2021 (2) TMI 636

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....The assessee has filed the present appeal against the order dated 18.06.2018 passed by the Commissioner of Income Tax (Appeals)-37, Mumbai [hereinafter referred to as the "CIT(A)"] relevant to the A.Y. 2011-12 wherein the penalty levied by the AO has been ordered to be confirmed. 2. The assessee has raised the following grounds:- "1. That the Ld. CIT(A) confirmed the penalty 271(1)(c) ....

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....t year has claimed bogus/non-genuine commission/brokerage paid to one company viz M/s. Moira Steel Ltd. at 103, Laxmi Tower, 576, M.G. Road, Indore. A survey action u/s. 133A was carried out at the business premises of M/s. Moira Steels Ltd. During the course of survey, a statement of Shri Vimal Todi, Director of M/s. Moira Steel Ltd. was recorded in which he admitted that the assessee has made th....

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....ard the argument advanced by the Ld. Representative of the Department and has gone through the case filed carefully. It is apparent on record that the assessment of the assessee was completed u/s. 144 of the Act rejecting the books of accounts and subsequently the net profit of the assessee was assessed @ 1% of the turnover declared. The net profit was determined at Rs. 77,53,444/-. The assessment....