TaxTMI 
TaxTMI 
2015 (10) TMI 1475
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....t : Shri Jitendra Kumar ORDER Vivek Varma (Judicial Member).- The appeal is filed by the assessee against the order of the Commissioner of Income-tax (Appeals) 9, Mumbai, dated February 14, 2012 sustaining the levy of penalty of Rs. 9,10,000 by the Assessing Officer. 2. The facts are that the assessee entered into a joint venture (JV) with Radha Restaurant Pvt Ltd. to start restaurant busines....
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....als), the Commissioner of Income-tax (Appeals) held it to be business loss but did not allow the claim of bad debt. In any case, the Commissioner of Income- tax (Appeals) reversed the order of the Assessing Officer. In the appeal filed by the assessee before the Income-tax Appellate Tribunal on this issue of bad debts, the co-ordinate Bench, sustained the order of the Commissioner of Income-tax (A....
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....39;ble Supreme Court lay the ratio that mens rea is not necessary. 8. Against this order of the Commissioner of Income-tax (Appeals), the assessee is now before the Income-tax Appellate Tribunal. 9. Before us the authorised representative primarily submitted that neither there was any concealment of income, nor any inaccurate particulars of income by the assessee, nor is there any loss to the re....
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....the case of either any concealment of income or furnishing of inaccurate particulars of income. As we see, it is not the case of any revenue loss either. We find that the Commissioner of Income-tax (Appeals) has placed reliance on the case of Dharamendra Textile Processors [2008] 306 ITR 277 (SC), but, at the time when the Commissioner of Income-tax (Appeals) passed the impugned order, the followi....