EVEREST KANTO CYLINDER LTD,MUMBAI vs. DCIT CIRCLE 3(4), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Rahul Chaudhary & Shri Prabhash Shankareverest Kanto Cylinder V/S. Deputy Commissioner Of Ltd. बनाम Income Tax, Circle – 3(4), 204,Raheja Centre, Free World Trade Centre 1, Cuffe Press Journal Marg, Parade, Mumbai – 400005, Nariman Point, Mumbai – Maharashtra 400 021, Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaace0836F Appellant/अपीलार्थी .. Respondent/प्रतिवादी

271(1)(c) of the Act it had to respond. 6.2 In view of plethora of decisions of various courts and coordinate benches of ITAT, this issue is no longer res integra. The coordinate ITAT, Mumbai bench in the case of ITA No. 962/Mum/2024 in Triumph Securities Ltd has in an exhaustive order involving similar issue has taken the same

M.LAKHAMSI& CO. ,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX 17(1), MUMBAI

In the result, the appeal of the assessee is allowed

271(1)(c) of the Act he has to\nrespond.\n6.1 The coordinate ITAT,Mumbai bench in the case of ITA\nNo962/Mum/2024 Triumph Securities Ltd has in an exhaustive\norder involving similar issue has taken the same view of the matter\nquashing the penalty order.Relevant parts are extracted as under:\n\"5. The Ld.AR invited our attention to the notice

MUKON CONSTRUCTION PRIVATE LIMITED,MUMBAI vs. ACIT CIRCLE 7(1)(1), MUMBAI

In the result, the appeal of the assessee is allowed

271(1)(c) of the Act he has to\nrespond.\n6.1 The coordinate ITAT,Mumbai bench in the case of ITA No.\n962/Mum/2024 Triumph Securities Ltd has in an exhaustive\norder involving similar issue has taken the same view of the matter\nquashing the penalty order. Relevant parts are extracted as under:\n\"5. The Ld.AR invited our attention

SWARAN NADHAN SALARIA,MUMBAI vs. DCIT, CENTRAL CIRCLE 1(2), MUMBAI

In the result all appeals of the assesses from AY 2014-15 to AY\n2020-21 are partly allowed

depreciation of Rs.38,02,913/-, it was submitted that said\nincome was offered in the return of income to avoid litigation on the\nmatter though the expenses disallowed were genuine expenses and\nhad been properly incurred. It was submitted that as per\nExplanation 5A of section 271(1)(c

SWARAN NADHAN SALARIA,MUMBAI vs. DICT CENTRAL CIRCLE 1(2), MUMBAI

In the result all In the result all appeals of the assesses from AY 2014

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

section 153A of the Act, the AO did not make any separate additions did not make any separate additions, but issued did not make any separate additions eedings u/s 271(1)(c) of the Act for furnishing the penalty proceedings u/s 271(1)(c) of the Act eedings u/s 271(1)(c) of the Act inaccurate particulars of the income

SWARAN NADHAN SALARIA,MUMBAI vs. DCIT, CENTRAL CIRCLE 1(2), MUMBAI

In the result all appeals of the assesses from AY 2014-15 to AY\n2020-21 are partly allowed

depreciation of Rs.38,02,913/-, it was submitted that said\nincome was offered in the return of income to avoid litigation on the\nmatter though the expenses disallowed were genuine expenses and\nhad been properly incurred. It was submitted that as per\nExplanation 5A of section 271(1)(c

SWARAN NADHAN SALARIA,MUMBAI vs. DCIT CENTRAL CIRCLE 1(2), MUMBAI

In the result all In the result all appeals of the assesses from AY 2014

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

section 153A of the Act, the AO did not make any separate additions did not make any separate additions, but issued did not make any separate additions eedings u/s 271(1)(c) of the Act for furnishing the penalty proceedings u/s 271(1)(c) of the Act eedings u/s 271(1)(c) of the Act inaccurate particulars of the income

SWARAN NADHAN SALARIA,MUMBAI vs. DCIT CENTRAL CIRCLE 1(2), MUMBAI

In the result all In the result all appeals of the assesses from AY 2014

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

section 153A of the Act, the AO did not make any separate additions did not make any separate additions, but issued did not make any separate additions eedings u/s 271(1)(c) of the Act for furnishing the penalty proceedings u/s 271(1)(c) of the Act eedings u/s 271(1)(c) of the Act inaccurate particulars of the income

SWARAN NADHAN SALARIA,MUMBAI vs. DCIT CENTRAL CIRCLE 1(2), MUMBAI

In the result all In the result all appeals of the assesses from AY 2014

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

section 153A of the Act, the AO did not make any separate additions did not make any separate additions, but issued did not make any separate additions eedings u/s 271(1)(c) of the Act for furnishing the penalty proceedings u/s 271(1)(c) of the Act eedings u/s 271(1)(c) of the Act inaccurate particulars of the income

ILA JITENDRA MEHTA,MUMBAI vs. DCIT CENTRAL CIRCLE 8(4), MUMBAI

In the result, the appeal of the Assessee is allowed

Bench: Shri Narender Kumar Choudhry & Smt Renu Jauhriassessment Year: 2014-15

section 271(1)(c) and penalty has to be levied”. 21. The Hon’ble Apex Court in the case of CIT vs. Reliance Petro products Ltd. case (supra) has also considered a question/case, wherein the Assessee had claimed expenditure, which was not acceptable to the Revenue and therefore the same was not accepted and then the question arose whether

DCIT, CENTRAL CIRCLE - 7(1), MUMBAI , MUMBAI vs. TRIUMPH SECURITIES LTD, MUMBAI

In the result, the appeal of the revenue bearing ITA No

section 271(1)(c) in the\nassessment order, which was duly served on the assessee making it aware of the\ncharges of penalty.\n3. On the facts and in the circumstances of the case and in law, the Ld. CIT(A)\nerred in deleting the penalty u/s 271(1)(c) on the ground that the charge was not\nspecified

ACIT-3(4), MUMBAI vs. RELIANCE INDUSTRIES LIMITED, MUMBAI

In the result, the appeal of the Revenue is dismissed whereas the appeal of the assessee is allowed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2016-17 Reliance Industries Ltd., Dy. Cit Circle 3(4), 3Rd Floor, Maker Chamber Iv 222 Room No. 559, Aayakar Bhavan, Nariman Point, Vs. Maharshi Karve Road, Mumbai-400021. Mumbai-400020. Pan No. Aaacr 5055 K Appellant Respondent Assessment Year: 2016-17 Acit-3(4), Reliance Industries Ltd., Room No. 481(2), 4Th Floor, 3Rd Floor, Maker Chamber Iv Aayakar Bhavan, N.M. Road, Vs. Nariman Point, New Marine Lines, Mumbai-400021. Mumbai-400020. Pan No. Aaacr 5055 K Appellant Respondent

section 271(1)(c). [Para 18]..." Thus, respectfully following the decision of Hon'ble Delhi High Court in the case of PCIT vs. National Textile Corporation Ltd. (supra), Krishnan Thyagarajan Sivarama(supra) and Granite Gate Properties (P) Ltd. vs, PCIT(supra) the appellant did not get any benefit or gain by claiming depreciation