2019 (10) TMI 1239

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....KUMAR, VP : 1. By way of this appeal, the assessee appellant has challenged correctness of the order dated 28.02.2017 passed by the CIT(A)-12, Ahmedabad upholding penalty of Rs. 33,99,200/- under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2011-12. 2. Grievances raised by the assessee are reproduced as under: 1) Ld. CIT(A) erred in law and on facts confirming penalt....

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....ncome and its inclusion in return based on seized documents comes within purview of deeming fiction under Explanation 5A not appreciating that no reference to any money, bullion, jewellery or asset found during search is made by AO in penalty proceedings. 5) Ld. CIT(A) erred in law and on facts confirming penalty by erroneous distinction of judgement/decision of Hon'ble jurisdictional High Cour....

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.... the case of group entity (supra) and delete this penalty as well. 4. Ld. Departmental Representative does not dispute the factual element embedded in the submissions of the assessee. He accepts that both the assesses i.e. the assessee before us and M/s. Guruprasad Infrastructure Pvt. Ltd. are group entities and the matter relates to some search conducted by the authorities and all the material ....