SANJAY GUPTA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) ITA No.765/2010 is an appeal filed by one Sanjay Gupta (the assessee) under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as 'Act') challenging the order dated 30.04.2009 passed by the Income Tax Appellate Tribunal (hereinafter referred to as 'Tribunal') in I.T.(SS) No.174/D/2006 whereby the Tribunal has upheld the assessment of an amount of Rs. 1,14,54,077/- as undisclosed income of the petitioner, for the block period-01.04.1996 to 21.03.2003, in proceedings initiated under Section 158BC of the Act. ITA No.321/2012 is an appeal filed by the Commissioner of Income Tax (Revenue) under Section 260A of the Act challenging the order dated 23.12.2010 passed by the Tribunal whereby the Tribunal has reduced the penalty imposed under Section 158BFA(2) of the Act from Rs. 15,46,068/- to Rs. 1,28,568/-. Since the substratal controversy in the two appeals relates to the proceedings under Chapter XIV-B of the Act, the same have been taken up together.

(2.) Brief stated, the relevant facts pertaining to ITA No.765/2010 are as follows:-

(3.) ITA No.321/2012 is filed by the revenue impugning the decision of the Tribunal to reduce the penalty imposed by 158BFA(2) of the Act. The brief facts relevant to the said appeal are as follows:-