 2): "Penalty will not also be imposed merely because it is lawful

M/S ABHIJIT CONSTRUCTION CO.,NAGPUR vs. A,C.I.T CENT CIR. 1(4), NAGPUR

In the result, assessee’s appeal for the assessment year 2007–08

Bench: Shri P.K. Bansal & Shri Amarjit Singh

u/s 143(3) r/w section 153A of the Act. Assessee agreed to pay tax to buy peace and avoid litigation. Assessee has not claimed that entry in document represents its income. Explanation 5A is not applicable in the case of assessee hence, the assessee cannot be visited with penalty under section 271(1)(c) of the Act. Penalty exigible only

SHRI RAJESH MOOLCHAND DAYARAMANI,,NAGPUR vs. ACIT-CIRCLE-8,, NAGPUR

In the result, assessee’s appeal is allowed

Bench: Shri P.K. Bansal & Shri Amarjit Singh

section 271(1)(c) of the Act, the assessee filed appeal before the first appellate authority, wherein, the learned Commissioner (Appeals) has confirmed the penalty imposed by the Assessing Officer. The assessee feeling aggrieved filed appeal before us. 6. Before us, the learned Counsel for assessee submitted by way of written submission, which is reproduced herein below:– “A) On merits

INCOME TAX OFFICER , WARD -4, AMRAVATI vs. SHRI MAHESH SHANKAR SORATE , DARYAPUR

In the result, appeal filed by the Revenue is dismissed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

26. – do – 1,01,500 04.06.2012 Cash 27. – do – 1,07,000 08.06.2012 Cash 28. – do – 3,00,000 09.06.2012 Cash 29. – do – 2,00,000 09.06.2012 Cash 30. – do – 1,00,000 09.06.2012 Cash 31. – do – 3,50,000 14.06.2012 Cash 32. – do – 1,00,000 22.09.2012 Cash 33. – do – 2,00,000 22.06.2012 Cash

TAJSHREE AUTOWHEELS PRIVATE LIMITED,NAGPUR vs. ACIT CIRCLE-4, NAGPUR

In the result, assessee’s appeal is allowed for statistical purposes

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

section 56(2)(viib) of the Income Tax Act, 1961, Rs. 32,26,000/- is disallowed and added back to the total income of the assessee under the head 'Income from Other Sources'. Penalty proceedings u/s 271

GAJANAND FINANCIAL CONSULTANCY PRIVATE LIMITED,NAGPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL) NAGPUR, NAGPUR

In the result, assessee’s appeal is allowed

Bench: Shri Narender Kumar Choudhry & Shri K.M. Roy, Accountant, Member

Penalty proceedings u/s 271(1)(c) of the Act is hereby Initiated separately for concealment of income.. 8.1 Hence, in order to protect the interest of the revenue, the addition of Rs.14,10,00,000/- is made in the case of the Assessee…….” 13. The learned PCIT has held that ` 4.60 crore has to be explained by Antariksh Barter

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

In the result, assessee' appeal for A

271(1)(c) Tribunal deleted the impugned addition as well as the penalty imposed on the grounds that (i) assessee have given the names and addresses of the creditors, (ii) it had also produced before ITO letters of confirmation, the discharged hundis and particulars of the different creditors including their general index numbers with the Income-tax Department

VIDHARBHA KONKAN GRAMIN BANK ,NAGPUR vs. INCOME TAX OFFICER WARD 1(5) , NAGPUR

In the result, appeal filed by the assessee for A

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

26 ITR 27, the Supreme Court held at page 51 that income can be said to accrue or arise when there is a right to receive the same. At page 52, the Supreme Court held: “……. A debt must have come into existence and he must have acquired a right to receive the payment. Unless and until his contribution or parenthood

VIDHARBHA KONKAN GRAMIN BANK ,NAGPUR vs. INCOME TAX OFFICER WARD 1(5) , NAGPUR

In the result, appeal filed by the assessee for A

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

26 ITR 27, the Supreme Court held at page 51 that income can be said to accrue or arise when there is a right to receive the same. At page 52, the Supreme Court held: “……. A debt must have come into existence and he must have acquired a right to receive the payment. Unless and until his contribution or parenthood

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

271(1)(c)\nTribunal deleted the impugned addition as well as the penalty imposed on the\ngrounds that (i) assessee have given the names and addresses of the creditors,\n(ii) it had also produced before ITO letters of confirmation, the discharged\nhundis and particulars of the different creditors including their general index\nnumbers with the Income-tax Department

INOCME TAX OFFICER , WARD 1(5), NAGPUR vs. VIDARBHA KONKAN GRAMIN BANK , NAGPUR

In the result, appeals filed by the Revenue for A

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

26,846. The Assessing Officer processed the said return of income under section 143(1) of the Income Tax Act, 1961 ("the Act") and selected for scrutiny under CASS. The Assessing Officer made assessment on a total income of ` 50,81,436, by making following additions:– Disallowance of provision for BDDR u/s

INOCME TAX OFFICER , WARD 1(5), NAGPUR vs. VIDARBHA KONKAN GRAMIN BANK , NAGPUR

In the result, appeals filed by the Revenue for A

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

26,846. The Assessing Officer processed the said return of income under section 143(1) of the Income Tax Act, 1961 ("the Act") and selected for scrutiny under CASS. The Assessing Officer made assessment on a total income of ` 50,81,436, by making following additions:– Disallowance of provision for BDDR u/s

DAYAL AGRO PRODUCTS LTD,AKOLA vs. JCIT, AKOLA RANGE, AKOLA

In the result, the assessee’s appeal is allowed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

section 250 of the Income Tax Act, 1961 ("the Act") by the learned Commissioner of Income Tax, (Appeals)-1, Nagpur, [“learned CIT”], for the assessment year 2010-11. Dayal Agro Products Ltd vs. JCIT, Akola ITA no.201/Nag./2017 2. The assessee has raised the following grounds of appeal:– “1. That on the facts and in the circumstances of the case

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

In the result, assessee' appeal for A

271(1)(c)\nTribunal deleted the impugned addition as well as the penalty imposed on the\ngrounds that (i) assessee have given the names and addresses of the creditors,\n(ii) it had also produced before ITO letters of confirmation, the discharged\nhundis and particulars of the different creditors including their general index\nnumbers with the Income-tax Department

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

271(1)(c)\nTribunal deleted the impugned addition as well as the penalty imposed on the\ngrounds that (i) assessee have given the names and addresses of the creditors,\n(ii) it had also produced before ITO letters of confirmation, the discharged\nhundis and particulars of the different creditors including their general index\nnumbers with the Income-tax Department

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

271(1)(c)\nTribunal deleted the impugned addition as well as the penalty imposed on the\ngrounds that (i) assessee have given the names and addresses of the creditors,\n(ii) it had also produced before ITO letters of confirmation, the discharged\nhundis and particulars of the different creditors including their general index\nnumbers with the Income-tax Department

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

271(1)(c)\nTribunal deleted the impugned addition as well as the penalty imposed on the\ngrounds that (i) assessee have given the names and addresses of the creditors,\n(ii) it had also produced before ITO letters of confirmation, the discharged\nhundis and particulars of the different creditors including their general index\nnumbers with the Income-tax Department

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

In the result, assessee' appeal for A

271(1)(c)\nTribunal deleted the impugned addition as well as the penalty imposed on the\ngrounds that (i) assessee have given the names and addresses of the creditors,\n(ii) it had also produced before ITO letters of confirmation, the discharged\nhundis and particulars of the different creditors including their general index\nnumbers with the Income-tax Department