M/S STUMP SCHUELE AND SOMAPPA SPRINGS PRIVATE LIMITED ,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX LTU CIRCLE-1 , BANGALORE
In the result, the assessee’s appeal for Assessment Year 2012-13
ITA 1604/BANG/2018[2012-13]Status: DisposedITAT Bangalore15 Mar 2019AY 2012-13
Bench: Shri Jason P. Boaz & Shri Pavan Kumar Gadaleassessment Year : 2012-13 M/S. Stumpp Schuele & Vs. The Deputy Commissioner Of Somappa Springs Pvt. Ltd., Income Tax, Ltu, No.139/2, Hosur Road, Circle - 1, Koramangala, Bengaluru. Bengaluru-560 095. Pan : Aalcs 7347 E Appellant Respondent Assessee By : Smt. Sowmya, Advocate Revenue By : Shri. M. Rajasekhar, Addl. Cit Date Of Hearing : 14.03.2019 Date Of Pronouncement : 15.03.2019 O R D E R Per Jason P. Boazthis Appeal By The Assessee Is Directed Against The Order Of Cit(A)-10, Bangalore, Dated 01.02.2018 For Assessment Year 2012-13, Upholding The Levy Of Penalty Under Section 271(1)(C) Of The Income Tax Act, 1961 (In Short ‘The Act’) For Assessment Year 2012-13. 2. Briefly Stated, The Facts Relevant For Disposal Of This Appeal Are As Under: Page 2 Of 9 2.1 The Assessee, A Company Engaged In The Manufacture & Supply Of Stabilizer Bars & All Varieties Of Springs, Automobile Components, Spare Parts, Accessories, Etc., Filed Its Return Of Income For Assessment Year 2012-13 On 30.09.2012 Declaring Loss Of (-) Rs.5,34,42,031/- Under Normal Provisions & ‘Book Profits’ Of Rs.2,88,52,729/- Under Section 115Jb Of The Act. The Case Was Taken Up For Assessment For This Assessment Year & The Assessment Was Concluded Under Section 143(3) Of The Act Vide Order Dated 13.03.2015, Wherein The Assessee’S Loss Was Determined At Rs.4,55,68,066/- In View Of The Following Additions / Deductions:- (I) Disallowance Of Deduction Under Section 35(2Ab) – Rs.14,34,982/- (Ii) Disallowance Of Leave Encashment – Rs.64,38,983/-.
For Appellant: Smt. Sowmya, AdvocateFor Respondent: Shri. M. Rajasekhar, Addl. CIT
Section 115JSection 143(3)Section 271(1)Section 271(1)(c)Section 274Section 35
68,066/- in view of the following additions / deductions:-
(i)
Disallowance of deduction under section 35(2AB) –
Rs.14,34,982/-
(ii)
Disallowance of Leave Encashment – Rs.64,38,983/-.
2.2
Penalty proceedings under section 271(1)(c) of the Act was initiated simultaneously vide notice under section 274 r.w.s. 271(1)(c) of the Act of even date in respect
