M/S. SPAZE TOWERS PVT. LTD.,GURGAON vs. DCIT, FARIDABAD

In the result, the appeal filed by the Revenue as well as the application filed under Rule 27 of the ITAT Rules by the assessee are dismissed

Bench: Shri O.P. Kant, Accountnat Member & Shri Kuldip Singh

131(1) on 5-1-2006 and offered to surrender amount attributable to him in investment in property. Hon’ble P&H High Court held that no immunity could be claimed by assessee from levy of penalty in terms of Explanation 5 to section 271(1)(c) 2 CIT Vs Prasanna Duqar T20151 59 taxmann.com 99 (Calcutta)/T20151