PCIT (Central) Vs Golden Peace Hotels And Resorts Pvt. Ltd. (Bombay High Court)
Summary: The Revenue sought admission of the appeal on the substantial question whether the Tribunal was correct in law and on facts in deleting the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961.
The Revenue contended that the revised returns filed by the assessee indicated that disclosures had been made only piecemeal. Relying upon MAK Data (P.) Ltd. Vs. Commissioner of Income Tax, the Revenue submitted that such disclosure did not relieve the assessee from payment of penalty. It was also submitted that the assessment order referred to concealment and/or furnishing of inaccurate particulars and, therefore, a substantial question of law arose for consideration.
Read SC Judgment in this case: SC Dismisses SLP Against Bombay HC Ruling on Section 271(1)(c) Penalty
On behalf of the assessee, it was submitted that there was no finding regarding concealment or furnishing of inaccurate particulars. The assessee further pointed out that the notice dated 30/09/2016 issued by the Deputy Commissioner was in printed form and the relevant portion had not been struck off to indicate whether the satisfaction concerned concealment of particulars or furnishing of inaccurate particulars. Reliance was placed on Commissioner of Income Tax-11 v/s. Shri Samson Perinchery and Principal Commissioner of Income Tax v/s. New Era Sova Mine.
