2010 (9) TMI 1176

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.... Sahota, Sr. DR ORDER A. D. Jain (Judicial Member) This is assessee's appeal for the assessment year 1999-2000. This appeal has been filed against the order dated 15.9.2004 passed by the learned CIT(A), confirming the concealment penalty levied on the following four items:-   Rs. 1. Disallowance of shifting expenses 9,73,069/- 2. Disallowance of legal and professional ....

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....wn our attention to pages 33 to 35 of the assessee's paper book, which comprise a copy of the assessment order dated 15.3.2002. The learned counsel for the assessee has sought to place reliance on 'Ms. Madhushree Gupta & Another v. Union of India & Another' 317 ITR 307(Del). 4. On the other hand, on this issue, the ld. DR has contended that penalty proceedings were initiated as per assessment o....

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....particulars or furnishing of inaccurate particulars of an assessee's income. In 'Ms. Madhushree Gupta & Another v. Union of India & Another'(supra), it has been held that the provisions of section 271(1)(c) of the Act introduced a deeming fiction with retrospective effect that a direction in the assessment order to initiate penalty proceedings is to be deemed as a satisfaction of the AO; that howe....