2018 (2) TMI 1919

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....iya, Accountant Member  Revenue by:  Albinus Tirkey, Sr. D.R.   Assessee by:  P.F. Jain, A.R.    ORDER N.K. BILLAIYA, 1. This is an appeal by the Revenue and Cross Objection by the assessee preferred against the order of the CIT(A)-10, Ahmedabad dated 09.11.2015 pertaining to assessment year 2006-07. 2. The solitary grievance of the Revenue....

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.... and the assessee was show caused to explain why penalty should not be levied on the income disclosed in the return filed pursuant to the notice under section 148 of the Act.  The assessee filed a detailed reply strongly contending that the returned income was accepted as such and it is not a case of any concealment of income or filing inaccurate particulars of income.  The contention of....

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....ngly supported the findings of the Assessing Officer.  Per contra, learned counsel for the assessee reiterated what has been stated before the lower authorities. 7. We have given a thoughtful consideration to the orders of the authorities below.  The order dated 28.03.2013 passed by the Assessing Officer read as under :- "DROPPING PROCEEDINGS INITIATED UNDER SECTION 271F OF T....