2015 (6) TMI 1214

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....skaran, Accountant Member: The assessee has filed this appeal challenging the order dated 02- 07-2012 passed by Ld CIT(A)-41, Mumbai and it relates to the assessment year 2005-06. The assessee is aggrieved by the decision of Ld CIT(A) in confirming the penalty of Rs. 7,30,464/- levied u/s 271(1)(c) of the Act . 2. We heard the parties and perused the record. The revenue carried out search an....

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....g, the Ld A.R contended that the assessing officer has made the impugned addition only on presumptions and that too on estimated basis. Accordingly he contended that the Ld CIT(A) was not justified in confirming the penalty levied by the AO, since the addition has been made on estimated basis. He further submitted that the penalty levied on the addition made in an identical manner in assessee's si....