2016 (2) TMI 272

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....ndoned. 3. The brief facts noticed for disposal of the said appeal are that the appellant-assessee submitted a return declaring income of Rs. 2,15,330/- and thereafter on examination of books of account it was noticed that the assessee has shown sundry creditors of Rs. 4,76,537/- in the name of Dee Jay Steels, New Delhi, and on a further enquiry from the said creditor u/sec. 133(6) it transpired that notice which was sent by the Assessing Officer to the address given by the appellant of the said creditor, returned undelivered by the postal authorities. The AO again desired the assessee to file complete address of the party as also the confirmation and other material to substantiate the entry shown in the name of said creditor. On further e....

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....ct and that came to be dismissed and against that order a separate appeal was filed before the learned Tribunal which is still subjudice and pending consideration, and on prayer of the counsel for the appellant accordingly the said appeal was dismissed with liberty, if so advised, to file appeal after being aware of the outcome of pending appeal before the learned Tribunal. The Tribunal vide order dated 18.7.2014 in M.A. No.1/JP/2013 arising out of ITA No.1069/JP/2010, dismissed the miscellaneous application. 5. Learned counsel for the appellant contended that the surrender was made by the assessee subject to avoid further litigation and to have mental peace, that is to say that the AO ought not to have issued penalty notice u/sec. 271(1)(....