DCIT Vs. A.T. INVOFIN INDIA P. LTD.

JUDGEMENT

(1.) THIS appeal, at the instance of the Department, is directed against the CIT(A)'s order dated 01.02.2013, pertaining to Block Period 01.04.1989 to 13.01.2000.

(2.) THE solitary issue that arises for our consideration is whether the CIT(A) is justified in cancelling the levy of penalty imposed u/s 158BFA(2) of the I.T. Act, amounting to Rs. 5,72,226/ -.

(3.) WHEN the assessment order treated the capital gain as the undisclosed income was confirmed by the Hon'ble High Court, the Assessing Officer levied the penalty u/s 158BFA of the Act amounting to Rs. 5,72,226/ -.