Indo National Ltd. vs. The Dy. Commissioner of Income Tax, Corporate Circle-1(1), Chennai

Parties Involved

Facts Summary

The assessee, Indo National Ltd., filed its return of income for Assessment Year 2016-17 on 17.10.2016 declaring a total income of Rs. 30,04,81,770/-. The case was selected for scrutiny, and the Assessing Officer completed the assessment under section 143(3) of the Income Tax Act, 1961, assessing the income of the assessee at Rs. 35,17,32,603/-. Subsequently, the Assessing Officer initiated penalty proceedings under section 271(1)(c) of the Act and levied a penalty of Rs. 1,70,16,896/-. Aggrieved by this, the assessee filed an appeal before the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre (NFAC), Delhi, who dismissed the appeal. The assessee then filed an appeal before the Income Tax Appellate Tribunal against the order of the CIT(A). There was a delay of 17 days in filing the appeal, but the Tribunal condoned the delay and admitted the appeal for adjudication.…

Legal Issues

• 1. Whether the delay in filing the appeal should be condoned?
• 2. Whether the penalty levied under section 271(1)(c) of the Act is valid?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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