Case Law Details
South Eastern Coalfields Limited Vs ACIT (ITAT Raipur)
ITAT Raipur held penalty imposed u/s. 270A of the Income Tax Act clearly falls within the realm of orders appealable before the CIT(Appeals) u/s. 246A of the Income Tax Act.
Facts- The assessee company which is involved in the activities relating to development of mines and extraction of coal from various mines had filed its return of income for A.Y.2018-19 on 06.10.2018, disclosing a total income of Rs. 4388.10 crore. Thereafter, the assessee company revised its return of income on 30.03.2019 disclosing an income of Rs.4657.57 crore. Case of the assessee was subsequently selected for scrutiny assessment u/s.143(2) of the Act.
Original assessment was framed by the A.O vide his order passed u/s. 143(3) of the Act dated 02.03.2020 wherein its income was determined at Rs.6047.74 crore. The A.O while culminating the assessment initiated penalty proceedings u/s. 270A of the Act. Subsequently, the A.O issued “Show Cause Notice(s)” (SCNs) dated 04.02.2020 and 07.02.2020, therein calling upon the assessee company to put forth an explanation that as to why penalty for not-reporting/misreporting of income may not be imposed upon it u/s. 270A of the Act. As the explanation of the assessee did not find favour with the A.O, therefore, he vide his order passed u/s. 270A dated 31.03.2020 imposed penalty of Rs. 834.10 crore u/s.270A of the Act on the assessee company.
CIT(A) dismissed the appeal. Being aggrieved, the present appeal is filed.
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