TaxTMI 
TaxTMI 
2019 (3) TMI 505
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....ainst the order of Commissioner of Income Tax (Appeals)-29 [hereinafter referred to as the ld CITA], Mumbai dated 24/10/2016 for A.Y.2010-11 in the matter of imposition of penalty u/s.271(1)(c) of the IT Act. 2. The only issue to be decided in this appeal is as to whether the Ld. CIT(A) was justified in confirming the levy of penalty u/s.271(1)(c) of the Act in the sum of Rs. 1,08,469/- in the fa....
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..../- from sale of above shares. The Ld. AO observed that the expenditure claimed by the assessee in the sum of Rs. 7,53,609/- for the miniscule share trading activity was on the higher side and hence, requires to be disallowed. The assessee responded that since fabric business was not giving them adequate income, they decided to wind up the said business and get into share transactions. 3.1. The as....
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.... may yield Rs. 10 lakhs commission per deal and they were hopeful that one deal would be closed in the FY 2012-13 and the second one in the first quarter of FY 2013-14. Accordingly, the assessee justified incurrence of various expenses debited in the P & L account for the purpose of business. The Ld. AO did not agree to the contentions of the assessee and proceeded to disallow 50% of depreciation,....
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....sions. At the outset, we find that the disallowance of certain expenses has been made on an adhoc basis by the Ld. AO which got confirmed up to the Tribunal for want of evidences. The assessee placed on record the comparative chart of various expenses for the years ending 31/03/2008 to 31/03/2012 wherein we find that the expenditure incurred during the year had not varied substantially with that ....