2011 (9) TMI 1030

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.... O R D E R Per G.C.Gupta, Vice President: This appeal by the Revenue for the assessment year 2004-05 is directed against the order of the Commissioner of Income-tax(Appeals). 2. The only issue in this appeal is regarding validity of penalty imposed under S.271(1)(c) of the Act. 3. The Learned Departmental Representative has relied on the order of the assessing officer. He submitted that the ....

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....rdingly filed the revised return disclosing the turnover omitted to be included in the original return and offered 1% of such turnover as income. However, the assessing officer has included the entire additional turnover as income of the assessee and the order of the assessing officer was confirmed in appeal, against which the assessee has filed appeal before the Hon'ble A.P. High Court. 5. We ha....

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....urnover disclosed by the assessee in the revised return filed by it. The case of the assessee before the assessing officer was that profit element on the additional turnover was only 1%, whereas the assessing officer held that the entire additional turnover disclosed by the assessee was liable to be taxed as income in the hands of the assessee. We find that it is now well settled that the assessme....