2018 (11) TMI 1488

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..... ORDER PER O. P. MEENA, ACCOUTANT MEMBER: 1. This appeal filed by the Assessee is directed against the order of learned Commissioner of Income Tax (Appeals)-II, Rajkot(in short "the CIT (A)") dated 13.10.2014 pertaining to Assessment Year 2005-06 which in turn has arisen from the order passed by the Assistant Commissioner of Income Tax, Gandhidham Circle, Gandhidham(in short "the AO") dated 27....

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....e treated the amount of Rs. 26,23,744/- as concealed income of the assessee and levied penalty u/s.271(1)(c) on the same. 4. Being aggrieved, the assessee filed an appeal before the CIT(A). The CIT(A) noted that the disallowance of expenses of Rs. 12,76,390/- in respect of handling and transportation expenses is only 2% of total expenses and the same has been made purely on estimate basis. Simila....

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....eipts by Rs. 5,74,774/- being difference as per TDS Certificate and as shown by the assessee. 5. Being aggrieved, the assessee has filed this appeal before this Tribunal. None has appeared on behalf of the assessee, however written submissions by Shri D.R.Adhia, AR of the assessee has been made therein it has been contended that the assessee has disclosed receipts of Rs. 13,92,98,644/- which is 9....

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....the case of Lloyd Insulation I. Pvt Ltd [2000] 164 CTR SC 196. 6. Per contra, the ld.Senior Departmental Representative (Sr.DR) supported the orders of the Lower Authorities. 7. We have heard the ld.Sr.DR and perused the written submissions filed by the Authorised Representative of the assessee. We find that the assessee has disclosed Rs. 13,92,98,644/- as against Rs. 13,98,73,418/- receipts as ....