2016 (10) TMI 499

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....DER ( Per : Honourable Mr. Justice Akil Kureshi ) 1. Leave to place correct annexures on record. 2. Revenue is in appeal against the judgement of the Income Tax Appellate Tribunal dated 9.6.2015 raising the following questions for our consideration : "(A) Whether the Hon'ble ITAT has erred in law and on facts in deleting the penalty of Rs. 77,25,000/levied u/s. 271(1)(c) of t....

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.... that the 'search' is dated 06012011 i.e. within the relevant accounting period. And the assessee's returns has come on 1392011. The same stands accepted in the assessment framed therein. In these facts we quote latest decision of Hon'ble jurisdictional High Court in Kirit Dayabhai Patel v ACIT case Tax appeal no.1181 of 2010 with 1182 of 2010 to 1185 of 2010 decided on 3122014 hol....

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....er section 132 of the Act in group cases of Savalia group, one of them being at the residential premises of Shri Paresh Gajera during which it appears that some incriminating materials regarding the business activity of the assessee was found. 5. For the assessment year 20112012, the assessee had filed return of income declaring total income of Rs. 2.74 crores. The Assessing Officer while accep....