2017 (4) TMI 625

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....al by the assessee is directed against order 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 th....

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....ermissible u/s. 10 (2) A. The A.O. observed that it was the share of 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 ....