Jayshree Developers vs. ITO/ACT

Parties Involved

Facts Summary

The assessee is a partnership firm engaged in the business of property development. The assessee filed its return of income on 31.03.2009, declaring total income of Rs.12,97,594/-. The assessee’s case was reopened vide notice u/s. 148 of the Act dated 18.03.2015. The Assessing Officer passed an assessment order dated 30.03.2016 determining the total income at Rs.3,48,97,594/-, after making an addition of Rs.3,36,00,000/- as ‘undisclosed business income’. A penalty of Rs.1,03,82,399/- was levied u/s. 271(1)(c) of the Act. The assessee appealed to the first appellate authority, which upheld the penalty order. The assessee further appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. The assessee challenges the order of the Commissioner of Income Tax (Appeals) passed u/s.250 of the Income Tax Act, 1961.
• 2. The assessee challenges the penalty levied by the Assessing Officer.

Judgment Outcome

Decided in favour of Assessee.

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