2018 (10) TMI 856

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..... Deshpande,C.A ORDER PER MANISH BORAD, AM. This appeal of Assessee pertaining to A.Y. 2009-10 is directed against the order of Ld. Commissioner of Income Tax(Appeals),Ujjain (in short 'CIT(A)'), dated 06.06.2017 which is arising out of the order u/s 271(1)(c ) of the Income Tax Act 1961(hereinafter called as the 'Act') framed on 17.02.2016 by ACIT-2(1) Ujjain. 2. The assessee has rais....

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.... declared in the income tax return filed on 28.9.2009. Case picked up for scrutiny. Assessment u/s 143(3) of the Act was completed on 30.12.2011 after making addition on account of bogus purchase of Rs. 21,64,100/-. Income assessed at Rs. 33,50,400/-. Subsequently penalty proceedings u/s 271(1)(c) of the Act were initiated and vide order dated 17.02.2016 penalty of Rs. 10,03,065/- levied @ 150% of....

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....alty should have been levied. 6. Per contra Ld. Departmental Representative vehemently argued and supported the orders of lower authorities. 7. We have heard rival contentions and perused the records placed before us. The sole grievance raised by the assessee through this appeal is against the finding of Ld.CIT(A) confirming the penalty of Rs. 6,68,710/- levied u/s 271(1)(c ) of the Act on t....