2015 (2) TMI 1209

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... ORDER N. K. Billaiya (Accountant Member) These two appeals by the assessee are preferred against two separate orders of the Ld. CIT(A)-8, Mumbai dt. 13.12.12 &7.1.2013 respectively pertaining to assessment years 2009-10 & 2007-08. Both these appeals by the assessee have common ground, therefore, they were heard together and disposed of by this common order for the sake of convenience. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....IT(A) confirmed the levy of penalty and while deciding the appeal for A.Y. 2007-08, the Ld. CIT(A) followed his own order for A.Y. 2009- 10. 5. At the very outset, the Ld. Counsel for the assessee stated that on identical ground of appeal for A.Y. 2006-07, the Tribunal in assessee's own case in ITA No. 2542/M/2012 has deleted the penalty. The Ld. Counsel placed the order of the Tribunal before ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Global Markets India Pvt. Ltd. in ITA No. 5352/M/09 and finally held as under: "We have considered rival contentions and found that assessee is a share broker and share trader and has offered a total income of Rs. 13,98,55,100. The said income includes profits from share trading of Rs. 8,73,43,276/-. The profit has been resulted from innumerable transactions of purchase & sales of shares....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....o show cause notice was issued by the A.O. in this regard. The disallowance was made as per the working submitted by the appellant, which has been accepted by the A.O. Also, against the said disallowance, no appeal is filed by the assessee. It is a case of an inadvertent mistake made by the assessee, and the assessee agreed for disallowance at the time of assessment proceedings. Accordingly, no pe....