2017 (5) TMI 1589

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....rs. Parinitoo Jain JUDGMENT 1. By way of this appeal, the appellant has challenged the judgment and order of the Tribunal, whereby the Tribunal has dismissed the appeal filed by the assessee. 2. While admitting the appeal, the court framed the following question of law:- "(1) Whether in the facts and circumstances of the case the order passed by the ld. Tribunal upholding the order ....

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....should be allowed as deduction from sale proceeds of mining rights in the assessment year 2009-10. In case the AO comes to conclusion that in case the capital expenses amounting to Rs. 1,73,53,860/- included in the cost of mining rights i.e. not-tangible assets then such cost may be considered to be deduced against the sale of mining rights in the assessment year 2009-10." 4. However, the Tribu....

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.... also held by the Hon'ble Delhi High Court in the case of Cit vs. Zoom Communication Pvt. Ltd. (2010) 327 ITR 510. The assessee offered the explanation but was nopt bonafide and found false. We have considered view that the appeallant has furnished inaccurate particulars of income and concealed the income. The case law relied by the assessee are on mens rea or intention to conceal the particulars ....

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....pressed by the Hon'ble Punjab & Haryana High Court in the case of CIT vs. Shyamraj Singh (2014) 367 ITR 74 (P&H). The satisfaction for initiation of penalty is coupled with the findings of the assessment order would show that satisfaction existed in the course of assessment itself and deemed to constitute satisfaction. The Hon'ble Supreme Court in the case of Union of India vs. Dharmendra Testile ....