JAIN INFRA PROJECTS LTD.(SINCE TAKEN OVER BANGAL CONSTRUCTION CO.),KOLKATA vs. ACIT, CC-IV, KOLKATA, KOLKATA

In the result the appeals of the assessee are allowed and appeals of the revenue are dismissed

Bench: : Shri N.V.Vasudevan & Shri M. Balaganesh

43B of the Act amounting to Rs. 8,04,061/- based on tax audit report and disallowance u/s 40(a)(ia) of the Act amounting to Rs. 31,97,865/-. During the penalty proceedings u/s 271(1)(c ) of the Act, the assessee claimed that it had made voluntary disclosure of additional income of Rs. 5,96,176/- which were