2012 (7) TMI 422

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....ation to the provisions of section 250(6) without stating the order disposing shall be in writing and shall state the points for determination, the decision thereon and the reason for the decision whereas the prayer for adjournment by Counsel personally and adjournment letter dated 5.1.2012 by Speed Post No.ED4363171341N stands overlooked and ignored. 2. Because the action is being challenged on facts and law upholding the levy of penalty u/s 271(1)( c) by on the ground of case selected for security the levy is in mandatory without examining the question raised whereas the levy is unsustainable in accordance with the CBDT Circular No.2 of 2006 dated 17.1.2006. 3. Because the action is under challenge on facts and law since the impugne....

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....ent Act, 2005 w.e.f. 1.4.1998 in view of the fact that matter was pending before various Courts. 2. With respect to interest earned income to verify if any expenditure was incurred for earning interest. 3. The Assessing Officer then vide order dated 12.11.2009 recomputed the taxable income of the assessee at the same figure of Rs.17,54,140/- as was computed vide original order dated 27.1.2006. 4. Simultaneously penalty u/s 271(1)( c) of the Act was initiated for concealing and furnishing inaccurate particulars of income. Show cause notice was issued on 28.4.2010 asking the assessee to explain as to why an order imposing a penalty should not be passed. In response thereto, the assessee filed reply only on 7.5.2010. However, the Asse....