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Income Tax Appellate Tribunal, “F” BENCH, MUMBAI
This appeal is filed by Videocon Oil Ventures Ltd. in Commissioner of Income-tax (Appeals)-8, Mumbai [the learned CIT (A)], wherein the penalty of ₹1,48,19,988/- levied by the learned Assessing Officer under Section 271 of the Income-tax Act, 1961 (the Act) was confirmed.
At the time of hearing, the learned Departmental Representative stated that the above company is under insolvency proceedings and therefore, the present appeal
In the result, the appeal of the assessee is dismissed.
Order pronounced in the open court on 28.10.2022.