Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
The assessee is a private limited company. During the year, it was engaged in the business of import, export, trade and otherwise deal in food, canned and tinned processed foods and foodstuffs and consumable provisions for human or animal consumption. The assessee was also engaged in the manufacturing operations, however, the same is stopped in the year 2000.
The return of income was filed declaring loss of Rs.4,32,89,050/- and the assessment was completed at a loss of Rs.2,02,34,254/- u/s 143(3) of the Income-tax Act, 1961 on 27.02,.2006. the penalty was initiated on the disallowance of depreciation of Rs.37,95,956/- claimed on plant and machinery. The penalty was levied of Rs.13,95,014/- being 100% of the tax to be evaded by order dated 31.03.2008
Citation :
DCIT, Circle 11 (1), New Delhi.(APPELLANT) Vs. M/s. Speciality Food India (P) Ltd., (Formerly known as Purnia Pet Care India Ltd.),M – 5A, Connaught Place, New Delhi.(PAN: AAACE2226P) (RESPONDENT)
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