Case Law Details
Mideast Integrated Steels Ltd. Vs ACIT (ITAT Delhi)
Introduction: In a recent judgment by the Income Tax Appellate Tribunal (ITAT) Delhi, an important ruling was delivered in the case of Mideast Integrated Steels Ltd. vs. ACIT. The crux of the matter revolved around the validity of a penalty imposed on the assessee under Section 271(1)(c) of the Income Tax Act. This article delves into the details of the case and the ITAT’s decision.
Detailed Analysis:
Background of the Case: Mideast Integrated Steels Ltd., the appellant in this case, filed its income tax return for the assessment year 2014-15, declaring a total income of Rs. 52,60,76,020 under normal provisions of the Income Tax Act. Subsequently, the assessment was completed by the Assistant Commissioner of Income Tax (AO) under Section 143(3) of the Act.
The crux of the matter revolves around the penalty proceedings initiated by the AO under Section 271(1)(c) of the Act, primarily concerning whether the appellant had concealed particulars of income or furnished inaccurate particulars of income.
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