Case Law Details
Case Name : Armoury International Vs ACIT (ITAT Mumbai)
Related Assessment Year : 2009-10, 2010-11 & 2011-12
Courts :
All ITAT ITAT Mumbai
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Armoury International Vs ACIT (ITAT Mumbai)
In this case, the assessee was observed to have made bogus purchases as per information received from the Sales Tax Department. The assessee was issued notice u/s. 148 on 11.03.2013 served on 12.03.2013. The assessee filed revised return of income on 15.03.2013, wherein the amount of bogus purchase was offered for taxation. On this amount, the penalty u/s. 271(1)(c) was also levied.
Assessment in this case has been completed on the returned income. Hence, when the return of income and the assessed income are same, the machinery provision for levy of...
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Too good article of great help to professionals and Assessees.