Income Tax Appellate Tribunal Itat Nagpur Court February 2006 Judgments Home Cases Income Tax Appellate Tribunal Itat Nagpur 2006 Page 1 of about 1 results (0.022 seconds)

Sonu Liquor Traders Vs. the Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (2006)100ITD455(Nag.)

1. This appeal by the assessee is for the assessment year 1996-97. The assessee is aggrieved by the order of the Id. CIT(A) confirming the penalty imposed under Section 271(1)(c) of the Income tax Act, 1961 which according to the assessee is erroneous and liable to be cancelled. The assessee filed a return of income declaring income at Rs. 8,85,440/- on 24.12.1996. The assessee has taken contract for sale of liquor and was having two shops, i.e. Camp-I and Camp-II, Bhilai. The assessee has shown sale of country liquor of Masala variety at the rate of Rs. 86/- per litre and plain variety at the rate of Rs. 72/- per litre though-out the year. On verification of the figures shown by the assessee, a letter was written to the District Excise Officer, Durg for finding out the actual selling rate in the year under consideration. He informed the rates as under:Masala Rs. 73/- Rs. 49/- Rs. 25/-Plain Rs. 61/- Rs. 41/- Rs. 21/- Since there was a difference between the prices shown by the assesse...