2019 (6) TMI 1256

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.... Shri Virendra Singh, Sr.DR ORDER PER RAJPAL YADAV, JUDICIAL MEMBER: Present two appeals are directed at the instance of the assessee against separate orders of the ld.CIT(A)-2, Ahmedabad of even dated i.e. 7.11.2016 passed on the respective appeals of the assessee. ITA No.3460/Ahd/2016 arose from the assessment proceedings undertaken under section 144 r.w.s 147 in the Asstt.Year 2009-10;....

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.... receipts on account of 'Monthly Maintenance Income of Rs. 1,62,720/- in the trial balance for the period 01.04.2008 to 31.03.2009', but the same was not shown in the P&L Account and the statement of total income and this has resulted in underassessment of Rs. 1,62,720/-. I therefore, reason to believe that, by omission on part of assessee to disclose fully and truly all material ....

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....o observe that notice under section 148 of the Act was issued after expiry of four years from end of the relevant assessment year. Notice was issued on 21.11.2014 whereas four years for the Asstt.Year 2009-10 will expire on 31.3.2014. Since scrutiny assessment was also there in this case, and in that situation, proviso appended to section 147 would come to the rescue of the assessee. The interdict....

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....er. 5. As far as levy of penalty under section 271(1)(c) of the Act is concerned, we find that sub-clause (iii) of section 271(1)(c) provides mechanism for quantification of penalty. It contemplates that the assessee would be directed to pay a sum in addition to taxes, if any, payable by him, which shall not be less than , but which shall not exceed three times the amount of tax sought to be ev....