9911796707
TMI Blog2021 (2) TMI 636X X X X Extracts X X X X X X X X Extracts X X X X ..... against the order dated 18.06.2018 passed by the Commissioner of Income Tax (Appeals)-37, Mumbai [hereinafter referred to as the "CIT(A)"] relevant to the A.Y. 2011-12 wherein the penalty levied by the AO has been ordered to be confirmed. 2. The assessee has raised the following grounds:- "1. That the Ld. CIT(A) confirmed the penalty 271(1)(c) of the Act Rs. 30,00,000/- is quite illegal. 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany viz M/s. Moira Steel Ltd. at 103, Laxmi Tower, 576, M.G. Road, Indore. A survey action u/s. 133A was carried out at the business premises of M/s. Moira Steels Ltd. During the course of survey, a statement of Shri Vimal Todi, Director of M/s. Moira Steel Ltd. was recorded in which he admitted that the assessee has made the payment to the tune of Rs. 33,42,455/- to M/s. Moira Steel Ltd., in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as gone through the case filed carefully. It is apparent on record that the assessment of the assessee was completed u/s. 144 of the Act rejecting the books of accounts and subsequently the net profit of the assessee was assessed @ 1% of the turnover declared. The net profit was determined at Rs. 77,53,444/-. The assessment was completed by estimating the profit. No penalty is leviable where the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
