M/S. RUKMANI ENGINEERING WORKS, (NOW RUKMANI INFRA PROJECTS PVT. LTD.,,ODISHA vs. THE DY. CIT- CIRCLE- KORBA,, KORBA(CG)

ITA 81/RPR/2014Status: DisposedITAT Raipur21 January 2025AY 2008-09Bench: SHRI RAVISH SOOD (Judicial Member)21 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the penalty imposed under Section 271(1)(c) for understatement of net profit, unexplained capital credits, and inadmissible expenses. The assessee failed to provide satisfactory explanations for these issues.

What were the facts?

The assessee firm declared a lower net profit in its return than in its financial statements. The Assessing Officer made additions for disallowance of expenses, estimated income, and unexplained capital credits. Penalty proceedings were initiated under Section 271(1)(c).

What were the issues?

Whether penalty under Section 271(1)(c) is leviable for understatement of income, unexplained credits, and inadmissible expenses, and whether the assessment order was validly passed.

Which sections of the Income-tax Act were involved?

Section 143(2),Section 144,Section 40(a)(ia),Section 68,Section 271(1)(c)

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Income Tax Appellate Tribunal, RAIPUR BENCH, RAIPUR

Before: SHRI RAVISH SOOD & SHRI ARUN KHODPIA

For Respondent: Smt. Anubhaa Tah Goel, Sr. DR
Hearing: 14.01.2025Pronounced: 21.01.2025

PER RAVISH SOOD, JM: The present appeal filed by the assessee firm is directed against the order passed by the Commissioner of Income Tax (Appeals), Bilaspur, dated 15.11.2013, which in turn arises from the order passed by the A.O under Sec.251/271(1)(c) of the Income-tax Act, 1961 (in short ‘the Act’) dated 25.02.2013 for the assessment year 2008-09. The assessee firm has assailed the impugned order on the following grounds of appeal before us:

“1. Tha

The order continues below.

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