Saubhagyalaxmi Developers v. ITO

Case Laws Analysis
REFERRED Jayanti Super Construction v. DCIT 2019 TaxPub(DT) 4293 (Ahd-Trib)
REFERRED Asstt. CIT v. Vijay Kiran Hotels (P) Ltd. 2008 TaxPub(DT) 0069 (Chd-Trib)
REFERRED Dilip N. Shroff v. Joint CIT & Anr. 2007 TaxPub(DT) 1247 (SC)
REFERRED Thirupathy Kumar Khemka & Anr v. CIT 2007 TaxPub(DT) 1115 (Mad-HC)
REFERRED Orissa Oil Industries v. Deputy CIT 1997 TaxPub(DT) 0294 (Ctk-Trib)
REFERRED Hindustan Steel Ltd. v. State of Orissa 1972 TaxPub(DT) 0009 (SC)

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The Tax Publishers2020 TaxPub(DT) 2542 (Pune-Trib) IN THE ITAT, PUNE BENCH D. KARUNAKARA RAO, A.M. & PARTHA SARATHI CHAUDHURY, J.M. Saubhagyalaxmi Developers v. ITO ITA No. 2584/Pun/2017 11 June, 2020 In favour of assessee. Assessee by: Kishor Phadke Revenue by: S.P. Walimbe ORDER *Partha Sarathi Chaudhury, JM* This appeal preferred by the assessee emanates from the order of the learned Commissioner (Appeals), Pune-3 dated 21-9-2017 for the assessment year 2013-14 as per the following modified ground of appeal :-- 1. The learned Commissioner (Appeals) erred in law and on facts in confirming the levy of concealment penalty under section 271(1)(c) of the I.T Act, 1961 amounting to Rs. 2,54,865 ( being 30.9% of Rs. 8,24,805) levied on tax allegedly sought to be evaded on the amount of interest earned on income tax refund. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2020 TaxPub(DT) 2542 (Pune-Trib)

IN THE ITAT, PUNE BENCH

D. KARUNAKARA RAO, A.M. & PARTHA SARATHI CHAUDHURY, J.M.

Saubhagyalaxmi Developers v. ITO

ITA No. 2584/Pun/2017

11 June, 2020

In favour of assessee.

Assessee by: Kishor Phadke

Revenue by: S.P. Walimbe

ORDER

Partha Sarathi Chaudhury, JM

This appeal preferred by the assessee emanates from the order of the learned Commissioner (Appeals), Pune-3 dated 21-9-2017 for the assessment year 2013-14 as per the following modified ground of appeal :--

1. The learned Commissioner (Appeals) erred in law and on facts in confirming the levy of concealment penalty under section 271(1)(c) of the I.T Act, 1961 amounting to Rs. 2,54,865 ( being 30.9% of Rs. 8,24,805) levied on tax allegedly sought to be evaded on the amount of interest earned on income tax refund.