2017 (4) TMI 625

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....r of Ld. CIT-A dated. 27.12.2013 and pertains to assessment year 2008-09. 2. The grounds of appeal read as under: 1. On the facts of the case and correct construction of Law Ld. CIT-A erred in upholding the order of the assessing officer levying penalty of Rs. 1,81,043/- u/s. 271 (1)(c). The A.O. while passing order u/s. 271 (1)(c), ignored the fact that addition was made on disputed point of s....

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.... profit that was exempt and not other incomes of the firm. Hence the A.O. made a disallowance of Rs. 5,32,638/-. Upon this addition penalty was also levied amounting to Rs. 1,81,043/-. In the penalty order the A.O. did not bother to bring on record assessee's submissions. He held that assessee submissions have been considered and were not acceptable. Up on assessee's appeal Ld. CIT-A confirmed the....