Asian Granito India Ltd. vs. DCIT

Parties Involved

Facts Summary

The assessee, Asian Granito India Ltd., engaged in the manufacture and sale of Vitrified Tiles. A search action under section 132 was carried out in the Asian Group of cases on 07.02.2008. Notices under section 153A were issued, and the assessee filed its Returns of Income on 29.06.2009. The assessment was completed on 31.12.2009, determining the total income as Rs.24,84,23,270/- by making an addition of Rs.10 crores on account of alleged undisclosed investments. The Ld AO issued a show cause notice for penalty under section 271(1)(c) of the Act, which was levied at Rs.55,14,076/-. On appeal, the Ld. CIT(A) confirmed the levy of penalty. The assessee appealed to the ITAT, which deleted the penalty and allowed the appeal.…

Legal Issues

• 1. Whether the penalty levied u/s. 271(1)(c) of the Act is justified?
• 2. Whether the penalty levied u/s. 271AAA of the Act is justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

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

  Delhi Bench ‘E’, New Delhi benchAY 2014-15Allowed

• 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

• Smt. Smita Ashok Thakkar vs. DCIT

  Mumbai bench

• Sapra Iron Store vs. Income Tax Officer

  Delhi Bench 'C', Delhi benchAY 2012-13 & 2013-14Allowed

• Satbir Singh Vs. Income Tax Officer, Ward-1, Panipat

  Delhi Bench benchAY 2010-11Allowed

• M/s Cimmco Ltd vs ITO Ward- 6(2)

  Delhi Bench ‘F’, New Delhi benchAY 2005-06Allowed