2013 (1) TMI 897

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....kar, Sr.D.R. ORDER Mukul Kr. Shrawat (Judicial Member) This is an appeal filed by the Assessee arising from the order of ld.CIT(A)-XXI, Ahmedabad dated 23/10/2012 passed for A.Y. 2008-09 against the confirmation of penalty levied u/s.271(1)(c) of the IT Act of Rs. 1,63,093/-. 2. Facts in brief as emerged from the corresponding penalty order passed u/s.271(1)(c) of the IT Act dated 28/0....

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....s. On account of the impugned addition, the AO has levied a penalty of Rs. 1,63,093/-. When the matter was carried before the First Appellate Authority, the ld.CIT(A) has held that the appellant had furnished inaccurate particulars of income, therefore the AO had correctly imposed the penalty, relevant portion is reproduced below:- "4.1.3. I have carefully gone through the penalty order u....

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....on of the Hon'ble Apex Court deals with statutory deductions. Considerign the facts and circumstances of the case and the discussion as above, I am of the view that the AO has correctly imposed the penalty of Rs. 1,63,093/- u/s.271(1)(c) of the I.T.Act. The same is accordingly confirmed." 3. On the date of hearing from the side of the assessee, ld.AR Ms.Arti N.Shah appeared and from the side of....

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....e vs. ITO [39 DTR (Del)(Trib) 202] (ii)CIT v. Shyam Tex International Ltd. [43 DTR (Del) 19] (iii) Pfizer Pharmaceuticals Ltd. Vs. DCIT [49 DTR (Mum)(Tri) 16] 4. Having heard the submissions of both the sides and on due consideration of the facts of the case, we are of the considered opinion that the transaction in respect of the share trading was duly disclosed at the time of filing of t....