2020 (9) TMI 26

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....d on facts of the case, for want of jurisdiction and various other reasons and hence the same kindly be quashed. 2. The ld. CIT(A) erred in law as well as on the facts of the case in confirming the order of AO dated 03.03.2017 imposing penalty u/s 271(1)(c) of the Act of Rs. 2,00,000/-. The penalty so imposed, being totally contrary to the provisions of law and facts, hence the same kindly be deleted in full. 3. That the impugned show case notice issued u/s 274 r/w 271(1)(c) of the Act, is quite vague and did not at all specify under which limb of Section 271(1)(c) of the Act, the penalty proceedings had been initiated i.e., whether for concealment particulars of income or furnishing of inaccurate particulars of income. Th....

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.... placed on record. That under these circumstances, it was submitted that firstly, there was no delay attributable on the part of the applicant assessee. In any case, these circumstances were beyond the control and anticipation of the humble applicant assessee. The delay occurred because of the misplacing of papers, as stated above and the poor assessee was helpless. It was further submitted that there was no willful attempt on the part of the assessee to cause delay nor did he has any vested interest in the delay more so where the matter in the quantum proceedings has been decided in his favour. The Hon'ble Supreme Court in a catena of judicial pronouncements including that of Collector Land Acquisition vs M. Katiji & Others has held that d....

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....business of wholesale trading of vegetable oils, ghee, coconut and salt etc. in the name and style M/s Rajendra Trading Company, Ajmer. The assessee has filed ROI on 15.10.2010 declaring total income of Rs. 3,61,125/-. A Survey u/s 133A was conducted on 15.09.2009 on the business premises at Ajmer. During the course of survey the assessee offered for taxation the amounts of undisclosed income on account of Cash, Stock and undisclosed purchases, totaling to Rs. 6,30,626/-. But the same were not included by the assessee in its return of income. However, assessment was completed at total income of Rs. 9,91,750/-, by making trading additions of Rs. 18,566/-, the alleged investments in the unaccounted purchases of Rs. 5,50,000/- and other disall....

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.... 12. It is admittedly a case of recorded purchases wherein only profit of purchase and sales could be added. Accordingly, I direct the A.O to restrict addition only to the extent of profit on the alleged sales amounting to Rs. 18,566/-. I direct accordingly. 13. In the result, appeal of the assessee is allowed in part." 7. It was accordingly submitted that only basis of imposition of the penalty vide the impugned penalty order is the addition of Rs. 5,50,000/- being alleged unexplained investment made in the purchase of stock and which has since has been deleted by the Tribunal and the consequent penalty levied deserves to be deleted. 8. Per contra, the ld. DR submitted that the addition has been made by the AO pursuant t....