2016 (9) TMI 1446

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.... JCIT For the Respondent : Mr. G.Baskar, 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 is....

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....lowed by invoking the provisions of section 40(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 assess....

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....s of section 271(1)(c) of the Act. 5. On appeal, the learned Commissioner of Income Tax (Appeals) 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 Offic....