2023 (9) TMI 738

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....ilind Kulkarni For the Respondent : Shri Prabhakar Anand DJ ORDER PER BENCH; The present bunch of eight appeals filed by the of the Revenue in case of different assessees are directed against separate orders of Commissioner of Income Tax (Appeals) Panaji-1, Panaji ['CIT(A)' hereinafter] passed u/s 250 of the Income-tax Act, 1961 [for short 'the Act'], which ascended out of respective penalty o....

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....e Assessment Order u/s 153C r.w.s. 143(3) was framed on 31/03/2014 after making an addition of Rs. 2,34,81,018/- on account of Deemed Dividend u/s 2(22)(e) of the Act. 3.2 The consequent to aforestated addition, a penalty proceedings u/s 271(1)(c) were initiated on 31/03/2014 and after considering the submission of the assessee, a penalty @100% of tax sought to be evaded of Rs. 79,81,198/- was le....

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.... notional income, assessee cannot be said to have concealed income / furnished inaccurate particulars. 3. On the facts and circumstances of the case, the Ld. CIT(A) ignored the fact that the Hon'ble ITAT Panaji Bench vide its order in ITA No. 3 to 27/PNJ/2015 & ITA No. 413 dated 02.12.2016 upheld the addition made by the Assessing Officer on deemed dividend. 4. On facts and in circumstan....

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....CIT(A) after elaborated discussion vide para 10-17 had deleted the penalty in the light of judicial precedents laid by the Hon'ble Bombay High Court in 'CIT Vs Samson Perinchery' reported in 392 ITR 4 (Bom) and 'CIT Vs Dhariwal Industries Ltd.' (Bom) 6. We further note that, the quantum addition in this case of the respondents were challenged in IT(SS)A Nos. 23 to 27/PAN/2015 and the Tribunal vid....