2019 (1) TMI 1354

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....mar, Judicial Member For the Assessee : Shri. V. Srinivasan, Advocate For the Revenue : Shri. P. Siddappaji, Addl. CIT ORDER PER JASON P BOAZ, ACCOUNTANT MEMBER These Miscellaneous Petitions (M.P.) by the Revenue are raised in respect of Tribunal's orders in ITA Nos. 1316/Bang/2016 dated 20.07.2018 for Assessment Year 2007-08. Since they pertain to the same order of the Tribunal, bo....

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..../s.144 of the Income tax Act, 1961 dated 30/12/2009. 2. The Hon'ble ITAT decision is opposed to law and against the principles of natural justice as it relied on the order giving effect to the order of the ITAT passed by Assessing Officer vide order dated 02/06/2017, for the purpose of reducing the arrears whereas, the Assessing Officer has to pass a speaking order u/s.143(3) rws 254 ....

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....ceived from Mrs. Vishal Jain Rs.10,00,000/- Deleted 2. Amount received from fictitious persons Rs.56,34,250/- Deleted 3. Advance received - development agreement Rs.2,76,09,459/- Remitted to the file of AO for fresh adjudication 4. Additions under section 68 on account of balances in Bank of Baroda Rs.2,76,09,459/- 5. Undervaluation of cost of acquisiti....

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....: "3. Having carefully examined the order of the Tribunal and the order of the lower authorities, we find that the additions for which penalty under section 271(1)(C) was levied has already been deleted by the Tribunal wide its order dated 23.03.2017. Therefore, the penalty under section 271(1)(C) is not sustainable in the eyes of law. Accordingly, we set aside the order of the C....