TaxTMI 
TaxTMI 
2024 (8) TMI 554
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.... DR ORDER PER B.R. BASKARAN, A.M : The assessee has filed this appeal challenging the order dated 25-04-2024 passed by the Ld. Commissioner of Income Tax (Appeal)-57, Mumbai (in short "Ld.CIT(A)"), confirming the penalty of Rs. 1,50,000/- levied by the AO u/s. 271B of the Income Tax Act, 1961 ("the Act") and it relates to AY. 2012-13. 2. Ld.AR submitted that the assessee had earned dividend in....
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....decision rendered by the Hon'ble Punjab & Haryana High Court in the case of CIT vs. Market Committee, Sirsa [2012] 25 taxmann.com 384 (Punjab & Haryana). In the above said case, the Hon'ble High Court held that the provisions of section 44AB of the Act would not be applicable, when there was no income, which would fall under the head profits and gains of business or profession after claiming exemp....
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....or 'computation of total income'. Section 44AB of the Act is one of the sections enacted under Chapter IV-D dealing with computation of profits and gains of business or profession. Section 44AB of the Act becomes operative where there is computation of profits and gains of business or profession as a part of total income. In other words, it has no applicability where the assessee is not in....
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....mbai bench of Tribunal in the case of ACIT vs. India Magnum Fund (81 ITD 295), wherein it was held as under:- "The heading of Chapter III is "Incomes which do not form part of total income". It is therefore plain to us that provisions of sec. 44AB cannot and do not have any application in relation to incomes which are enumerated under Chapter III and are expressly excluded from total income. To ....