2014 (9) TMI 790

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.... pertains to assessment year 2006- 07, impugns the order dated 10th January, 2014, passed by the Income Tax Appellate Tribunal upholding deletion of penalty for concealment under Section 271(1)(c) of the Income Tax Act, 1961 (Act, for short). 2. The respondent-assessee, a company, had filed their return of income on 27th November, 2006, declaring loss of Rs. 43,08,317/-. In the assessment order....

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....essee had submitted letter dated 24th February, 2011, that proceedings be kept in abeyance as the quantum appeal was pending before the Tribunal, but this was not acceptable. Accordingly, penalty of Rs. 14,50,180/- was imposed, being 100 per cent of the tax sought to be evaded. 4. It is stated by the Senior Standing Counsel that the order passed by the Assessing Officer stands affirmed and the ....

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....for development of land and had undertaken actual development work. Revenue from sales was also realised. The appellate authorities including Tribunal have stated and averred that copy of title deeds of land, land development agreements, development license and monthly MIS report on the progress of the projects were on record. The respondent-assessee was following mercantile system of accounting a....