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

Income Tax Officer, Ward 6 (3) , Kolkata Versus M/s New India Investment Corpn. Ltd.

2010 (7) TMI 1113 - ITAT KOLKATA

ITA No. 776/Kol/2010 - Dated:- 9-7-2010 - Smt. Diva Singh, Judicial Member. And Sri C.D. Rao, Accountant Member. For the Appellant: Shri P.C. Nayak, Sr. D.R. For the Respondent: Shri G.R. Saha. ORDER Shri C.D. Rao, Accountant Member. This appeal has been filed by the revenue against the order of the CIT(A), Kolkata dated 10.02.2010 for the assessment year 2005-06. 2. The only issue raised by the revenue in this appeal is relating to the deletion of the penalty u/s 271(1)(c) of the Income Tax Act .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

particulars of income and penalty provisions u/s 271(1)(c ) are clearly attracted. This is a case of willful and conscious attempt on the part of the assessee company to evade tax. Hence, penalty u/s 271(1)(c ) of the I.T.Act, 1961 is imposed for the assessment year 2005-06. 3 Aggrieved by this, the assessee went in appeal before the CIT(A) and submitted that the expression concealment of income implies that an income is being hidden, camouflaged or covered up so as it cannot be seen , found, ob .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

t to facts, material to the computation of income and not with the computation per se. The fiction does not apply whether the controversy is regarding the legality of the claim made by the assessee. Further when the assessee offers an explanation in discharge of the onus cast upon him by explanation (1) to Section 271(1)(c) , the A.O. must consider the explanation objectively and unless he finds the same against the human probability or unless there are any real inconsistencies or factual errors .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ued that the appellant company was involved in the process of money lending in the earlier years. Since the amount of ₹ 20,00,000 was advanced by the amalgamating company, i.e. Globe Tea & Industries Limited during the course of its money lending business, the loan of ₹ 20,00,000 was transferred to the balance sheet of the assessee company. The A.R. argued that both before and after amalgamation the assessee company remained in the business of money lending. The A.O. in the asses .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Forum
what is new what is new
  ↓     bird's eye view     ↓  


|| 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