2017 (9) TMI 1653

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....essee appellant has challenged correctness of the order dated 8th October 2014, passed by the learned CIT(A)-XVI, Ahmedabad, confirming penalty of Rs. 13,00,990/- for the assessment year 2010-11, on the following grounds :- 1. The Id. CIT(Appeals) erred both in law and on facts in confirming the penalty of Rs. 13,00,990/- levied under section 271(1)(c) of the Income Tax Act. 1961 in respect of a....

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.... Id. CIT(Appeals) further erred in law and on facts in not considering the binding judgments of the jurisdictional High Court and the Tribunal which were relevant to the facts of the case and erred in holding that the same were irrelevant. The judgment relied upon by the Id. ClT(Appeals) is not relevant to the legal point raised regarding absence of firm charge as to concealment of particulars or ....

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....expenses is very low at 3 to 4%. This stand was, however, not accepted and the Assessing Officer proceeded to add the entire amount as income of the assessee. The matter did not stop there. Assessing Officer also imposed penalty of Rs. 13,00,990/- being equivalent to 100% tax sought to be evaded in respect of such income. Aggrieved, assessee carried the matter in appeal before the learned CIT(A). ....

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....val contentions, perused the material on record and duly considered facts of the case in the light of the applicable legal position. 4. We find, as evident from undisputed past history of this case, that the assessee was stated to be engaged in some business and his bank account was being used in respect of the same. Learned Departmental Representative has also very fairly not disputed this possi....