Recently ITAT Mumbai in the case of Ruchi Strips & Alloys Ltd Vs. DCIT held that the concealment of income had its repercussions only when the assessment was done under the normal procedure. If the assessment as per the normal procedure was not acted upon and it was the deemed income assessed u/s 115JB which became the basis of assessment, the concealment had no role to play and was totally irrelevant. The concealment did not lead to tax evasion at all.
Ruchi Strips & Alloys Ltd Vs. DCIT (ITAT Mumbai)
I.T.A. No. 6940/Mum/2008 (Assessment Year : 2003-04) & I.T.A. No.6941/Mum/2008 (Assessment Year : 2005-06)
ORDER
Per N. V. Vasudevan (JM) :
I.T.A. No.6940/Mum/2008 A.Y. 2003-04 & I.T.A. No.6941/Mum/2008 A.Y. 2005-06 both these appeals are raised by the assessee against two orders both dated 11.11.2008 of Commissioner of Income Tax (Appeals), Central-7, Mumbai relating to the assessment year 2003-04 and 2005-06.
2. In both these appeals the assessee has challenged the order of the learned CIT (Appeals) where by the learned CIT (Appeals) confirmed the order of the AO imposing penalty on assessee u/s. 271 (1) (c) of the Act. The facts and circumstances under which penalty was imposed on the assessee by the AO are as follows :-
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