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4 results for “penalty u/s 271”+ Demonetizationclear

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Key Topics

Section 271D6Section 271B4Cash Deposit4Demonetization4Section 143(2)3Addition to Income3Section 142(1)2Section 143(3)2Section 44A

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR vs. BHRATHI CONSUMER CARE PRODUCTS PVT LTD, GUNTUR

In the result, appeal of the Revenue is dismissed and the

ITA 249/VIZ/2022[2017-18]Status: DisposedITAT Visakhapatnam31 Oct 2023AY 2017-18

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./ I.T.A. No. 249/Viz/2022 ("नधा"रण वष" / Assessment Year : 2017-18) Dcit, Vs. M/S. Bharathi Consumer Care Central Circle-1, Products Private Limited, 3Rd Floor, Rajkamal Complex, Sy. No. 280, 281, Peddaparimi Lakshmipuram Main Road, Village, Nidumukkala Post, Guntur-522007, Guntur – 522016, Andhra Pradesh. Andhra Pradesh. Pan: Aadcb 9107 B (अपीलाथ"/ Appellant) (""यथ"/ Respondent) C.O. No. 17/Viz/2023 (In आयकर अपील सं./ I.T.A. No. 249/Viz/2022 ("नधा"रण वष" / Assessment Year : 2017-18) M/S. Bharathi Consumer Care Vs. Dcit, Products Private Limited, Central Circle-1, Sy. No. 280, 281, Peddaparimi 3Rd Floor, Rajkamal Complex, Village, Nidumukkala Post, Lakshmipuram Main Road, Guntur – 522016, Guntur-522007, Andhra Pradesh. Andhra Pradesh. Pan: Aadcb 9107 B (Cross Objector) (Appellant In Appeal) अपीलाथ" क" ओर से/ Assessee By : Sri M.V. Prasad, Ar ""याथ" क" ओर से / Revenue By : Dr. Satya Sai Rath, Cit-Dr

For Appellant: Sri M.V. Prasad, ARFor Respondent: Dr. Satya Sai Rath, CIT-DR
Section 115BSection 132Section 269SSection 271D
2
Condonation of Delay2
Penalty2
Section 68

demonetization period. The assessee claimed that the source of such cash deposits was loan from Sri Arunachalam Manickavel, one of the Directors of the assessee company. The Ld. AO called for confirmation from Sri Arunachalam Manickavel wherein Mr. Arunachalam Manickavel has confirmed that the amount of cash loan was out of money received from M/s. Gowtham Buddha Textile Park

RAYALA RAJESWARA RAO,GUNTUR vs. INCOME TAX OFFICER, WARD-1(1), GUNTUR

In the result, appeal of the assessee is allowed

ITA 239/VIZ/2022[2017-18]Status: DisposedITAT Visakhapatnam29 Nov 2023AY 2017-18

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./ I.T.A. No.239/Viz/2022 ("नधा"रण वष" / Assessment Year :2017-18) Rayala Rajeswara Rao, Vs. Income Tax Officer, Guntur. Ward-1(1), Pan: Ancpr 0801 R Guntur. (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ" क" ओर से/ Appellant By : Sri Gvn Hari, Ar ""याथ" क" ओर से / Respondent By : Sri Madhukar Aves, Sr. Ar

For Appellant: Sri GVN Hari, ARFor Respondent: Sri Madhukar Aves, Sr. AR
Section 142(1)Section 143(1)Section 143(2)Section 271D

demonetization period for the FY 2016- 17 relevant to the AY 2017-18. On being asked about the source of the cash deposits, the assessee explained before the Ld. AO that the said deposits were made out of the sale proceedings of immovable property (building) during the year which was sold at a total consideration of Rs.41

MARTURI SRINIVASA RAO,GUNTUR vs. INCOME TAX OFFICER, WARD-1(1), GUNTUR

In the result, appeal of the assessee is allowed

ITA 124/VIZ/2023[2017-18]Status: DisposedITAT Visakhapatnam14 Jul 2023AY 2017-18

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./I.T.A.No.124/Viz/2023 (ननधधारण वर्ा / Assessment Year : 2017-18) Marturi Srinivasa Rao Vs. Income Tax Officer D.No.1-75, 2Nd Line Ward-1(1) Rajeev Nagar Colony Guntur Atchampet Post, Guntur [Pan : Bvnpm4138E] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri ON Hari Prasada Rao, DR
Section 143(2)Section 143(3)Section 271BSection 44A

demonetization period to be reasonable and accepted. Thus the AO made no addition in the assessment order. However, since, the cash deposits of Rs.1,84,36,300/-, made during the year under consideration exceeded the threshold limit as per section 44AB of the Act, the AO had levied penalty of Rs.92,181/- u/s 271B of the Act. 3. Aggrieved

MAHANKALI JYOTHI,DUBLIN, USA vs. INCOME TAX OFFICER, INTERNATIONAL TAXATION WARD, VIJAYAWADA

In the result, appeal of the assessee is allowed

ITA 22/VIZ/2023[2017-18]Status: DisposedITAT Visakhapatnam24 Jul 2024AY 2017-18

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

For Appellant: Sri GVN Hari, ARFor Respondent: Dr. Satyasai Rath, CIT-DR
Section 142(1)Section 143(2)Section 143(3)Section 271ASection 69A

demonetization period. In the online responses filed by the assessee in response to the information called for by the Ld. AO in relation to cash deposits, the assessee claimed the deposits as a receipt of gifts, personal savings and sale proceeds of the property. Subsequently, a detailed show cause notice U/s. 142(1) was issued calling for details / evidence