TaxTMI 
TaxTMI 
2017 (12) TMI 646
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....ns of Section 271(1) (b) of the Income Tax Act, are liable to be cancelled. 2. That while sustaining the penalties for the seven assessment years in respect of one default related to the non-compliance of the notice under Section 142 (1) dated 07.12.2015, the authorities below have not appreciated the facts and the submissions made before them by which only one penalty could be imposed for a default, if committed by the assessee, in the case of the appellant, one default in respect to the non-compliance of the one notice issued under Section 142 (1) dated 07.12.2015, against which 07 penalties are being imposed, which is against the provisions of Section 271(1) (b) of Income Tax Act. The penalty imposed by the A.O. under consideration and sustained by the C.I.T. (Appeals) is against the law, same is liable to be cancelled. 3. That while sustaining the penalty, the CIT (Appeals) has completely ignored and has not appreciated the grounds are being taken in the appeal and also the written submissions forwarded. After taking into consideration the submissions are being forwarded before the authorities below, no penalty is liable to be sustained. The penalty imposed by....
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.... wherein, the aforesaid facts and the legal position were stated. In the appellate order passed, the learned Commissioner of Income Tax (Appeals) has neither discussed, nor rejected the assessee's submissions and has confirmed the penalties imposed by the AO for seven assessment years in respect of non-compliance of one notice issued under Section 142(1) dated 07.12.2015. The AO has imposed the penalties related with the assessment years and not with the notice issued under Section 142 (1). Alternatively, it is also submitted that this is the first notice which is being issued by the AO under Section 142(1) dated 07.12.2015, in compliance of which, the assessee's counsel did attend the office of the AO and an oral adjournment was given by the AO without making record of it. Therefore, the assessee is prevented by sufficient cause for not making the compliance to the notice issued under Section 142(1) on record. 5. The ld. DR has placed reliance on the impugned orders. 6. We have heard the parties and have perused the material on record. Section 274(1) of the Act states that "no order imposing a penalty under this Chapter shall be made unless the assessee has been heard, or ha....
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....firmation and justify the loans in terms of identity of creditors their creditworthiness and genuineness of transaction. (b) Furnish bank certificate regarding loans taken and details of FDRs against which loans were taken from the bank 8. Furnish complete name and address of persons whom advances/ loans above Rs. 1 lakh was given, date and mode of giving such advances/loans/ rate of interest charged, purpose of giving such loans and advances. 9. (a) Furnish a list of assets held, list of assets on which depreciation has been claimed, date of their acquisition and putting to use of business and a chart of depreciation thereon. (b) Evidence in support of addition in fixed assets and source of investment. Also furnish details of assets sold, opening W.D.V. as on 01.04.2003, basis of valuation of sales consideration, name and address of the purchaser, date and mode of receipt of sales consideration. Furnish evidence to justify sale of assets. 10. Details of family members, their names, age and their occupation/activities and source of income with address of Assessing Officer, if assessed to Income-tax along with copies of acknowledgment evi....
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.... ratio/percentage, percentage of yield and percentage of wastage. 19. Furnish the itemwise details of opening and closing stock in terms of description of item, rate, quantity and value. Also justify the valuation by supporting evidence. 20. Monthwise purchases of different items of raw materials, copy of account of parties from which purchases above Rs. 5 lacs were made with their complete address. 21. Monthwise quantitative details of consumption of each item of raw material, production of each items of finished goods and quantity of wastage. 22. Monthwise details of goods produced and excise duty paid/payable on them along with supporting evidence. 23. Monthwise Sales of different items, copy of account of parties to whom sales above Rs. 5 lacs were made with their complete address. 24. Complete name and address of other sister concerns, their nature of business and whether you had made any transaction with them in the relevant year. If yes, details thereof along with copy of account and justify reasonableness of such transactions. 25. Comparative Chart of Sales, G.P. G.P. Rate, N.P., N.P. Rate for last 3 years. ....