Mr. Prasanna Kantilal Mehta vs. The DCIT, Central Circle
Parties Involved
Facts Summary
The case involves two appeals by Mr. Prasanna Kantilal Mehta against the penalty imposed by the Commissioner of Income Tax (Appeals) for the assessment years 2010-2011 and 2011-2012. The appeals were filed under section 271(1)(c) of the Income Tax Act, 1961. The assessee argued that the penalty proceedings were invalid and ab-initio-void as the Assessing Officer failed to specify the charge/limb of section 271(1)(c) for which the penalty was initiated. The assessee also contested the levy of penalty on the returned income of Rs.13,06,380/-. The Commissioner of Income Tax (Appeals) upheld the penalty on the ground that cash amounting to Rs.3,00,000/- remained unexplained. The assessee's returned income of Rs.13,06,380/- did not represent the specified nature of assets under section 271(1)(c) Explanation-5A.…
Decision in favour of
Partly Assessee
Legal Issues
- 1. Whether the penalty proceedings are invalid and ab-initio-void?
- 2. Whether the penalty is leviable on the returned income of Rs.13,06,380/-?
Judgment Outcome
Decided in favour of Partly Assessee.
Precedents Relied Upon
2 precedents cited in this judgement.
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