Dey Trading Co. Vs. ITO, Ward-49(3), Kolkata
Parties Involved
Facts Summary
The assessee, Dey Trading Co., filed its return of income for AY 2011-12 declaring a total income of Rs. 2,00,784/-. Subsequently, an assessment order was passed u/s 143(3) of the Act on 18.03.2014, at a total income of Rs. 39,17,800/-. The AO made an addition of Rs. 37,17,017/- towards undisclosed investment u/s 69 of the Act, among other additions. Penalty proceedings u/s 271(1)(c) were initiated for each addition. The assessee filed an appeal before the Ld. CIT(A), which partly allowed the appeal, holding that the assessee had concealed the particulars of income to the extent of Rs. 1,50,000/-. Dissatisfied with this order, the assessee preferred the present appeal.…
Decision in favour of
Assessee
Legal Issues
- 1. Validity of the penalty imposed for concealment of income
- 2. Defectiveness of the penalty notice
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
6 precedents cited in this judgement.
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