[aaykarbhavan] ITAT upheld concealment penalty on MAT Co. as additions to its income led to increase in its book profits

 

ITAT upheld concealment penalty on MAT Co. as additions to its income led to increase in its book profits

July 26, 2014[2014] 46 taxmann.com 345 (Delhi - Trib.)

IT : Where assessee challenged penalty order passed under section 271(1)(c) contending that final determination of income of assessee was under section 115JA whereas additions sustained were relating only to income computed under normal provisions of Act, in view of fact that there was definite increase in deemed income under section 115JA after giving effect to order of revenue authorities, plea raised by assessee was to be rejected and impugned penalty order was to be confirmed

IT : An assessee can make out a case for non-imposition of penalty before Tribunal even in respect of addition not challenged in appellate proceedings

IT : Where assessee deliberately raised a false claim of deduction of interest on delayed payments of income-tax, advance tax etc., Assessing Officer was justified in rejecting said claim and passing a penalty order under section 271(1)(c) in respect thereof

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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