GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (10) TMI 1585 - ITAT MUMBAI

2015 (10) TMI 1585 - ITAT MUMBAI - TMI - Penalty u/s 271(1)( c) - receipt of transfer fees and TDR premium received by the assessee - CIT(A) deleted penalty levy - Held that:- in the quantum appeals for the assessment years 2003-04 to 2005-06 the issue is decided in favour of the assessee, therefore even if the Tribunal confirmed the addition for the assessment year under consideration it does not lead to the conclusion that the claim of the assessee by applying the principle of mutuality in res .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

years. - Decided against revenue. - ITA No.7108/Mum/2013, ITA No.7109 to 7111/Mum/2013, ITA No.7112 & 7113/Mum/2013 - Dated:- 20-5-2015 - Vijay Pal Rao, JM And D Karunakar Rao, AM,JJ. For the Appellant : Shri Neil Philip For the Respondent : Shri Rahul K Hakani ORDER Per Bench These six appeals by the revenue are directed against the six separate orders of ld. CIT(A) dated 23.9.2013 arising from the penalty order passed under section 271(1)( c) of the Income Tax Act, 1961 (the Act) for the asse .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

appeal taken by the revenue in assessment year 1996-97. "1. On the facts and in the circumstances of the case and in law, the ld. CIT(A) erred in deleting he penalty amounting to ₹ 4,74,600/- on the quantum addition made on account of receipt of transfer fees of ₹ 13,56,000/- ignoring that these were not voluntary contributions and there is no principle of mutuality involved, 2. On the facts and in the circumstances of the case and in law, the ld. CIT(A) erred in deleting penalt .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

/- on the quantum addition made on account of receipt of transfer fees of ₹ 15,45,000/- and TDR premium receipts of ₹ 56,44,670/- ignoring that these were not voluntary contributions and there is no principle of mutuality involved, 2. On the facts and in the circumstances of the case and in law, the ld. CIT(A) erred in deleting penalty amounting to ₹ 22,00,031/- ignoring that the decision of the Hon ble ITAT deleting similar quantum addition made in respect of receipt of transf .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

en decided by this Tribunal vide consolidated order 4.9.2013 against the assessee. However, for the assessment years 2003-04, 2004-05 and 2005-06 which is not a subject matter of the appeals before us, the Tribunal decided the quantum appeals in favour of the assessee vide consolidated order dated 24.6.2011. The ld. AR of the assessee has pointed out that against the order dated 24.6.2011 of this Tribunal, the revenue has filed appeals before the Hon ble High Court which are dismissed by the Jur .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the issue in quantum appeals were decided in favour of the assessee and further, the Hon ble High Court has dismissed the appeals filed by the revenue. 6. Having considered the rival submissions as well as relevant material on record, we note that there are divergent view and findings of the Tribunal in assessee s own cases on the issue of addition on account of transfer fees and TDR premium received by the assessee. For the assessment years 2003-04 to 2005-06, this Tribunal vide order dated 24. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e appeal filed by the revenue in Income Tax Appeal No.427 of 2012 with Income Tax Appeal No.590 of 2012 and Income Tax Appeal No. 428 of 2012 vide order dated 17.7.2014 as under : "Having heard Ms. Bharucha, learned counsel, appearing in support of this appeal and Mr. Hakani, learned counsel, appearing on behalf of the respondent assessee, we are of the opinion that the appeals do not raise any substantial question of law. The findings rendered by the tribunal are in consonance with the fun .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version