Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

ACIT, CENTRAL CIRCLE-13, NEW DELHI Versus M/s ELEL HOTELS AND INVESTMENTS LTD.,

2015 (10) TMI 1473 - ITAT DELHI

Penalty u/s. 271(1)(c) - addition u/s. 2(24) - CIT(A) deleted the penalty levy - Held that:- Addition directed to be made u/s. 2(24) by the Ld. CIT(A) was deleted. We also find that as the quantum addition has been deleted, the penalty relating thereto does not survive and was rightly deleted, which does not need any interference on our part, hence, we uphold the decision of the Ld. CIT(A) on this issue.

Addition on account of scrap sales - Held that:- ITAT vide order restored the mat .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

CA, Ms. Aruna, CA ORDER PER H.S. SIDHU, JM Revenue has filed this appeal against the Order dated 3.6.2013 passed by the Ld. Commissioner of Income Tax (Appeals)-I), New Delhi pertaining to assessment year 2007-08. 2. The grounds raised by the Department read as under:- 1. The order of the Ld. CIT(A) is not correct in law and facts. 2. On the facts and in the circumstances of the case, the Ld. CIT(A) has erred in law in deleting the penalty u/s. 271(1)(c) amounting to ₹ 2,01,67,817/- impose .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d. CIT(A) in his order dated 11.5.2010. He directed that instead of addition of ₹ 51,28,50,000/- u/s. 69C, an addition of ₹ 4,96,68,535/- be made u/s. 2(24). He further upheld the addition on account of scrap sales amounting to ₹ 25 crores to the extent of ₹ 1,02,47,738/-. The AO initiated penalty proceedings u/s. 271 r.w.s. 274 of the Income Tax Act, 1961 during the assessment proceedings u/s. 143(3), and finally imposed a penalty of ₹ 2,01,67,817/- u/s. 271(1)(c) .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the contrary, Ld. Counsel of the assessee relied upon the order passed by the Ld. First Appellate Authority and stated that in this case since the quantum deleted/ set aside by the ITAT and therefore, penalty does not survive. He further submitted that Ld. CIT(A) has correctly appreciated the legal position by deleting the penalty following the order of the ITAT dated 17.5.2012 on quantum additions. He further stated that the Department has filed a frivolous appeal against the order of the Ld. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


Share:            

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version