Income Tax Appellate Tribunal Itat Jaipur Court January 2003 Judgments Home Cases Income Tax Appellate Tribunal Itat Jaipur 2003 Page 1 of about 1 results (0.021 seconds)

Subhash Gupta (individual) Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2003)78TTJ(JP.)692

1. This appeal is preferred by the assessee against the order passed by the CIT(A), dt. 30th March, 2001, confirming the penalty, imposed by the AO under Section 271(1)(c) of the IT Act amounting to Rs. 14,45,240. "1. On the facts and in the circumstances of the case the learned CIT(A) erred in confirming the penalty levied by the learned AO under Section 271(1)(c) amounting to Rs. 14,45,240. 2. That the learned CIT(A) further erred in holding that the assessee furnished inaccurate particulars of income and concealed income to the extent of excessive loss claimed. 3. That the learned CIT(A) further erred in not properly appreciating the fact that the assessee agreed to surrender the loss on the assurance given by the learned AO and consequently the penalty proceedings were not attracted in case of the assessee." 3. The brief facts of the case are that the assessee derives income from export of garments in the status of individual. The return of income was filed on 29th Oct., 1997, alo...