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01-03-2019, Arup Trading, Section 271(1)(c), Tribunal Mumbai

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2 weeks 5 days ago #8724 by amit
Section - 271(1)(c), 94(7), 350, 73
Order Date - 01-03-2019
Favouring - Assessee
Court - Tribunal Mumbai
Appellant - Arup Trading Pvt. Ltd
Respondent - ITO
Justice - SANDEEP GOSAIN, JM & G. MANJUNATHA, AM
Citation - 219Taxpundit154
Appeal No. - I.T.A. No. 7252/Mum/2017
Asstt. Year - 2014-15

Order

PER : Sandeep Gosain

The present Appeal filed by the assessee is against the order of Ld. CIT (Appeal) – 20, Mumbai dated 29.09.2017 for AY 2014-15 on the grounds mentioned herein below:-

1) On the facts and circumstances of the case as well as in law, the Learned CIT(A) has erred in confirming the action of the Learned Assessing Officer in levying a penalty of Rs.44,531/- u/s. 271(1)(c) of the Income Tax Act, 1961, being 100% of the tax sought to be evaded, without considering the facts and circumstances of the case.

2) On the facts and circumstances of the case as well as in law, the Learned CIT(A) has erred in confirming the action of the Learned Assessing Officer in levying a penalty without creating charge whether it is for concealment of income or furnishing inaccurate particulars of income.

3) On the facts and circumstances of the case as well as in law, the Learned CIT(A) has erred in confirming the action of Learned Assessing Officer in levying a penalty of u/s.271(1)(c) of the Income Tax Act' 1961, on the issue of addition made of Rs.1,40,988/- on account of capital loss on sale of Mutual Fund being wrongly treated as business expense, without considering the facts and circumstances of the case.

4) On the facts and circumstances of the case as well as in law, the Learned CIT(A) has erred in confirming the action of Learned Assessing Officer in levying a penalty of u/s.271(1)(c) of the Income Tax Act' 1961, on the issue of addition made of Rs.3,125/- on account of alleged mismatch of AIR, without considering the facts and circumstances of the case.

5) The appellant craves leave to add, amend, alter or delete the said ground of appeal.

2. The brief facts of the case are that the assessee company is engaged in the business of trading in commodities. The return of income for the year under consideration was filed on 28-09-2014 declaring total income of Rs.1,61,361/-. Consequently, assessment order was passed on 30.08.16 u/s.143(3) of the Act, determining the total income at Rs. 3,05,470/- and made certain additions /disa lowances under different heads. However, no appeal was filed by the assessee against the order of assessment. During the course of assessment proceedings, AO initiated penalty u/s 271(1)(c) of the Act on the ground that assessee had furnished ‘inaccurate particulars of income’ and after providing sufficient opportunity of hearing to the assessee, AO imposed penalty of Rs. 44,531/-.

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