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Penalty u/s. 271(1)(c) justified since plausible explanation not provided for suppressed net profit
Case Law Details
- Case Name
- Rukmani Engineering Works Vs DCIT (ITAT Raipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Raipur
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Rukmani Engineering Works Vs DCIT (ITAT Raipur)
ITAT Raipur held that penalty under section 271(1)(c) of the Income Tax Act justifiable since no plausible explanation provided for amount of understated/ suppressed net profit. Accordingly, appeal dismissed and penalty upheld.
Facts- The assessee firm which is engaged in the business of execution of works contracts. The case of the assessee firm was selected for scrutiny assessment u/s. 143(2) of the Act. Thereafter, assessment was framed by the A.O vide his order passed u/s.144 (sic), dated 31.12.2010, wherein the income of the assessee firm wa...
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