Penalty under sec 271(1) cannot be reduced more than 100% of the tax sought to be evade
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
The Assessee is a finance and investment company. For the Assessment year under consideration for which the relevant previous year was the period between 1-4-1992 to 31-3-1993, the assessee company filed its return of income on 31.12.1993 declaring total income at Rs. 382290.00. In the
course of assessment proceedings u/s.143(3) of the Act, the AO noticed that the Assessee has shown in the balance sheet under the head ‘Reserve Account‘ an amount of Rs.9452025.00 with the following description
Citation :
PEL Holdings Pvt.Ltd. (Now merged with Topstar Mercantile Pvt.Ltd.) 4th Floor, Piramal Tower Annexe, Ganpatrao Kadam Marg, Parel, Mumbai-400013 PAN “AAACR 7180 B” (Appellant) Vs. Income Tax Officer, Ward 7(1)(3), Mumbai. (Respondent)
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CS Bijoy
Published in Income Tax
Views : 2424
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