Imposition of penalty under s. 271(1)(c) of the Income Tax Act

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Last updated: 17 April 2021
Quick Summary
This case concerns an appeal against a penalty of Rs. 13,50,000 imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2007-08. The penalty was levied by the Assessing Officer following an addition of Rs. 45 Lakhs made during scrutiny assessment, related to the introduction of share capital at a premium. The assessee's appeal challenging the penalty was unsuccessful before the Commissioner of Income Tax (Appeals).

Court :
ITAT Ahmedabad

Brief :
The captioned appeal has been filed at the instance of the Assessee against the order of the Commissioner of Income Tax(Appeals)-1, Ahmedabad (?CIT(A)? in short), dated 07.08.2018 arising in the penalty order dated 30.06.2017 passed by the Assessing Officer (AO) under s. 271(1)(c) of the Income Tax Act, 1961 (the Act) concerning AY 2007-08.

Citation :
ITA 2082/AHD/2018

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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