Search Results Page
Search Results
1 - 8 of 8 (0.28 seconds)Section 270A in The Income Tax Act, 1961 [Entire Act]
The Coinage Act, 2011
Section 274 in The Income Tax Act, 1961 [Entire Act]
Deniel Merchants P. Ltd. vs Income Tax Officer on 29 November, 2017
8. The ld.CIT-DR, R.Mohan Reddy, supporting the order of the
Ld.CIT(A), submitted that the assessment order passed by the AO is
erroneous in so far as it is prejudicial to the interest of the Revenue, which
is evident from the fact that the AO has completed assessment without
carrying out required enquiries, he ought to have been carried out in the
given facts of the case. He further submitted that although, the AO has
initiated penalty proceedings u/s.270A of the Act, but, such proceedings
have been mechanically initiated without recording any satisfaction 'as to
how' penalty is leviable in the given facts of the case. Further, it is a well
settled principle of law by the decision of the Hon'ble Supreme Court in the
case of Daniel Merchants (P) Ltd. v. ITO reported in [2018] 95 taxmann.366
(SC) that if the AO did not make any proper enquiry while making
assessment and accepting the explanation of the assessee in so far as
receipt of share application money was concerned, Commissioner rightly
set aside such assessment order u/s.263 of the Act.
Commissioner Of Income Tax vs Surendra Prasad Agrawal on 1 September, 2004
Perusal of the records reveal that the same has not been done by the AO. As held by the
CIT vs. Surendra Prasad Agarwal (2005) reported in 275 1TR 113, the Hon'ble Allahabad
High Court had held that
"18. It is well-established that the AO has to initiate proceedings for imposition of
penalty during the course of the assessment itself.
Section 270AA in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax vs Associated Contractors Corporation on 8 September, 2004
In so far as the case law relied
upon by the Ld.DR in the case of Associated Contractors Corporation
(supra), we find that said decision is on the issue of non-initiation of penalty
ITA No.181/Chny/2023
:: 12 ::
1