2011 (2) TMI 434

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....f Rs. 36,50,410. The Assessing Officer made additions to the said income declared by the assessee on three counts, which are as under :   (i) The intercorporate dividend was not actually distributed and still deductions were sought of an amount of Rs. 23,54,742 under section 80M of the Income-tax Act, 1961 (hereinafter referred to as "the Act"). The Assessing Officer found that though the af....

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....otice to the assessee. After eliciting their reply and examining the matter, the Assessing Officer enforced penalty of Rs. 1,47,00,051 on all the aforesaid three counts. The Commissioner of Income-tax (Appeals) upheld this penalty, however, in further appeal preferred by the assessee, the Income-tax Appellate Tribunal (hereinafter referred to as "the Tribunal") vide the impugned order dated Octobe....

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....ly in the quantum proceedings the Commissioner of Income-tax (Appeals) had deleted the additions, even when the Tribunal reversed the order of the Commissioner of Income-tax (Appeals) and this court also dismissed the appeal of the assessee, the Supreme Court has remitted the case back to this court and the issue stands admitted. Once the appeal, i.e., I. T. A. No. 612 of 2004 preferred by the ass....