CIT v. Virgo Marketing (P) Ltd.

171 Taxmann 156High Court2008#193 most cited

What is CIT v. Virgo Marketing (P) Ltd. authority for?

The assessment order must clearly specify the reason for initiating penalty proceedings under Section 271(1)(c) and explicitly state whether it is for concealment of income or furnishing inaccurate particulars. Failure to identify the specific limb under which penalty is initiated renders the penalty unsustainable.

384

judgments rely on this decision, according to BharatTax’s citation analysis of 367,514 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v. Virgo Marketing · Section 271(1)(c) · initiation of penalty proceedings · assessment order · specific charge · concealment of income · furnishing inaccurate particulars · levy of penalty · Section 274 · Section 270A

Issues it is cited on

Judgments citing CIT v. Virgo Marketing (P) Ltd.

Shah Khadri Syed Safffiulla Sakhaff, Channapatna vs. The Assistant Commissioner of Income Tax Circle-3(2)(1), Bangalore

In the result, the assessee’s appeal for Assessment Year 2014-15 is allowed as indicated above

ITA 2145/BANG/2018[2014-15]Status: DisposedITAT Bangalore03 Apr 2019AY 2014-15

Bench: Shri Jason P Boaz & Shri Laliet Kumarassessment Year : 2014-15 Shri. Shah Khadri Syed Saffiulla Vs. The Assistant Commissioner Of Sakhaff, Income Tax, Prop: M/S. Saffi Traders, Circle – 3(2)(1), No.299, Syedwadi, Bengaluru. Channapatna – 571 501. Pan : Alrps 4018 A Appellant Respondent Assessee By : Shri. H. N. Khincha, Ca Revenue By : Shri. L. V. Bhaskar Reddy, Addl. Cit Date Of Hearing : 02.04.2019 Date Of Pronouncement : 05.04.2019

For Appellant: Shri. H. N. Khincha, CAFor Respondent: Shri. L. V. Bhaskar Reddy, Addl. CIT
Section 143(3)Section 271(1)(c)Section 274

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI JASON P BOAZ, ACCOUNTANT MEMBER AND SHRI LALIET KUMAR, JUDICIAL MEMBER Assessment year : 2014-15 Shri. Shah Khadri Syed Saffiulla Vs. The Assistant Commissioner of Sakhaff, Income Tax, Prop: M/s. Saffi Traders, Circle – 3(2)(1), No.299, Syedwadi, Bengaluru. Channapatna – 571 501. PAN : ALRPS 4018 A APPELLANT RESPONDENT Assessee by : Shri. H. N. Khincha, CA Revenue by : Shri. L. V. Bhaskar Reddy, Addl. CIT Date of hearing : 02.04.2019 Date of Pronouncement : 05.04.2019 O R D E R Per Shri Jason P Boaz, A.M. : This appeal by the assessee is dir…