2011 (1) TMI 1487

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....estioned first appellate order whereby the Ld. CIT(A) has upheld the penalty levied by the A.O u/s. 271(1)(c) of the Act at Rs. 4,04,232/-. 2. Parties have been heard and arguments advanced by them have been considered in view of the orders of the authorities below and the decisions relied upon. 3. The relevant facts in brief are that the A.O levied penalty u/s. 271(1)(c ) of the Act at Rs. ....

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....Ld. A.R. reiterated the same submissions reproduced by the Ld CIT(A) in para No. 4 of the first appellate order. He submitted further that at page No. 55 to 57 of the Paper Book filed on behalf of the assessee, the assessee has made available the affidavit of his tax auditor acknowledging his mistake in preparing the final accounts and statement of computation of return of the assessee for the A.Y....

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....02/2010 (ITAT, Pune) g) Karjatkar Leasing & Finance Ltd., ITA Nos. 1228 to 1232/PN/2006, A.Y. 1999-00 to 2003-04, order dt. 31st July 2008 (ITAT, Pune) 5. The Ld. D.R. on the other hand tried to justify the orders of the authorities below on the basis that the mistake explained by the assessee cannot be accepted as bonafide since for the Revenue, assessee and his counsel are one. Ignor....

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....Hon'ble Madras High Court in the case of CIT v/s. MSK Construction (P.) Ltd., 296 ITR 18 (Mad.), wherein it has been observed that a disallowance made u/s. 43B of the Act does not amount to concealment within the meaning of Section 271(1)(c) of the Act. Likewise in the case of ACIT v/s. Smt. Ujjwala Sanjay Pawar (Supra), the Pune Bench of the Tribunal following the decision of Hon'ble Raja....