Whether the assessee has concealed particulars of income or has furnished inaccurate particulars of income during assessment proceedings?


Quick Summary
This case concerns a penalty imposed on M/s. Ishita Technologies Private Ltd. for allegedly furnishing inaccurate particulars of income. The Assessing Officer made an addition of over £41 lakh for expenses claimed but not allowed, and subsequently levied a penalty of £12.7 lakh under section 271(1)(c) of the Income Tax Act. The assessee did not appear for the hearing, so the tribunal considered the case based on available documents and the Revenue's arguments.

Court :
ITAT Delhi

Brief :
Appellant, M/s. Ishita Technologies Pvt. Ltd. (hereinafter referred to as ‘the assessee’) by filing the present appeal sought to set aside the impugned order dated 03.02.2017 passed by the Commissioner of Income-tax (Appeals)-18, New Delhi qua the assessment year 2012-13 confirming the penalty levied u/s 271(1)(c) of the Income-tax Act, 1961.

Citation :
ITA No.2789/Del./2017

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