2016 (9) TMI 1446

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....askar, Advocate ORDER Per A. Mohan Alankamony, AM: This appeal is filed by the Revenue aggrieved by the order of the learned Commissioner of Income Tax (Appeals)- I, Madurai dated 20.01.2016 in ITA No.775/15-16 passed under section 271(1)(c) r.w.s 250(6) of the Act. 2. The Revenue has raised several grounds in its appeal, however, the crux of the issue is that the learned Commissioner of Inc....

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....0(a)(ia) of the Act.     Amt. Rs. 1. Audit fees : 1,00,000 2. Commission & Brokerage 10,84,110 3. Professional charges 10,48,912 4. Security charges 1,72,040   Total Rs. 24,05,062   4. In the penalty proceedings, it was opined by the learned Assessing Officer that the assessee is liable for penalty under section 271(1)(c) of the Act because of the following ....

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....deleted the penalty levied by the learned Assessing Officer in regard to the advance received for Rs. 3,51,71,053/- being treated as income for the relevant assessment year because the assessee had filed revised return of income before the discovery of the concealment by the learned Assessing Officer. Moreover it was a case where the payment received by the assessee was an advance payment but to a....