DCIT, Central Circle-1, New Delhi Vs AAMBY Valley City Ltd.
Parties Involved
Facts Summary
The assessee company filed its return for Assessment Year 2016-17 on 15.04.2017, declaring a loss of Rs. 1,47,36,74,419/-. The case was selected for scrutiny and the assessment was completed on 28.12.2019 at an assessed income of Rs. 4,37,29,28,930/-. Penalty proceedings under section 271(1)(c) of the Act were initiated. The assessee filed an appeal before the Commissioner of Income Tax (Appeal), who allowed part relief to the assessee. Further aggrieved, both the assessee and the Revenue filed appeals before the Tribunal. The Tribunal dismissed the appeal of the Revenue.…
Decision in favour of
Partly Assessee / Partly Revenue
Legal Issues
- 1. Whether the disallowance of deduction claimed by the assessee was contrary to the provisions of the Act and whether it amounted to furnishing inaccurate particulars of income?
- 2. Whether the Commissioner of Income Tax (Appeal) was justified in deleting the penalty imposed under section 271(1)(c)?
Judgment Outcome
Decided in favour of Partly Assessee / Partly Revenue.
Precedents Relied Upon
2 precedents cited in this judgement.
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