TEXMACO RAIL & ENGINEERING LTD.,KOLKATA vs. D.C.I.T.,CIRCLE-6(1), KOLKATA
In the result, the appeal of the assessee is allowed
ITA 2288/KOL/2019[2012-13]Status: DisposedITAT Kolkata10 Dec 2020AY 2012-13
Bench: Shri P.M. Jagtap, Hon’Ble(Kz) & Shri S.S. Godara, Hon’Ble] [Through Virtual Court] I.T.A. No. 2288/Kol/2019 Assessment Year: 2012-13 Texmaco Rail & Engineering Ltd.................................…………………………...................Appellant Belgharia, Kolkata – 700 056. [Pan: Aabct 2592 E] Vs Dcit, Circle – 6(1), Kolkata...................…………………………………………………………Respondent P-7, Chowringhee Square, Kolkata. Appearances By: Shri Anil Kochar, Advocate Appearing On Behalf Of The Assessee. Shri Jayanta Khanra, Jcit, Dr Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : December 07, 2020 Date Of Pronouncing The Order : December 09, 2020 Order Per P.M. Jagtap, Vice-(Kz) This Appeal Filed By The Assessee Is Directed Against The Order Of Ld. Cit(A) – 2, Kolkata Dated 06.09.2019 Whereby He Confirmed The Penalty Of Rs. 2,32,318/- Imposed By The Ao U/S 271(1)(C) Of The Income Tax Act, 1961. 2. The Assessee In The Present Case Is An Individual Who Is Engaged In The Business Of Execution Of Work Contracts For Railway & Others. The Return Of Income For The Year Under Consideration Was Filed By The Assessee On 27.09.2012 Declaring A Total Income Of Rs. 10,99,43,540/-. In The Assessment Completed U/S 143(3) Of The Act, The Total Income Of The Assessee Was Determined By The Ao At Rs. 12,08,04,960/- After Making Inter Alia An Addition Of Rs. 7,16,043/- On 2 Texmaco Rail & Engineering Ltd.
Section 143(3)Section 244ASection 271Section 271(1)(c)Section 274
32,318/- u/s 271(1)(c) being 100% of the tax sought to be evaded by the assessee in respect of an addition of Rs.
7,16,043/- made to the total income of the assessee.
3. The penalty imposed by the AO u/s 271(1)(c) was challenged by the assessee in the appeal filed before
