2024 (12) TMI 566

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.... Mr. Rudram Trivedi for the learned Senior Standing Counsel Mr. Nikunt Raval for the respondents. 2. Rule returnable forthwith. Learned advocate Mr. Rudram Trivedi for the learned Senior Standing Counsel Mr. Nikunt Raval waives service of notice of rule on behalf of respondents. 3. By this petition under Article 226 of the Constitution of India, the petitioner has prayed to quash and set aside the order date 30.03.2022 passed under Section 271 (1) (c) of the Income Tax Act, 1961 (for short 'the Act') imposing penalty of Rs. 521,45,09,094/- which was 100% of tax sought to be evaded by the petitioner on the ground that the petitioner was not provided with any opportunity of hearing before passing the impugned order by the National Facel....

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....ter dated 24.02.2020 to keep the penalty proceedings in abeyance till the appeal preferred by the petitioner as well as respondent-revenue are disposed off by the Tribunal. 10. It appears that another show cause notice dated 12.03.2021 was issued for levy of penalty which was also replied by the petitioner on 19.03.2021 with a request to keep the penalty proceedings in abeyance till appeal is disposed off by the Tribunal. Thereafter, the notice dated 19.05.2021 was issued by the respondent which was also replied by the petitioner on 24.05.2021 to keep the penalty proceedings in abeyance till the appeal is disposed off by the Tribunal. The petitioner thereafter addressed letter dated 13.01.2022 to keep the penalty proceedings in abeyance ....

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....34,13,03,601/-. Hence, penalty u/s 271 (1)(c) of the I.T. Act for Rs. 521,45,09,094/- which is 100% of the tax sought to be evaded is hereby imposed. Amount of the penalty is calculated as under:- Particulars Amount (Rs.) Income in respect of which the assessee has furnished inaccurate particulars of income Rs. 1534,13,03,601/- Amount of tax sought to be evaded:- Tax amount @ 30% - Rs. 460,23,91,080/- Surcharge @ 10% - Rs. 46,02,39,108/- Rs. 521,45,09,094/- Education Cess @ 3% - Rs.15,18,78,906/-   Minimum penalty @ 100% of tax sought to be evaded Rs. 521,45,09,094/- Maximum penalty @ 300% of tax sought to be evaded Rs. 1564,35,27,282/- 3. The impugned order passed under Secti....

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....of hearing to the writ applicant. However, before doing so, we must hear the revenue. Issue Notice to the respondents for final disposal of this writ application, returnable on 2.8.2022. 6. Let there be an ad-interim order in terms of paragraph No.7(b). Direct service permitted." 14. When the matter is taken up for hearing today, learned advocate Mr. B.S. Soparkar for the petitioner submitted that the Tribunal has passed an order dated 09.10.2024 in the appeals preferred by the petitioner and the respondent-revenue challenging the order of CIT (Appeals). He has provided a copy of the said order. It was further submitted that the Tribunal has granted substantial relief to the petitioner by partly allowing the appeals filed by the....