PCIT Vs Golden Peace Hotels And Resorts Pvt. Ltd. (Supreme Court of India)
Summary: The supplied material records a Supreme Court order in which the Supreme Court declined to interfere and dismissed the Special Leave Petition. The same supplied material also contains the underlying Bombay High Court judgment concerning the deletion of penalty levied under Section 271(1)(c) of the Income Tax Act, 1961.
Before the Bombay High Court, the Revenue sought admission of its appeal on the question whether the Tribunal was correct in deleting the penalty under Section 271(1)(c). The Revenue submitted that the revised returns showed disclosures made piecemeal and relied upon Mak Data (P.) Ltd. v. Commissioner of Income Tax, contending that such disclosure did not relieve the assessee from penalty. The Revenue also relied upon references in the assessment order to concealment and/or inaccurate particulars.
Read Bombay HC Judgment in this case: Bombay High Court Dismisses Revenue Appeal on Defective Penalty Notice
The assessee, on the other hand, submitted that there was no finding of concealment or furnishing of inaccurate particulars. It further pointed out that the notice dated 30/09/2016 had been issued in printed form without striking off the inapplicable portion identifying whether the penalty proceedings concerned concealment of particulars or furnishing of inaccurate particulars. Reliance was placed on Commissioner of Income Tax-11 v. Shri Samson Perinchery and Principal Commissioner of Income Tax v. New Era Sova Mine.
