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4 results for “penalty u/s 271”+ Section 10Bclear

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Key Topics

Section 26310Section 271(1)(c)10Section 143(3)8Section 1488Section 143(2)4Section 92B(1)3Section 143(1)2Section 92E2Penalty

OMCON REIGN FOREST PROJECTS, ,VISAKHAPATNAM vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX-1,, VISAKHAPATNAM

In the result, appeals of the assessee are dismissed

ITA 82/VIZ/2018[2014-15]Status: DisposedITAT Visakhapatnam12 Dec 2018AY 2014-15

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.Nos.80-82 /Viz/2018 (धििाारण िर्ा/ Assessment Years: 2012-13 To 2014-15 Respectively) M/S Omcon Reign Forest Projects Vs. Principal Commissioner Of S.No.180, Opp.Toyoto Income Tax-1 Show Room Visakhapatnam Paradesi Palem Village Madhurawada Visakhapatnam [Pan :Aacfo5604J] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से/ Appellant By : Shri C.Subrahmanyam, Ar प्रत्यार्थी की ओर से/ Respondent By : Shri D.K.Sonowal, Cit Dr

For Appellant: Shri C.Subrahmanyam, ARFor Respondent: Shri D.K.Sonowal, CIT DR
Section 143(2)Section 143(3)Section 148Section 263Section 271(1)(c)

10B of the Act, which was withdrawn by the assessee during the assessment proceedings and the AO completed the assessment without initiating penalty u/s 271(1)(c) of the Act. The CIT has interfered by exercising power u/s 263 of the Act and cancelled the assessment order passed u/s 143(3) of the Act and directed the assessing officer

2
Revision u/s 2632

OMCON REIGN FOREST PROJECTS,,VISAKHAPATNAM vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX-1,, VISAKHAPATNAM

In the result, appeals of the assessee are dismissed

ITA 81/VIZ/2018[213-14]Status: DisposedITAT Visakhapatnam12 Dec 2018

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.Nos.80-82 /Viz/2018 (धििाारण िर्ा/ Assessment Years: 2012-13 To 2014-15 Respectively) M/S Omcon Reign Forest Projects Vs. Principal Commissioner Of S.No.180, Opp.Toyoto Income Tax-1 Show Room Visakhapatnam Paradesi Palem Village Madhurawada Visakhapatnam [Pan :Aacfo5604J] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से/ Appellant By : Shri C.Subrahmanyam, Ar प्रत्यार्थी की ओर से/ Respondent By : Shri D.K.Sonowal, Cit Dr

For Appellant: Shri C.Subrahmanyam, ARFor Respondent: Shri D.K.Sonowal, CIT DR
Section 143(2)Section 143(3)Section 148Section 263Section 271(1)(c)

10B of the Act, which was withdrawn by the assessee during the assessment proceedings and the AO completed the assessment without initiating penalty u/s 271(1)(c) of the Act. The CIT has interfered by exercising power u/s 263 of the Act and cancelled the assessment order passed u/s 143(3) of the Act and directed the assessing officer

3F INDUSTRIES LIMITED,TADEPALLIGUDEM vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, RAJAMAHENDRAVARAM

In the result, appeal of the assessee is partly allowed

ITA 225/VIZ/2022[2016-17]Status: DisposedITAT Visakhapatnam06 Mar 2023AY 2016-17

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

For Appellant: Smt. Suvibha Nolkha, CAFor Respondent: Sri ON Hari Prasada Rao, Sr
Section 143(1)Section 143(2)Section 143(3)Section 92(1)Section 92B(1)Section 92CSection 92E

10B of the IT Rules, 1962 and thus the Ld. TPO worked out the ALP to 2% for the corporate guarantee of above Rs. 10 Crs. Accordingly, the Ld. TPO computed the corporate guarantee at Rs. 1,24,27,379/- and made the adjustment u/s. 92CA of the Act. The Ld. TPO also made addition

3F INDUSTRIES LIMITED,TADEPALLIGUDEM vs. ASSISTANT COMMISSSIONER OF INCOME TAX, CIRCLE-1, RAJAHMUNDRY

In the result, appeal filed by the assessee is allowed

ITA 275/VIZ/2024[2020-21]Status: DisposedITAT Visakhapatnam30 Oct 2024AY 2020-21

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.275/Viz/2024 (िनधा"रणवष"/ Assessment Year :2020-21) 3F Industries Limited, Vs. Assistant Commissioner Of P.B. No. 15, Tanuku Road, Income Tax, Tadepalligudem, West Godavari Circle-1, District, Andhra Pradesh-534101. Rajahmundry. Pan: Aaacf2643K (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ"क"ओरसे/ Appellant By : Ms. Suvibha Nolkha, Ar ""याथ"क"ओरसे/ Respondent By : Dr. Satyasai Rath, Cit-Dr सुनवाईक"तारीख/ Date Of Hearing : 07/10/2024 घोषणाक"तारीख/Date Of : 30/10/2024 Pronouncement O R D E R

For Appellant: Ms. Suvibha Nolkha, ARFor Respondent: Dr. Satyasai Rath, CIT-DR
Section 133(6)Section 143(1)Section 143(2)Section 143(3)Section 92B(1)Section 92CSection 92E

section provides for computation of income arising from international transaction by applying arm’s length principle. The assessee also submitted that no service has been rendered by 3F India and further when a parent company extends an assistance to the subsidiary, being an AE, such as corporate guarantee to a 4 financial institution for lending money to the subsidiary, which