AKAR LAMINATORS LIMITED,AHMEDABAD vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 1(1)(1), AHMEDABAD, AHMEDABAD

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ITA 600/AHD/2023Status: DisposedITAT Ahmedabad10 April 2024AY 2001-02Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)15 pages
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What did the Tribunal hold?

The Tribunal held that the penalty was levied without proper legal basis and against the provisions of law. The AO had not considered the assessee's reply, and the penalty notice was ambiguous regarding the specific limb of Section 271(1)(c) invoked.

What were the facts?

The assessee company, engaged in manufacturing and trading, declared a significant loss in its return. The Assessing Officer (AO) completed the assessment, making additions and disallowances. Subsequently, penalty proceedings were initiated under Section 271(1)(c) for furnishing inaccurate particulars of income.

What were the issues?

Whether the penalty levied under Section 271(1)(c) was justified when the AO failed to consider the assessee's reply and the penalty notice was not specific. Whether the additions made during assessment constituted concealment or furnishing of inaccurate particulars.

Which sections of the Income-tax Act were involved?

Section 271(1)(c),Section 274

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Income Tax Appellate Tribunal, AHMEDABAD “A” BENCH

Before: Shri Waseem Ahmed & Shri T.R. Senthil Kumar

आदेश क� ��त�ल�प अ�े�षत / Copy of Order Forwarded to:- 1. Assessee 2. Revenue 3. Concerned CIT Page No 15 Akar Laminators Ltd. vs. DCIT

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