TIL INVESTMENTS P. LTD, MUMBAI vs ITO 7(3)(3), MUMBAI

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Last updated: 30 November 2020
Quick Summary
The Income Tax Appellate Tribunal heard an appeal from Til Investments P. Ltd. concerning a penalty of Rs. 6,39,324 imposed under Section 271(1)(c) of the Income Tax Act. The penalty arose from the assessee claiming to set off speculation loss against income from fixed deposits, which the Assessing Officer deemed incorrect. Both the Assessing Officer and the Commissioner of Income Tax (Appeals) upheld the penalty, leading to the current appeal.

Court :
ITAT Mumbai

Brief :
The assessee has filed an appeal against the order of Commissioner of Income Tax (Appeals) -18, Mumbai, passed u/s 271(1)(c) and 250 of the Income Tax Act, 1961.None appeared on behalf of the assessee, we heard the submissions of Ld. DR and considered the material available on record. The assessee has raised the following grounds of appeal:

Citation :
ITA No. 4418/Mum/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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