Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
The assessee is a private limited company. During the year, it was engaged in the business of import, export, trade and otherwise deal in food, canned and tinned processed foods and foodstuffs and consumable provisions for human or animal consumption. The assessee was also engaged in the manufacturing operations, however, the same is stopped in the year 2000.
The return of income was filed declaring loss of Rs.4,32,89,050/- and the assessment was completed at a loss of Rs.2,02,34,254/- u/s 143(3) of the Income-tax Act, 1961 on 27.02,.2006. the penalty was initiated on the disallowance of depreciation of Rs.37,95,956/- claimed on plant and machinery. The penalty was levied of Rs.13,95,014/- being 100% of the tax to be evaded by order dated 31.03.2008
Citation :
DCIT, Circle 11 (1), New Delhi.(APPELLANT) Vs. M/s. Speciality Food India (P) Ltd., (Formerly known as Purnia Pet Care India Ltd.),M – 5A, Connaught Place, New Delhi.(PAN: AAACE2226P) (RESPONDENT)
Subscribe to CCI PRO for unlimited access
Already a PRO member? Login here for an ad-free experience.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
Vardhaman Group of India
Pimpri Chinchwad
CA Inter
View Details
Open Co Consulting LLP
New Delhi
B.Com
View Details
CMNITY HIRE
New Delhi
Others
View Details
CAclubindia
