Penalty under sec 271(1) cannot be reduced more than 100% of the tax sought to be evade


Last updated: 09 May 2012

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)

You have reached daily limit of 2 Free Judgements. To view this or other Judgements please subscribe to CCI PRO :

GST Plus

Stay updated! Stay ads free

Browse CAclubindia ads free.
Latest updates on WA.
Daily E-Newsletter and much more.

CCI PRO annual subscription :

Original Price : INR 2999/-

Offer Price : INR 1999/-

Duration : 1 year
(Prices Inclusive of GST)


Know More

Note: If you are a PRO member already, please click here to login (for ad free experience)
 

CCI Pro

CS Bijoy
Published in Income Tax
Views : 2398

Comments

CAclubindia's WhatsApp Groups Link


CCI Pro
Follow us