9911796707
TMI Blog2020 (9) TMI 537X X X X Extracts X X X X X X X X Extracts X X X X ..... tuation prevailing in the country. None has appeared on behalf of the assessee however, an adjournment application was received by the Registry through email where the A/R of the assessee has sought adjournment in the matter stating that the assessee is contemplating to opt for Vivad Se Vishwas Scheme. Given that nothing has been placed on record in terms of any specific time by when the assessee will move its petition under the VIVAD SE VISHWAS SCHEME and the fact that the appeal was filed way back in June, 2017 which was dismissed vide order dated 02.06.2017 and thereafter, recalled vide order dated 10.11.2017 and since then, the hearing in the matter has been adjourned from time to time, we find that no useful purpose would be served in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... andini" dairy. Thus, it is a fit case for imposing penalty u/s 271(1)(c) of the I.T. Act. Therefore, I hereby imposed penalty u/s 271(1)(c) of Rs. 12,94,565/- @ 100% of the tax sought to be evaded." 4. Being aggrieved, the assessee carried the matter in appeal before the ld. CIT(A) and has submitted that the Assessing Officer has levied the penalty pursuant to the order passed by the ld. CIT(A), however, subsequently, the assessee carried the matter in appeal before the Tribunal in ITA No. 262/JP/2019 and 492/JP/2019 which has been disposed off vide order dated 18.02.2016 and the effect of the order so passed by the Tribunal has not been given effect to by the AO while passing the penalty order. It was submitted that pursuant to Tribunal o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aged in the business of trading of chana dal, chana churi and chana chhilka during the year under consideration. 2. That a survey u/s 132A of the Act was conducted at the business premises of the assessee firm on 05-03-1999. 3. That during the course of survey proceeding it was found that the assessee firm was taking loans which were not recorded in the regular books of accounts. 4. That during the course of survey operation a Geeta Dayanandani Diary was found containing details loans creditors and debtors for the period 01-01-1998 to 31-12-1998 and such details are not recorded in the regular books of accounts. 5. That in the final assessment made for the year under consideration i.e. 1999-2000 after giving the appeal effect, the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Dilip N. Shroff Vs. Joint Commissioner of Income Tax, Mumbai & Anr. [2007(6) SCC 329] 2007-TIOL-96-SC-IT, and K.C. Builders & Anr vs The Assistant Commissioner of income tax. It is my considered view that the AO is justified in holding that the above mentioned income is sought to be evaded and therefore penalty u/s 271(1)(c) of the Act is leviable for furnishing of inaccurate particulars of income. Accordingly, the appellant's appeal on this issue is dismissed." 6. We therefore find that the various contentions advanced by the assessee as we have noted in para 4 supra have not been adequately dealt with by the ld CIT(A) while disposing off the assessee's appeal. Where the assessee has carried the matter in appeal before the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
