Question of law in levying the penalty u/s.271(1)(c) of the Income Tax Act, 1961


Quick Summary
This case concerns a penalty levied under Section 271(1)(c) of the Income Tax Act, 1961, for alleged concealment of income or furnishing inaccurate particulars. The assessee argued that there was no bona fide intention to conceal and that they had cooperated with the department. They also pointed to pending appeals that could have warranted a stay of proceedings. Ultimately, the Assessing Officer assessed a higher income than declared and imposed a significant penalty.

Court :
ITAT Pune

Brief :
This appeal preferred by the assessee emanates from the order of the Ld. CIT(Appeals)-7, Pune dated 30.06.2017 for the assessment year 2007-08 as per the following grounds of appeal on record :

Citation :
ITA No. 2281/PUN/2017

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1 Year PLAN
1999
(Excl. of GST ₹359)

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2 Years PLAN
3499
(Excl. of GST ₹629)

3 Months PLAN
999
(Excl. of GST ₹179)

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Published in Income Tax
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