SRI AJAY KUMAR ,HAZARIBAGH vs. ITO WARD-1(1), HAZARIBAGH

In the result, the appeal of the assessee in ITA NO

Bench: Shri S.S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.243/Ran/2016 आयकरअपीलसं./Ita No.207/Ran/2017 ("नधा"रणवष" / Assessment Year:2009-10)

3,94,145/--. Section 50C of Income Tax Act, 1961 is not applicable if income is taxable under Section 28, in this regard, we are also refer case Inderlok Hotels (P) Ltd. vs. ITO [2009] 32 SOT 419 (Mum).” 9. Therefore, the ld Counsel has contended before us that during the assessment stage it was submitted before the AO that

ACIT, CIRCLE-3, RANCHI vs. SHRI SUMIT RAMSISARIA, RANCHI

Bench: Shri J.Sudhakar Reddy & Shri S.S.Godara

penalty proceedings u/s 271(1)(c) of the IT. Act, 1961 are separately initiated on account of furnishing of inaccurate particulars of income." The above statement of the Assessing Officer IS not legally tenable due to the following reasons.- The AO has assumed that no such liability existed in the form of sundry creditors to the tune of Rs.3