SHREE MANGALAM ALUMINIUM,PATNA vs. DC/ACIT, CENTRAL CIRCLE-3, PATNA

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

Bench: Shri Duvvuru Rl Reddy, Vice-(Kz) I.T.A. Nos. 486 To 488/Pat/2022 Assessment Year: 2014-2015 To 2016-2017 Shree Mangalam Aluminium,…...….………Appellant Pandey Plaza Building, Exhibition Road, Patna-800001, Bihar [Pan:Abkfs3963M] -Vs.- Deputy/Assistant Commissioner Of Income Tax,……………………………………………………..Respondent Central Circle-3, Patna, Bihar

bogus purchases to factor in suppression of alleged gross profit, no penalty can be levied for furnishing of inaccurate particulars

SHREE MANGALAM ALUMINIUM,PATNA vs. DC/ACIT, CENTRAL CIRCLE-3, PATNA

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

Bench: Shri Duvvuru Rl Reddy, Vice-(Kz) I.T.A. Nos. 486 To 488/Pat/2022 Assessment Year: 2014-2015 To 2016-2017 Shree Mangalam Aluminium,…...….………Appellant Pandey Plaza Building, Exhibition Road, Patna-800001, Bihar [Pan:Abkfs3963M] -Vs.- Deputy/Assistant Commissioner Of Income Tax,……………………………………………………..Respondent Central Circle-3, Patna, Bihar

bogus purchases to factor in suppression of alleged gross profit, no penalty can be levied for furnishing of inaccurate particulars

BBCPL-RCPL (JV),JAMUI vs. PCIT CENTRAL, PATNA, PATNA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Borad

purchases and allowability of the same under the provisions of the Income Tax Act. The chances of such purchases/expenses being bogus is high, considering the fact that in related sister concern of M/s Balkrishana Bhalotia Construction Private Limited (BBCPL) and joint venture partner, non existing creditors’ balances of more than Rs.9 crores were offered by the assessee, and has been

BALKRISHNA BHALOTIA CONSTRUCTION PRIVATE LIMITED,JAMUI vs. PCIT CENTRAL, PATNA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Borad

purchases and allowability of the same under the provisions of the Income Tax Act. The chances of such purchases/expenses being bogus is high and the amount may be substantially higher than the credit balances admitted by the assessee to be nonexistent and offered for taxation. This lack of enquiry makes the assessment order erroneous and prejudicial to the interest

BBCPL-SKPL (JV),JAMUI vs. PCIT CENTRAL, PATNA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Borad

purchases and allowability of the same under the provisions of the Income Tax Act. The chances of such purchases/expenses being bogus is high and the amount may be substantially higher than the credit balances admitted by the assessee to be non-existent and offered for taxation. This lack of enquiry makes the assessment order erroneous and prejudicial to the interest

YASHWANT SINGH,PATNA vs. DCIT, CIRCLE-1, PATNA

In the result, the appeals of the assessee ITA Nos

Bench: Sri Sanjay Garg & Shri Sanjay Awasthi

penalty levied by the Assessing Officer u/s. 271(1)(b)/272A(1)(d) of the Act respectively for non-compliance of the notices issued during assessment proceedings. 3. First, we take up the quantum appeals. The ITA No. 5/Pat/2024, AY 2015-16 is the main case wherein the assessment was framed u/s. 143(3) of the Act. Based

YASHWANT SINGH,PATNA vs. DCIT, CIRCLE-1, PATNA

In the result, the appeals of the assessee ITA Nos

Bench: Sri Sanjay Garg & Shri Sanjay Awasthi

penalty levied by the Assessing Officer u/s. 271(1)(b)/272A(1)(d) of the Act respectively for non-compliance of the notices issued during assessment proceedings. 3. First, we take up the quantum appeals. The ITA No. 5/Pat/2024, AY 2015-16 is the main case wherein the assessment was framed u/s. 143(3) of the Act. Based

YASHWANT SINGH,PATNA vs. DCIT, PATNA

In the result, the appeals of the assessee ITA Nos

penalty levied by the Assessing Officer\nu/s. 271(1)(b)/272A(1)(d) of the Act respectively for non-compliance of the\nnotices issued during assessment proceedings.\n3. First, we take up the quantum appeals. The ITA No. 5/Pat/2024, AY\n2015-16 is the main case wherein the assessment was framed u/s. 143(3) of\nthe Act. Based

YASHWANT SINGH,PATNA vs. DCIT, CIRCLE-1, PATNA

In the result, the appeals of the assessee ITA Nos

Bench: Sri Sanjay Garg & Shri Sanjay Awasthi

penalty levied by the Assessing Officer u/s. 271(1)(b)/272A(1)(d) of the Act respectively for non-compliance of the notices issued during assessment proceedings. 3. First, we take up the quantum appeals. The ITA No. 5/Pat/2024, AY 2015-16 is the main case wherein the assessment was framed u/s. 143(3) of the Act. Based

YASHWANT SINGH,PATNA vs. DCIT, CIRCLE-1, PATNA

In the result, the appeals of the assessee ITA Nos

Bench: Sri Sanjay Garg & Shri Sanjay Awasthi

penalty levied by the Assessing Officer u/s. 271(1)(b)/272A(1)(d) of the Act respectively for non-compliance of the notices issued during assessment proceedings. 3. First, we take up the quantum appeals. The ITA No. 5/Pat/2024, AY 2015-16 is the main case wherein the assessment was framed u/s. 143(3) of the Act. Based

YASHWANT SINGH,PATNA vs. DCIT, CIRCLE-1, PATNA

In the result, the appeals of the assessee ITA Nos

Bench: Sri Sanjay Garg & Shri Sanjay Awasthi

penalty levied by the Assessing Officer u/s. 271(1)(b)/272A(1)(d) of the Act respectively for non-compliance of the notices issued during assessment proceedings. 3. First, we take up the quantum appeals. The ITA No. 5/Pat/2024, AY 2015-16 is the main case wherein the assessment was framed u/s. 143(3) of the Act. Based

YASHWANT SINGH,PATNA vs. DCIT, CIRCLE-1, PATNA

In the result, the appeals of the assessee ITA Nos

Bench: Sri Sanjay Garg & Shri Sanjay Awasthi

penalty levied by the Assessing Officer u/s. 271(1)(b)/272A(1)(d) of the Act respectively for non-compliance of the notices issued during assessment proceedings. 3. First, we take up the quantum appeals. The ITA No. 5/Pat/2024, AY 2015-16 is the main case wherein the assessment was framed u/s. 143(3) of the Act. Based

YASHWANT SINGH,PATNA vs. DCIT CIRCLE-1, PATNA

In the result, the appeals of the assessee ITA Nos

Bench: Sri Sanjay Garg & Shri Sanjay Awasthi

penalty levied by the Assessing Officer u/s. 271(1)(b)/272A(1)(d) of the Act respectively for non-compliance of the notices issued during assessment proceedings. 3. First, we take up the quantum appeals. The ITA No. 5/Pat/2024, AY 2015-16 is the main case wherein the assessment was framed u/s. 143(3) of the Act. Based

YASHWANT SINGH,PATNA vs. DCIT, CIRCLE-1, PATNA

In the result, the appeals of the assessee ITA Nos

Bench: Sri Sanjay Garg & Shri Sanjay Awasthi

penalty levied by the Assessing Officer u/s. 271(1)(b)/272A(1)(d) of the Act respectively for non-compliance of the notices issued during assessment proceedings. 3. First, we take up the quantum appeals. The ITA No. 5/Pat/2024, AY 2015-16 is the main case wherein the assessment was framed u/s. 143(3) of the Act. Based