DCIT, NEW DELHI vs. M/S. PODDAR PIGMENTS LTD., NEW DELHI
In the result, the appeal of the Revenue is dismissed
ITA 2219/DEL/2014[2007-08]Status: DisposedITAT Delhi04 Oct 2016AY 2007-08
Bench: Sh. H.S. Sidhu & Sh. O.P. Kantassessment Year: 2007-08 Vs. M/S. Poddar Pigments Ltd., A- Dcit, Circle-14(1), New Delhi 283, Ground Floor, Okhla Indl. Area-1, New Delhi. Pan : Aaacp1125E (Appellant) (Respondent) Appellant By Sh. F.R. Meena, Sr.Dr Respondent By Sh. P.C. Parwal, Fca Date Of Hearing 08.08.2016 Date Of Pronouncement 05.10.2016 Order Per O.P. Kant, A.M.: This Appeal By The Revenue Is Directed Against The Order Dated 15/01/2014 Passed By The Learned Commissioner Of Income-Tax (Appeals) For Assessment Year 2007-08, Wherein He Allowed The Appeal Of The Assessee Against Order Of The Assessing Officer Dated 29/03/2012 Levying Penalty Under Section 271(1)(C) Of The Income-Tax Act, 1961. The Grounds Of Appeal Raised By The Revenue Are As Under: I. On The Facts & Circumstances Of The Case, The Learned Commissioner Of Income Tax (Appeals) Erred In Deleting The Penalty Made By The Assessing Officer U/S 271(1)(C) Of The Act On Account Of Additions Under The Head Of U/S 40(A)(I) Amounting To Rs.9,14,191/- & Ltcg Amounting To Rs.41,62,154/- Holding That The Assessee Has Not Furnished Any Inaccurate Particulars Or Has Made Any Deliberate Attempt To Conceal Income. Ii. On The Facts & Circumstances Of The Case, The Learned Commissioner Of Income Tax (Appeals) Erred In Deleting The Above
Section 143(3)Section 271(1)(c)Section 40
section 271(1)(c) of the Income-tax Act, 1961. The grounds of appeal raised by the Revenue are as under:
i.
On the facts and circumstances of the case, the learned
Commissioner of Income Tax (Appeals) erred in deleting the penalty made by the Assessing Officer u/s 271(1)(c) of the Act on account of additions under
