ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1,, VISAKHAPATNAM vs. SUNRAY GREEN SPACE PRIVATE LIMITED, VISAKHAPATNAM
In the result, appeals of the revenue as well as the cross objections filed by the assessee are dismissed
ITA 274/VIZ/2018[2014-15]Status: DisposedITAT Visakhapatnam11 Dec 2019AY 2014-15
Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.273/Viz/2018 & 274/Viz/2018 (निर्धारण वर्ा/Assessment Year : 2013-2014 & 2014-15) Asst.Commissioner Of Vs. M/S Sunray Green Income Tax Space Pvt. Ltd. Central Circle-1 D.No.10-50-40 Visakhapatnam Excelsior Apartments Ramnagar Visakhapatnam [Pan :Aaqcs 8494M] (प्रत्यर्थी/ Respondent) (अपीलार्थी/ Appellant) Cross Objection No.48/Viz/2018 & 49/Viz/2018 (Arising Out Of I.T.A.No.273/Viz/2018 & 274/Viz/2018) (निर्धारण वर्ा/Assessment Year : 2013-2014 & 2014-15) M/S Sunray Green Vs. Asst.Commissioner Of Space Pvt. Ltd. Income Tax D.No.10-50-40 Central Circle-1 Excelsior Apartments, Ramnagar Visakhapatnam Visakhapatnam [Pan :Aaqcs 8494M] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)
For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri D.K.Sonowal, CIT, DR
Section 131Section 132Section 153ASection 271A
section 271AAB of the Act, thus submitted that there is no case for concealment of income, hence requested to drop the penalty proceedings. The AO not being convinced with the explanation of the assessee viewed that the assessee has not admitted the income voluntarily and admitted the undisclosed income because of search and seizure action undertaken
