Asstt. Commissioner of Income Tax, Central Circle-3, New Delhi Vs. Sh. Charu Shekhar Gupta

Parties Involved

Facts Summary

The appeal arises from an order passed by the Commissioner of Income Tax (Appeals) in Appeal No. 1157/Del/2017 for the Assessment Year 2012-13 dated 14.12.2016. The assessee, Sh. Charu Shekhar Gupta, is a Managing Director of M/s CSG International Private Limited, which provides consultancy for export of handicraft and textile goods. The assessee was found to have a foreign bank account with HSBC Geneva, which was used to make additions in the assessment. However, the assessee denied opening the account himself and claimed it might have been opened by his late father. The Assessing Officer levied a penalty under section 271(1)(c) of the Income Tax Act, 1961, which was later deleted by the Commissioner of Income Tax (Appeals).…

Legal Issues

• 1. Whether the Learned Commissioner of Income Tax (Appeals) was justified in deleting the levy of penalty under section 271(1)(c) of the Act.

Judgment Outcome

Decided in favour of Revenue.

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