income tax Act, 1961 — Section 271(1)(c)

Last updated: 13 May 2010

Court :
Supreme Court

Brief :
income tax Act, 1961 — Section 271(1)(c) — penalty proceedings — assessee/Company filed income tax Return and in respect of interest expenditure was claimed by the assessee — penalty proceedings under Section 271(1)(c) were initiated by the Assessing Authority on account of concealment of income/furnishing of inaccurate particulars of income — Commission of income tax (Appeals) deleted the said penalty, which orders were confirmed by the IT Appellate Tribunal and the High Court — appeal — whether the respondent-assessee is liable to pay the penalty amounting to Rs.11,37,949/- under Section 271(1)(c) ordered by the Assessing Authority

Citation :
(Case/Appeal No: Civil Appeal No. 2463 of 2010) C.I.T., Ahmedabad Appellant Vs. Reliance Petroproducts Pvt. Ltd. Respondent, decided on 3/17/2010. Name of the Judge: Hon'ble Mr. Justice V.S. Sirpurkar and Hon'ble Dr. Justice Mukundakam Sharma.