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Mr Mukesh M Gupta Versus ACIT

2011 (10) TMI 636 - ITAT MUMBAI

Penalty u/s 271(1)(c) - Held that:- The penalty is levied for furnishing of inaccurate particulars, and that there is nothing to indicate incorrectness of particulars of claim of deduction on the facts of this case, we are of the considered view that .....

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1 - Shri D.Manmohan, Vice President And Pramod Kumar, Accountant Member For the Appellant : Narayan Atal For the Respondent : P.C.Maurya ORDER Per Pramod Kumar: 1. This appeal filed by the assessee is directed against the order dated 24.2.2010 of the .....

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of assessment proceedings, the Assessing Officer noticed that the assessee has claimed PMS fees amounting to ₹ 55,100 and ₹ 9,576 for S.T.T. to Kotak Securities. The assessee has also claimed PMS fees amounting to ₹ 77,678 and ͅ .....

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s claimed professional tax of ₹ 2,500 and interest on overdraft of ₹ 3,22,650 out of interest income. The Assessing officer asked the assessee to show cause as to why the above amount should not be disallowed, to which, the assessee agree .....

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ed minimum penalty of ₹ 1,21,255 being 100% of tax sought to be evaded. Aggrieved, the assessee carried the matter in appeal before the CIT(A) but without any success. 3. The assessee is not satisfied and is in further appeal before us. 4. We h .....

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iculars of income. We have also noted that there are decisions, in favour of the assessee, on the question of deductibility of PMS fees, such as in the case of KRA Holding & Trading Co.Ltd. ( ITA No..5007/Pune/2008). It is a fact that the assesse .....

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dships noted that "in this case, there is no finding that any details supplied by the assessee in its return were found to be incorrect or erroneous or false" and added that "such being the case, there would be no question of inviting .....

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