2017 (5) TMI 214

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....1-12 on 31.07.2011 declaring a total income of Rs. 53,09,654/- and a short term capital loss of Rs. 3,043/- and also claimed deductions u/s 80C & 80G of the Act amounting to Rs. 1 lakh and Rs. 6,000/- respectively. AO added back an amount of Rs. 14,19,432/- as undisclosed investment in mutual funds, failed to give the benefit the tax deducted at source in respect of perquisites to a tune of Rs. 3,36,423/- and added Rs. 1,06,000/- disallowing the claim of the assessee for deduction u/s 80C and 80G of the Act. AO also initiated penalty proceedings and by way of order dated 24.09.2014 he imposed a penalty of Rs. 5,75,313/-. 3. Appeals preferred against the assessment and penalty orders were dismissed by the Ld. CIT (A)-XXI, New Delhi by way....

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....these entries Ld. Counsel explained that there is no fresh investment to a tune of Rs. 14,19,432/- but it was only the reinvestment of the same funds which was invested earlier. 6. So also in respect of denial of TDS amounting to Rs. 1,04,863/- in respect of perquisites to a tune of Rs. 3,36,423/- is concerned. Ld. Counsel submits that it was reflected in Form No. 26AS and the fresh Forms 16A issued by the Company. He produced such evidence vide page nos. 12, 13 & 17 to 22 of the Paper Book. He submitted that in respect of the claim for deduction u/s 80C & G also sufficient evidence is produced but the Ld. CIT (A) failed to appreciate the same property. 7. It is the argument of the Ld. DR that all these facts need verification at the ....