2011 (8) TMI 1237

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....peal by the assessee is directed against the order of the Commissioner of Income-tax (Appeals)-II, Pune dated 28.01.2010 which, in turn, has arisen from penalty order passed by the Assessing Officer under sect ion 271A of the Income-tax Act , 1961 (in short "the Act"), pertaining to the assessment year 2006-07. 2. The assessee is an individual carrying on the business of marketing machine tools a....

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....ns of his income based on the rough records maintained by him as well as the entries appearing in the bank passbook and accordingly, the Assessing Officer determined the net income from business at ₹ 37,25,096/- and a net taxable income of ₹ 39,24,680/-, as against business income of ₹ 1,94,861/- and net taxable income of ₹ 3,94,441/- declared in the return. Subsequently, t....