Addition on which penalty levid under sec 271 can be restored to the file of the AO on reasonable cause
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
After considering the rival submissions we find that additions on which penalty has been levied u/s.271(1)© have been restored to the file of the AO by the Tribunal in I.T.A.No.6065/Mum/07 [copy of order filed on record]. Therefore, we are of the view that penalty proceedings need to be set aside to the file of the AO. Accordingly, we set aside the order of the ld. CIT(A) and remit the matter back to the AO with a direction to consider the penal provisions after completion of the assessment.
Citation :
M/s. Synergy Log-In-Systems Ltd.,Now called Globseyn Infotech Ltd.,No. 401/402, Samarth Vaibhav,Lokhandwala Complex, Off Link Road, Andheri West,Mumbai 400 053.PAN: AABCS 9108 H (Appellant) Vs. Dy. Commissioner of I.T., Circle 7(1),Mumbai. (Respondent)
You have reached your daily limit of 2 Free Judgements
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited Judgements Access
Already a PRO member? Login here for an ad-free experience.
CS Bijoy
Published in Income Tax
Views : 1961
Comments
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
