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Commissioner of Income Tax, Mumbai City Versus M/s. Ram And Co.

2015 (4) TMI 405 - BOMBAY HIGH COURT

Penalty u/s 271(1)(c) - interest payment on the borrowings disallowed - Held that:- Here, the assessee may not be successful in substantiating their claim, but that by itself does not mean penalty follows. Eventually for withholding a imposition of p .....

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h the assessee is unable to substantiate and it is lacking in bona fides that the penalty can be imposed. All these ingredients in the present case are absent according to the Tribunal. The view taken by the Tribunal and from paragraphs 5 to 8 of the .....

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- 16-3-2015 - S. C. Dharmadhikari And A. K. Menon,JJ. For the Appellants : Mr A R Malhotra, Ms Padma Divakar & N A Kazi For the Respondent : Mr Atul K Jasani ORDER P. C. 1. We have heard Mr. Malhotra for the Revenue in support of this appeal and .....

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essment year 1998-1999. The Assessing Officer and the Commissioner arrived at a conclusion that in the return of income, a debit entry of interest was noticed and after examination of the accounts it was revealed that a loan was obtained from State B .....

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order. The investment in these shares and of the shares of these two companies was made during the financial year 1995-1996 relevant to the assessment year 1996-1997. The Assessing Officer rejected the claim in respect of the interest payment on the .....

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ether with the explanation I (Clause A) and (Clause B). That is how the same could be attracted to the given facts and the circumstances of each case. 5. Here, the assessee may not be successful in substantiating their claim, but that by itself does .....

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