ITA Nos. 1629 to 1632 & 1654/Bang/2024

Parties Involved

Facts Summary

The assessee, M/s. Sri Muthu Cine Service, a partnership firm, did not file its return of income for the assessment years 2014-15 to 2018-19. A search was conducted on 03.01.2019, and incriminating evidence was found relating to the assessee. The assessee offered income only under the head 'income from business' during the assessment proceedings. The assessment order was passed on 16.06.2021, initiating penalty proceedings under sections 271(1)(c) and 270A of the Income Tax Act, 1961. The assessee requested the dropping of penalties, citing cooperation with the department and timely filing of returns and payment of taxes. However, the Assessing Officer levied the penalties, which were subsequently confirmed by the CIT(A). The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the penalty orders are barred by limitation under section 275(1)(c) of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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