2016 (8) TMI 1512

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....ondent by: Ms.Sulochana, JCIT ORDER A. Mohan Alankamony,  This appeal is filed by the assessee aggrieved by the order of the learned Commissioner of Income Tax (Appeals),Salem dated 30.12.2014 in ITA No.40/2009-10 passed under section 271(1)(c) of the Act. 2. The assessee has raised several grounds in its appeals, however, the crux of the issue is as follows:-  "The ....

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....sessment was completed under section 147 r.w.s 143(3) of the Act on 16.12.2008, wherein the learned Assessing Officer made the following additions after elaborately discussing the issues in his order:-  i) Unexplained credit balance in the partners current account Rs. 20,78,873/- ii) Unexplained cash credit Rs. 6,79,000/- 4. From the materials produced before us, it appea....

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....e Apex Court in the case of K.P.Madhusoodan Vs. CIT reported in 251 ITR 99 and the decision of the Hon'ble jurisdictional High Court in the case of P.Govindasamy vs. CIT reported in 244 ITR 510 wherein it was held that penalty under section 271(1)(c) of the Act is to be levied even when the assessee had agreed for the additions. Further before us the assessee or his representative could not bring ....