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B. Melaram & Sons Versus ACIT, Range-14 (3) , Mumbai

2016 (2) TMI 915 - ITAT MUMBAI

Penalty u/s 271(1)(c) - bad debts deduction u/s 36(2) disallowed by AO on the ground that the claim has not been satisfactorily explained by the assessee - Held that:- Even if, it is presumed that a wrong claim was made, still, it cannot be concluded .....

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furnishing inaccurate particulars or concealing of income, clearly comes to the rescue of the assessee. Respectfully, following the same, the penalty of ₹ 17,496/- imposed u/s 271(1)(c) of the Act, is directed to be deleted - Decided in favour .....

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ee is aggrieved by the impugned order dated 17/06/2014, of the ld. First Appellate Authority, Mumbai, confirming the penalty of ₹ 17,496/- imposed u/s 271(1)(c) of the Income Tax Act, 1961 (hereinafter the Act). 2. During hearing, the ld. couns .....

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were absconding, therefore, at best, it should have been allowed as business loss. On the other hand, the ld. DR, Shri Randhir Gupta, defended imposition as well as confirmation of penalty. 2.1. We have considered the rival submissions and perused t .....

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ssessee. Penalty u/s 271(1)(c) amounting to ₹ 17,496/- was levied. On appeal, before the ld. Commissioner of Income Tax (Appeals), it was affirmed. The assessee is in further appeal, before this Tribunal. In the present appeal, the assessee dec .....

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of ₹ 52,621/- with respect to M/s Arabian Pioneer (Rs.4,000/- ) and M/s Steelmets Ltd. (Rs.52,621/-). The Assessing Officer observed that the balances, shown by the assessee, do not qualify to be treated as bad debt, hence, he disallowed the sa .....

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