DY. Commissioner of Income Tax vs. Kanakia Spaces Realty Private Limited
Parties Involved
Facts Summary
The case pertains to the assessment year 2011-12 where the Deputy Commissioner of Income Tax imposed a penalty on Kanakia Spaces Realty Private Limited for furnishing inaccurate particulars of income. The penalty was levied based on bogus purchases and accommodation entry donations. The assessee appealed against the assessment order, and the learned Commissioner of Income-tax (Appeals) deleted the penalty. The Revenue then appealed to the Income Tax Appellate Tribunal, arguing against the deletion of the penalty.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the penalty levied under section 271(1)(c) of the Income-tax Act is sustainable after the assessment order has been quashed.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
2 precedents cited in this judgement.
Similar Judgements
ITA No.5566/Mum/2025
Mumbai Bench “G”, Mumbai benchAY 2007-08DismissedBMW Industries Limited Vs. DCIT, Central Circle 4(1)
Kolkata benchAY 2012-13, 2015-16, 2016-17AllowedRikhabchand Vachraj Mehta vs. The Income Tax Officer-Circle 19(3)
Mumbai 'D' Bench benchAY 2012-13AllowedC & S Electric Limited vs. National Faceless Assessment Centre
Delhi Bench 'B', New Delhi benchAY 2015-16AllowedRoots Developers (P) ltd. Vs. DCIT
Delhi Bench benchAY 2011-12 & 2010-11AllowedShree Krishna Vanaspati Industries Pvt. Ltd. vs. Income Tax Officer, Ward-23(3), New Delhi
Delhi Bench ‘G’ benchAY 2012-13Allowed