9911796707
TMI Blog2014 (5) TMI 698X X X X Extracts X X X X X X X X Extracts X X X X ..... has levied penalty u/s. 271(1)(c) of the Act which is against the facts and also against the provisions of the law – thus, there is no reason to interfere in the order of the CIT(A) – Decided against Revenue. - ITA No. 2320/Mum/2012 - - - Dated:- 12-5-2014 - Shri I. P. Bansal And Shri N. K. Billaiya, AM,JJ. For the Appellants : Shri Ravi Prakash For the Respondent : Shri Anuj Kisnadwala ORDER Per N. K. Billaiya, AM: This appeal by the revenue is directed against the order of the CIT(A)-40, Mumbai, dated 13.01.2012 pertaining to A.Y. 2007-08. The grievances of the revenue read as under: 1. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in deleting the penalty levied u/s. 271(1)(c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... try in seized papers (1073790 + 500000) (P-9) 1573970 Unverifiable expenses (P-10) 4488961 Total Additional income 7247208 Less Amount already offered in return of income filed 7000000 Net additional income to be taxed 247208 Subject to the above remarks, the total income of the assessee for this year is computed as under: I. Income from Business/Profession : Total income as per return filed u/s 153A Rs.85,99,887/- Add : Further additional income as discussed Rs. 2,47,208/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income at Rs.85,99,890/- which included the additional income declared u/s. 132(4) of Rs.70,00,000/-. The assessment has been completed u/s. 153A and 143(3) of the IT Act at Rs.88,47,100/- This clearly indicates that the assessment has been completed u/s. 153A taking into account the return filed u/s. 153A, in which addition of Rs.2,47,208/- only has been made. Therefore, the action of the ld. AO in levying a penalty u/s. 271(1)(c) by counting on the difference between the assessed income u/s. 153A and the returned income in the return u/s. 139(1) cannot be approved. There is addition of Rs.2,47,208/- only to the returned income u/s. 153A which is the relevant return for the assessment order in question. 4.4 Accordingly, it is held that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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