PCIT Vs Chetan Kumar Tekriwal (HUF) (Calcutta High Court)
In the case of PCIT vs. Chetan Kumar Tekriwal (HUF), the Calcutta High Court reviewed an appeal filed by the revenue challenging a Tribunal order from November 30, 2023, regarding the assessment year 2015-16. The issue was whether the Assessing Officer was correct in imposing a penalty under Section 271(1)(c) of the Income Tax Act. The court found that the Assessing Officer did not establish that the assessee’s claims were false during either the assessment or penalty proceedings. The Tribunal had earlier ruled, citing the Supreme Court decision in CIT vs. Reliance Petroproducts Private Limited, that since the assessee had fully disclosed all relevant particulars in their return, the penalty under Section 271(1)(c) was not applicable. Consequently, the Calcutta High Court upheld the Tribunal’s decision, dismissed the revenue’s appeal, and confirmed that the penalty provisions were not triggered in this case.
FULL TEXT OF THE JUDGMENT/ORDER OF CALCUTTA HIGH COURT
This appeal by the revenue, filed under section 260(A) of the Income Tax Act, 1971 (hereinafter referred to as “the Act”), is directed against the order dated 30.11.2023, passed by the Income Tax Appellate Tribunal, „A’ Bench, Kolkata, in ITA No./705/Kol/2022, for the assessment year 2015-16.
