Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1999)68ITD560(Kol.)
1. In these two appeals filed by the assessee, penalty levied under s.271B of the IT Act, 1961, was challenged on several grounds : (a) that the penalty proceedings having not been initiated during the course of assessment proceedings, the proceedings initiated at a subsequent date are bad in law; (b) that in the assessment order for the asst. yr.1987-88, the AO having mentioned about the initiation of penalty proceedings under s. 271(1)(a) and 273 of the Act, the non-mention of the initiation of proceedings under s. 271B indicates exercise of mind of the AO in that regard and thus at a subsequent date, AO cannot change his opinion; (c) that the assessee explained before the AO as well as the CIT(A) that the delay in obtaining the audit report was due to sickness of the auditor though the books were presented to the auditor in time and neither the AO nor the CIT(A) has called for any evidence with regard to the sickness of the auditor; and (b) that the failure to obtain the audit repo...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1999)68ITD240(Kol.)
1. As both these appeals are interrelated and involve common points, so we are disposing them of by this common order for the sake of convenience.2. ITA No. 1650(Cal) of 1996 is an appeal by the assessee for the asst.yr. 1992-93 and is directed against the order of CIT(A), Central-I, Calcutta, dt. 18th March, 1996. ITA No. 1755 (Cal) of 1996 is an appeal by the Department for the same assessment year and against the same impugned order of the learned CIT(A).3. The facts, relevant for the disposal of these appeals, are that the assessee-company was formerly known as Straw Products Ltd. (in short, SPL). The assessee changed its former name to the present name being M/s. J. K. Corporation Ltd. w.e.f. 17th June, 1994. The assessee filed its return of income for asst. yr. 1992-93 on 31st December, 1992, declaring total income of Rs. 23.58 crores with the claim of carried forward unabsorbed investment allowance of Rs. 2,72 crores pertaining to earlier years. Notice under s. 143(2) dt. 26th ...
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