M/s Cimmco Ltd vs ITO Ward- 6(2)

Parties Involved

Facts Summary

The assessee, M/s Cimmco Ltd, a civil contractor, filed a nil original return which was assessed at Rs 1,13,64,700/- u/s 143(3). The assessing officer reopened and framed a re-assessment order u/s 143(3)/147 on 28.12.2011 disallowing the claim of Rs 1,04,81,261/- on account of write off capital Expenditure in P & L account. The AO levied penalty u/s 271(1)(c) which was confirmed by the Ld. CIT(A). The assessee did not appear before the Tribunal.…

Legal Issues

• 1. Disallowance of claim of Rs 1,04,81,261/- on account of write off capital Expenditure in P & L account.
• 2. Levy of penalty u/s 271(1)(c) for inaccurate furnishing of particulars of income.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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