2 December 2019
BOMBAY HIGH COURT - CIT VS M/S. L & T FINANCE LTD - APPEAL NUMBER : I.T.A. NO. 1363 OF 2015 DATED : 04.06.2018 Summarised Judgement (Scroll for Complete Judgement) The Revenue has urged only the following identical reframed question of law in all three appeals for our consideration :- (i) Whether in the facts and circumstances of the case and in law, the Tribunal was justified in deleting the penalty levied under Section 271(1) (c) of the Act? Facts of the Case : The Revenue seeks admission of...
Read more →2 December 2019
INCOME TAX APPELLATE TRIBUNAL - NEW DELHI - MS KAVERI INFRASTRUCTURE PVT. VS DCIT (ITAT DELHI) ON 17/07/2018. Summarised Judgement (Scroll for Complete Judgement) Introduction : The Appellant, M/s Kaveri Infrastructure Pvt. Ltd., New Delhi-(hereinafter referred to as ‘the Assessee’) by filing the present appeal, sought to set aside the impugned order dated 22.12.2014 passed by Ld. CIT(A)-24, New Delhi, affirming the penalty order dated 18.03.2013 passed u/s 271(1)(c) of the Income-tax Act, 1961...
Read more →2 December 2019
BOMBAY HIGH COURT - PCIT VS. DHARIWAL INDUSTRIES LTD INCOME TAX APPEAL NO. 1133 OF 2016 & INCOME TAX APPEAL NO. 1129 OF 2016, DATED- 04-09-2018 Summarised Judgement (Scroll for Complete Judgement) If appeals with reference to the quantum proceedings have been admitted by the Court on substantial questions of law, it means that there were debatable and arguable questions raised and so penalty u/s 271(1)(c) cannot be levied (PCIT v. Shree Gopal Housing 167 DTR 236 distinguished). Penalty also cann...
Read more →2 December 2019
UBER INDIA SYSTEMS PVT. LTD VS. JCIT (ITAT MUMBAI) SA NO. 436 & 437/MUM/2018 DATED: SEPTEMBER 28, 2018 Summarised Judgement (Scroll for Complete Judgement) Introduction : By way of these stay applications, assessee seeks the stay of demand of Rs.24,92,16,591/- and Rs.84,13,13,665/- for Assessment Years 2016-17 and 2017- 18 respectively. Facts of the Case : The brief facts of the case are that the assessee is a company incorporated under the provisions of the Companies Act, 1956 on 16.08.2013 and...
Read more →2 December 2019
BOMBAY HIGH COURT - PCIT VS. RASIKLAL M. PARIKH ITA NO. 169 OF 2017 - DATE :- 19-03- 2019 Summarised Judgement (Scroll for Complete Judgement) This Appeal is filed by the Revenue. Following substantial question is presented for our consideration : 1 . “Whether on the facts and in the circumstances of the case and in law, the Hon’ble ITAT was correct in taking different view while deleting penalty under section 271(1)(c) of the Act following the decision of Hon’ble High Court in the case of Nayan...
Read more →2 December 2019
ARMOURY INTERNATIONAL, MUMBAI V. ACIT 21(3), MUMBAI DATED : 01.01 .2019 Summarised Judgment (Scroll for Complete Judgement) These are appeals by the assessee against the respective orders of the learned Commissioner of Income Tax (Appeals)-38, Mumbai (ld.CIT(A) for short) dated 25.01.2017 and pertains to the assessment years (A.Y.) 2009-10 to 2011-12, sustaining the levy of penalty u/s. 271(1)(c) of the Income Tax Act, 1961 (the Act for short). 2. In this case, the ld. CIT(A) has sustained follo...
Read more →2 December 2019
M/S. OCHOA LABORATORIES LTD., NEW ... VS ACIT, NEW DELHI, ITA NO. 4967/DEL./2016 (ITAT DELHI) DATE: 10-04-2019 Summarised Judgement (Scroll for Complete Judgement) Introduction : Appellant, Ochoa Laboratories Ltd. (hereinafter referred to as 'the assessee'), by filing the present appeal sought to set aside the impugned order dated 08.07.2016 passed by the Commissioner of Income-tax (Appeals)-7, New Delhi , affirming the penalty order dated 26.13.2016 passed u/s 271(1)(c) of the Income Tax Act, 1...
Read more →2 December 2019
INCOME TAX APPELLATE TRIBUNAL - MUMBAI - ARUN RAVINDRANATH SAWHNEY, ... VS DCIT CEN CIR 3(4), MUMBAI ON 31 MAY, 2019 Summarised Judgment (Scroll for Complete Judgement) In the facts and circumstances of the case and in law, the learned Commissioner of Income-tax (Appeals) - 51, Mumbai ('CIT(A)') erred in sustaining levy of penalty under section 271(1) (c) of the Income-tax Act, 1961('Act') on Rs. 3,99,01,729 being peak balance lying in the escrow bank account with HSBC Bank, Geneva, not belongin...
Read more →2 December 2019
INCOME TAX APPELLATE TRIBUNAL - DELHI AVINASH KUMAR SETIA, NEW DELHI VS DCIT, DELHI 17-09-2019 Summarised Judgement (Scroll for Complete Judgement) The assessee has raised the following grounds of appeal:- The learned CIT(A) erred in facts and in law confirming the penalty of Rs. 41,41,114/- which is not only bad in law but also against the facts and circumstances of the case." The assessee is an individual who was assessed u/s 143(3) read with section 147 of the Act of Rs. 12942910/- wherein, a...
Read more →2 December 2019
INCOME TAX APPELLATE TRIBUNAL - DELHI - M/S. VASHULINGA FINANCE PVT. ... VS ITO, NEW DELHI ON 13 SEPTEMBER, 2019 Summarised Judgement Grounds of Appeal - The ld. CIT(A) has erred on facts and in law in confirming the penalty imposed by ld. AO u/s 271(1)(c) for a sum Rs.7,36,512/- On the basis of assessment order framed under section 143 (3) of the Income-tax Act, 1961 (for short 'the Act') at an income of Rs.20,17,610/- by way of making disallowance of Rs.19,70,000/- on account of claiming exces...
Read more →
