TMI Blog2017 (3) TMI 1959X X X X Extracts X X X X X X X X Extracts X X X X ..... f hearing the revenue filed the letter dated 03.01.2017 in which it is specifically explained that the assessee did not file the appeal against the quantum before the CIT(A) and before the Hon'ble Income Tax Appellate Tribunal available on record. This letter has not been controverted by the representative of the assessee meaning thereby the facts of non furnishing the return u/s.139(1) of the Act was admitted and it is not in dispute that the assessee filed the return of income after service of the notice u/s.153A of the Act. CIT(A) has passed the order judiciously and correctly which is not required to be interfere with at this appellate stage. Therefore, we confirmed the order passed by the CIT(A) and dismissed the appeal of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs of income or furnished in accurate particulars of income which will rank for imposition of penalty under section 271(1)(c) of the Income Tax Act, 1961. b) In not considering the fact that the appellant frim had acted on and relied upon professional advice given to them to disclose the income of the entire project on completion method. c) In not considering the fact that the entire receipts were disclosed in the year the project was completed and there is no question of non disclosure of receipts in this year as the income of the current year was completed on the basis of adopting an estimated percentage on the work carried out during the year. d) In not considering that the addition to the income returned was on account of estim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... projects to the tune of Rs.18,69,58,138/- & Rs.14,98,51,611/- respectively. The Assessing Officer also initiated the penalty u/s.271(1)(c) of the Act on the fact that the assessee had filed return of income declaring income to the tune of Rs.54,42,961/- for A.Y.2007-08 after due date and that too after search action. Thereafter a show-cause notice was given after receiving the reply of the assessee the Assessing Officer levied the penalty to the tune of Rs.23,88,666/-. Feeling aggrieved the assessee has filed an appeal before the CIT(A) who confirmed the said order, therefore, the assessee has filed the present appeal before us. ISSUE NO.(a) to (d):- 4. All the issues are interconnected, therefore are being taken up together for adjudic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re the Hon'ble Income Tax Appellate Tribunal available on record. This letter has not been controverted by the representative of the assessee meaning thereby the facts of non furnishing the return u/s.139(1) of the Act was admitted and it is not in dispute that the assessee filed the return of income after service of the notice u/s.153A of the Act. 6. Since the quantum has not been challenged by the assessee and the factual position is not disputed, therefore, in the said circumstances we are of the view that the CIT(A) has passed the order dated 17.02.2014 judiciously and correctly which is not required to be interfere with at this appellate stage. Therefore, we confirmed the order passed by the CIT(A) and dismissed the appeal of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome of the entire project on completion method. c) In not considering the fact that the entire receipts were disclosed in the year the project was completed and there is no question of non disclosure of receipts in this year as the income of the current year was computed on the basis of adopting an estimated percentage on the work carried out during the year. d) In not considering that the addition to the income returned was on account of estimating a higher rate of profit and on account of disallowance of expenses under section 40A(3) of the Income Tax Act, 1961. Hence, the penalty levied of Rs.12,68,986/- may please be cancelled. 9. The brief facts of the case are that the assessee firm was formed on 11.11.2005. The assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es the assessee has challenged the penalty levied by the Assessing Officer to the tune of Rs.12,68,986/-. It is a matter of record that the assessee did not file its original return of income for the A.Y.2008-09 u/s.139(1) of the Act. A search and seizure action was taken u/s.132 of the Act Hicons and Pranay Group of cases on 24.02.2009 and on the basis of documents on record the income of the assesse was centralized on 02.12.2009, therefore notice u/s.153A of the Act was served upon the assessee on 04.01.2010. In response to the notice u/s.153A of the Act dated 04.01.2010 the return of income was filed by the assessee on 08.02.2010 declaring total income to the tune of Rs.20,85,540/-. 11. Thereafter, the notice u/s.153A of the Act was iss ..... X X X X Extracts X X X X X X X X Extracts X X X X
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