NAGARJUNA OIL CORPORATION LTD.,CHENNAI vs. ACIT CORPORATE CIRCLE 4(2), CHENNAI

In the result, the appeals filed by the assessee in ITA

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

Section 271(1)(c) of the Income Tax Act, 1961. 6.2 It seems that the AO levied penalty @ 200%. Aggrieved, assessee preferred appeal before CIT(A). 7. The CIT(A) restricted the penalty to minimum and accordingly, restricted the penalty of Rs.7.25 crores for assessment year 2011- 12 and Rs.5.50 crores for assessment year 2012-13 by observing in paras

NAGARJUNA OIL CORPORATION LTD.,CHENNAI vs. ACIT CORPORATE CIRCLE 4(2), CHENNAI

In the result, the appeals filed by the assessee in ITA