CROSSINGS INFRASTRUCTURE PVT LTD Vs. COMMISSIONEROF INCOME TAX

JUDGEMENT

(1.) Heard Sri Ravi Kant, learned Senior Advocate, assisted by Sri S.P. Nigam, learned counsel for petitioner; and learned Standing Counsel and Sri Shambhoo Chopra, learned counsel for respondents.

(2.) This writ petition is directed against the order dated 29.6.2011 passed by Assistant Commissioner, Income Tax, Central Circle, Meerut (hereinafter referred to as "ACIT"), i.e., respondent no. 2, under Section 271 of Income Tax Act, 1961 (hereinafter referred to as "Act, 1961") imposing a penalty of Rs. 1,46,69,958.40 upon petitioner and the revisional order dated 28.3.2013 passed by Commissioner of Income Tax (Central), Tilak Nagar, Kanpur Nagar (hereinafter referred to as "CIT"), i.e., respondent no. 1 dismissing petitioner's revision and confirming ACIT's order dated 29.6.2011.

(3.) The facts in brief giving rise to dispute in the present writ petition are as under.