2012 (5) TMI 730

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.... D.K.Tyagi, Judicial Member This is an assessee's appeal directed against the order of ld. CIT (A)- VIII, Ahmedabad, dated 15.09.2011 for assessment year 2007-08. 2. The assessee is aggrieved by the order of ld. CIT(A), confirming the order of A.O., imposing penalty under Section 271(1)(b) of the Act. At the time of hearing, the application for adjournment was received on behalf of the asses....

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....mply with the notices issued u/s 143(2)/142(1) of the act by not furnishing requisite information/documents/clarification etc., as per ratio laid down in the case of Gujarat Travancore Agency vs. CIT (1989) 177 ITR 455. Hence, penalty of Rs. 50,000/-(Rs.10,000/- for each default as discussed above) is hereby levied u/s. 271(1)(b) of the Act." 3. This action of the Assessing Officer was co....

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....90/- excluding direct income of Rs. 639611/- in comparison to preceding year sale of Rs. 23097648/-. 4. With the above remarks and on the basis of details available with the return, besides, details submitted in response to notice u/s 142 (1) of the act, the total income of the assessee company is computed as under:- Total income as per statement of income Rs. 299050/- Total Asse....