2013 (7) TMI 1230

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....aria, Counsel. For the Respondent : 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....

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....surrendered with a request not to initiate 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 Rs. 61,00,000/- under section 68 of the Act and also ordered for initiation of the penalty proceedings. 7. The AO imposed penalty of Rs. 30,79,900/- being the 150% of the tax sought to be evaded by....