2013 (12) TMI 1005

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.... this appeal, the assessee-appellant has challenged correctness of learned Commissioner of Income Tax (Appeals)'s order dated 16th March, 2012, in the matter of penalty under section 271B of the Income Tax Act, 1961, for the assessment year 2006-07, on the following grounds: -    (1) The ld. CIT(A) erred in confirming the penalty u/s. 271B imposed on appellant without considering the ....

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....uments of ld. D.R., material on record and binding judicial precedence on the issue. 3. The short issue in this appeal is whether or not penalty under sect ion 44AB will also be attracted in the case in which the professional income of the assessee received from partnership firm of Chartered Accountants is taxable under the head "income from business or profession". In the relevant previous yea....

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....e Assessing Officer rejected this plea of the assessee on the basis of a decision of this Tribunal in the case of Amal Ganguly (ITA No.2135/Kol./2008, Assessment Year 2003-04) vide order dated 20.02.2009. The Assessing Officer was of the view that since the plea raised by the assessee is not acceptable to the jurisdictional Tribunal, the same cannot be accepted by him. Respectfully following the v....