TMI Blog2015 (4) TMI 1184X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 271(1)(c) of the Income Tax Act, 1961 ? 2. Whether, on the facts and in the circumstances of the case, the Hon'ble Tribunal erred in law by considering extraneous factors as basis for surrender of income of ₹ 1,40,00,000/disregarding the fact that unaccounted closing stock of ₹ 1,40,00,000/was found during survey?” - INCOME TAX APPEAL NO. 46 OF 2013 - - - Dated:- 27-4-2015 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f ₹ 1,40,00,000/in terms of statement made on 23.09.2006 finds mention. In this situation, admit on the following substantial questions of law : 1. Whether, on the facts and in the circumstances of the case, the Hon'ble ITAT erred in law by upholding the order of the CIT(A) deleting the penalty of ₹ 48,00,000/levied under Section 271(1)(c) of the Income Tax Act, 1961 ? 2. Wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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