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Penalty u/s 271(1)(c) Premature When Quantum Appeal Pending: ITAT Remands Matter to AO
Case Law Details
- Case Name
- Sugrabahen Umer Bhorania Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Mumbai
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Sugrabahen Umer Bhorania Vs ITO (ITAT Mumbai)
Penalty u/s 271(1)(c) Premature When Quantum Appeal Pending: Mumbai ITAT Remands Matter to AO
Tribunal dealt with Assessee’s appeal against penalty of ₹45,10,345/- levied u/s 271(1)(c). Assessment was reopened u/s 147 r.w.s. 144 after Assessee did not file return or respond to notices issued pursuant to 148A(b). AO treated ₹68,16,000/- as Short Term Capital Gain by taking cost of acquisition at NIL & made a further addition of ₹68,00,000/- as income from other sources based on TDS credit mismatch. Assessee had already f...
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