PR COMMISSIONER OF INCOME TAX-2, CHANDIGARH Vs. INTERNATIONAL INSTITUTE OF NEURO SCIENCES AND ONCOLOGY LIMITED

JUDGEMENT

(1.) This order shall dispose of ITA No.102 and 105 of 2016 as according to the learned counsel for the parties, both the appeals are against the common order dated 12.10.2015, Annexure A.4, passed by the Tribunal in cross appeals filed by the assessee and the revenue. The facts are being extracted from ITA No.102 of 2016.

(2.) Ita No.102 of 2016 has been preferred by the revenue under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 12.10.2015, Annexure A.4, passed by the Income Tax Appellate Tribunal, Chandigarh Bench, Chandigarh (in short, "the Tribunal"), in ITA No.1242/Chd/2012 for the assessment year 2005-06, claiming following substantial questions of law:-

(3.) A few facts relevant for the decision of the controversy involved as narrated in ITA No.102 of 2016 may be noticed. Assessment was completed under section 143(3) of the Act on 24.12.2007 at an income of Rs. 2,38,00,717/- by making various additions. Subsequently, the Assessing Officer levied the penalty under section 271(1)(c) of the Act of Rs. 70,00,000/- vide order dated 28.3.2011 on the following additions:-