2021 (4) TMI 164

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....h , ( AM ) This appeal in ITA No. 5682/Mum/2019 & CO No. 24/Mum/2021 for A.Y. 2011-12 arise out of the order by the ld. Commissioner of Income Tax (Appeals)-4, Mumbai in appeal No. CIT(A)-4/e-file-17/JCIT (OSD)-2(1)91)/2018-19 dated 10/06/2019 (ld. CIT(A) in short) in the matter of imposition of penalty u/s. 271(1)(c) of the Income Tax Act, 1961. 2. We have heard rival submissions and perused th....

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....sessee also filed an indemnity bond for transactions undertaken with Kotsons Impex Pvt. Ltd., and Saileela Trading Pvt. Ltd., confirming that raw materials purchased from Kotsons Impex Pvt. Ltd., on consignment basis were directly delivered to Saileela Trading Pvt. Ltd., and thus, no physical delivery of goods was taken by the assessee. The assessee submitted that though the only profit earned in ....

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....CIT vs. Aero Traders Pvt. Ltd., in ITA No. 1097/2009 dated 25/01/2010; on the decision of the Hon'ble Chhattisgarh High Court in the case of CIT vs. Vijaykumar Jain dated 19/04/2010; decision of Hon'ble Gujarat High Court in the case of CIT vs. Subhash Trading Co., reported in 221 ITR 110; decision of Hon'ble Punjab and Haryana High Court in the case of CIT vs. Harigopal Singh reported....