2022 (6) TMI 1513

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... on which the impugned penalty has been levied has been deleted in the appellate proceedings and, therefore, the penalty on such addition does not survive. Before us, no material has been placed by the Revenue to point-out any fallacy in the findings of the Ld. CIT(A) nor has Revenue placed any material to demonstrate that the addition on which the impugned penalty has been levied has been upheld b .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rder dated 29.12.2011 and the total income was determined at Rs. 4,00,78,580/- by inter alia making addition on account of suppressed gross profits of Rs. 2,59,27,998/- and disallowance under section 40(a)(ia) amounting to Rs. 98,21,762/-. On the aforesaid disallowances/additions made by the A.O, he vide order dated 27.03.2015 levied penalty of Rs. 1,22,02,328/- under section 271(1)(c) of the I.T. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 2,328/- levied by the A.O. under section 271(1)(c) of the I.T. Act, 1961 for concealment of income. 4. On the date of hearing, none appeared on behalf of the assessee despite notice of hearing that was issued. We, therefore, proceed to dispose of the appeal ex-parte qua the assessee, after hearing the Ld. D.R. 5. Before us, the Ld. D.R. supported the order of A.O. 6. We have heard the Ld. D.R. and .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X