2008 (1) TMI 909

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.... this appeal against the order of the Commissioner of Income-tax (Appeals)-VI, Bangalore ["CIT(A)" for short] dated 24.04.2006 by which she has confirmed the order the Assessing Officer imposing penalty of Rs. 54,706 levied u/s. 271(1)(c) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"). 2. The ld. counsel for the assessee, Mr. Srinivasan, contended that the business of the as....

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....rly stated that it was under impression that section 80-IA is applicable to it. 3. The ld. Dr, however, relied on the orders of the Assessing Officer and further added that it is a case of construction and no manufacture was involved. The assessee therefore wrongly claimed and therefore to that extent there was concealment of income. 4. The rival contentions in regard to the above have been ....