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The AO, in the order passed u/s 147/143(3) dated 10th October, 2013, made an addition of Rs. 13,23,400/- by invoking the provisions of section 50C of the IT Act. In appeal, the ld.CIT(A) confirmed the addition of Rs. 13,23,400/- made by the AO. Subsequently, the AO initiated penalty proceedings u/s 271(1)(c) and levied penalty of Rs. 3,78,030/- being 100% of tax sought to be evaded. In appeal, the ld.CIT(A) confirmed the penalty so levied.Aggrieved with such order of the CIT(A), the assessee is in appeal before the Tribunal.

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Sec. 271(1)(c) of Income Tax act, 1961— Penalty — Since the notice does not specify for what offence proceedings were initiated, the decision of the Hon'ble Apex Court, as pointed out above, will squarely apply to the facts of the case, following which it was held that there is no scope for levy of penalty under section 271(1)(c) - DELHI SURGICAL & DRESSING PVT. LTD. V/s DEPUTY CIT - [2020] 28 ITCD Online 067 (ITAT-DELHI)