2014 (1) TMI 1273

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....K. Sinha For the Respondent : Ms. Vasanti Patel ORDER Per Bench : These five appeals by different but connected assessees relate to assessment years 1996-1997 and 1997-1998. Since common issue is raised in these appeals, we are therefore, proceeding to dispose them off by this consolidated order for the sake of convenience. 2. Briefly stated the facts of M/s.Delta International in I....

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....arned CIT(A), however deleted the said addition. The Revenue has come up in appeal against such deletion. 3. After considering the rival submissions and perusing the relevant material on record, we find that the Tribunal in its earlier order directed the Assessing Officer to examine the nature of interest/discount incurred and its nexus with the carrying on of the business. From the assessment ....

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....nalty proceedings u/s 271(1)(c) are initiated for concealing the income and also furnishing inaccurate particulars of his income." 4. From the body of the assessment order it can be seen that the Assessing Officer simply repeated the assessment and first appellate authority's order without discussing anything new about the matter on which the Tribunal gave direction. He simply noticed that the ....

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.... producing complete books of account, details of finance charges paid with bifurcation of parties and rate of interest and a copy of assessment order passed by the A.O. for the preceding year in which similar deduction was allowed. The present assessment order was passed by the A.O. on 18.12.2006 after filing of the above referred documents by the assessee. It is surprising that the Assessing Offi....