The penalty in the instant case stands levied in the sum of Rs.2,41,858/-, i.e., at 100% of the tax sought to be evaded, in view of Explanation (4) to section 271(1)(c). The entire enhancement in assessment having been absorbed against brought forward (unabsorbed) business losses, there was no tax impact of the said enhancement. The same was, however, considered as of no moment by the ld. CIT(A) in view of Explanation (4) to the provision, further relying on the decision inter alia by the hon’ble apex court in the case of CIT vs. Gold Coin Health Food P. Ltd. [2008] 304 ITR 308 (SC). Aggrieved, the assessee is in further appeal.
ITAT “A” BENCH, MUMBAI
BEFORE SHRI I. P. BANSAL, JM AND SHRI SANJAY ARORA, AM
I.T.A. No. 3619/Mum/2012- Assessment Year: 2004-05
Ambuja Cement India Private Limited
Vs.
Dy. CIT, Circle- 3(1)
Date of Hearing : 12.06.2013
Date of Pronouncement : 21.06.2013
O R D E R
Per Sanjay Arora, A. M.:
This is an Appeal by the Assessee directed against the Order by the Commissioner of Income Tax (Appeals)-5, Mumbai (‘CIT(A)’ for short) dated 01.03.2012, confirming the levy of penalty u/s.271(1)(c) of the Income Tax Act, 1961 (‘the Act’ hereinafter) for the assessment year (A.Y.) 2004-05 vide order dated 3 1.03.2010.
