Anant Cutting Edge Private Limited Vs. ITO, Ward - 8, Pune

Parties Involved

Facts Summary

The assessee, Anant Cutting Edge Private Limited, is a private limited company and an authorized distributor of various companies. The assessee did not file its return of income for the assessment year 2020-21. The case was reopened based on information about huge transactions made by the assessee during the relevant financial year. The assessee filed its return of income on 11.05.2024 after receiving a notice under section 148 of the Income Tax Act, 1961. The Assessing Officer accepted the returned income but levied penalties under sections 270A and 271B of the Act. The assessee appealed against the levy of penalties by the Commissioner (Appeals).…

Legal Issues

• 1. Whether the levy of penalty under section 270A(3) for under-reporting of income was justified?
• 2. Whether the levy of penalty under section 271B for failure to file the tax audit report was justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Kawatra Tent & Caterers Private Limited vs. DCIT

  Delhi Bench ‘A’: New Delhi benchAY 2013-14, 2017-18, 2018-19, 2019-20Allowed

• Nikhil Rajpal vs ITO

  Delhi Bench ‘F’, New Delhi benchAY 2019-20Allowed

• S S R S MEM EDU Society Vs. Assistant Commissioner of Income-Tax

  Delhi Bench benchAY 2018-19Allowed

• Jalpaiguri Zilla Regulated Market Committee Vs. ITO, Ward-1(2), Jalpaiguri

• The Hisar Leading Bank Co-op Non-Agri Thrift & Credit Society vs ITO, Ward 1, Hisar

  Delhi Bench ‘E’, New Delhi benchAY 2016-17, 2017-18Allowed

• ITA No.1542/Bang/2024

  C'' Bench: Bangalore benchAY 2019-20Dismissed