2013 (3) TMI 556

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....is directed against the order dated 11.12.2009 passed by the ld. CIT(A) for the Assessment Year 1996-97. 2. Briefly stated facts of the case are that the assessee company is in the business of transport and operating retail shops, in Five Star Hotels of the Taj Group and manufacture and export of leather garments. The return was fi led showing an income of Rs.2,97,52,920/-. During the course of a....

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....me of the assessee. The AO after making some other disallowances completed the assessment at an income of Rs.3,04,56,780/- vide order dated 28.1.1999 passed u/s 143(3) of the Income Tax Act, 1961 (in short the Act).   3. On appeal before the ld. CIT(A), the ld.CIT(A) restricted the disallowance of interest to Rs. 10,30,966/-. On further appeal by the Revenue to the Tribunal, the Tribunal dis....

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....deduction was found to be none-genuine and accordingly, the AO imposed the penalty of Rs.12,37,158/- on the amount of disallowance of interest of Rs.10,30,966/- vide order dated 17.5.2007 passed under section 271(1)(c) of the Act. On appeal, the ld. CIT(A) while agreeing with the views of the AO, however, reduced the impugned penalty to 100% of tax sought to be evaded i .e., the penalty was reduce....

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....nd, the ld. DR supports the order of the AO and the ld. CIT(A). 7. We have carefully considered the submissions of the rival parties and perused the material available on record. We find that the facts are not in dispute inasmuch as it is also not dispute that on the similar facts and circumstances of the case the Tribunal in assessee's own case (supra) while observing that the decision in the ca....