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In the result, the appeal of the assessee is allowed
Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 398/Kol/2014 Assessment Year : 2010-11 Shri Surya Prakash Bagla -Vs- Dcit, Central Circle-Vii, Kolkata [Pan: Aebpb 4558 F] (Appellant) (Respondent)
penalty on this cash component of Rs 740.90 lacs u/s 271(1)(c ) of the Act for the Asst Year 2010-11, we find that it is not in dispute that the assessee had received the cash component of the subject mentioned transaction amounting to Rs. 7,40,90,000/- as per the MOU dated 4.8.2005 in Asst Years