THE COMMISSIONER OF INCOME TAX, C.R. BUILDING, I.S.PRESS ROAD, KOCHI Vs. M/S. KEERTHI AGRO MILLS (P) LTD., MATTOOR KALADY, ERNAKULAM

JUDGEMENT

(1.) Introduction:

(2.) The assessee, a private limited company, runs a rice mill. It filed its 'return' on 25.09.2010 disclosing an income of Rs. 47,85,240. After processing the return under section 143(1) of the Income Tax Act ("the IT Act"), the Assessing Officer picked it up for scrutiny. On 29.08.2011, he issued notice under section 143(2), heard the assessee, and computed the taxable income. This exercise resulted in penalty proceedings under section 271(1)(c) of the IT Act against the assessee, the tax demanded being Rs. 9,87,61,270/-.

(3.) Aggrieved, the assessee filed an appeal, ITA No.40/R/CIT(A)-11/2013-14 before the Commissioner of Income Tax (Appeals)-II, Kochi. The Appellate Authority answered thus: <FRM>JUDGEMENT_252_LAWS(KER)10_2017_1.html</FRM>