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SURYA PRAKASH KESARWANI, RAJARSHI BHARADWAJ
Principal Commissioner Of Income Tax-1, Kolkata – Appellant
Versus
Thakur Prasad Sao & Sons. Pvt. Ltd. – Respondent
| Table of Content |
|---|
| 1. court's analysis of the penalty proceedings. (Para 1 , 16 , 18 , 21 , 25 , 28 , 36) |
| 2. facts of the case regarding penalty. (Para 2 , 4 , 5 , 10) |
| 3. arguments presented by both parties. (Para 6 , 13 , 14) |
| 4. submissions made during penalty proceedings and assessing officer's considerations. (Para 7) |
| 5. assessment orders and reasoning for penalty. (Para 8 , 9) |
| 6. decision by the tribunal and its implications. (Para 12) |
| 7. legal principles regarding concealment and penalties. (Para 20 , 24 , 29) |
| 8. final conclusion of the court's ruling. (Para 39 , 40) |
JUDGMENT :
1. Heard Smt. Smita Das De, learned senior standing counsel for the appellant/revenue and Mr. Abhratosh Majumder, learned senior advocate assisted by Mr. AvraMazumder, learned counsel for the respondent/assessee.
2. The present appeal relates to penalty under section 271(1)(c) of the INCOME TAX ACT , 1961 (hereinafter referred to as the said ‘Act, 1961’) relating to assessment years 2006-07 and 2007-08.
3. This appeal was admitted by this Court by order dated 14th May, 2018 on the following substantial question of law :
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