2013 (7) TMI 1230

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....dent : Shri MK Sinha, Counsel. JUDGEMENT 1. This is a tax appeal against the order dated 14.07.2010 of Income Tax Appellate Tribunal, Bilaspur Bench, Camp at Raipur (the Tribunal) in respect of the assessment year (AY) 2006-07. THE FACTS 2. M/s Agrawal Round Rolling Mills Limited (the Assessee) is a company manufacturing iron and steel re-rolled products. 3. In the AY 2006-07, the Assessee f....

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....ate any penalty proceedings. 6. The Assessing Officer (the AO) passed an order under section 143(3) of the Act on 31.12.2008 adding the surrendered amount of ₹ 61,00,000/- under section 68 of the Act and also ordered for initiation of the penalty proceedings. 7. The AO imposed penalty of ₹ 30,79,900/- being the 150% of the tax sought to be evaded by the Appellant by order dated 29.06....