Mere Rejection of quantum appeal not valid ground for imposition of penalty for concealment

 HIGH COURT OF BOMBAY Deloitte Consulting India (P.) Ltd. Versus Assistant Commissioner of Income-tax, Circle 2(2), Mumbai WRIT PETITION NO. 152 OF 2013 Date of Pronouncement – 30.01.2013 JUDGMENT Dr. D.Y. Chandrachud, J. The Petitioner has challenged in this petition a notice of demand dated 30 March 2012 issued by the Assessing Officer under Section 156 of the Income Tax Act, 1961 for assessment year 2004-05 demanding payment of an amount of Rs.2.05 crores and an order dated 2 January 2013 of the Commissioner of Income Tax-2, Mumbai rejecting an application for stay o...