2021 (4) TMI 164

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....: Akram Khan ORDER Per M. Balaganesh , ( 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. W....

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.... thereon and amounts received thereon. The assessee 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 sub....

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.... Hon'ble Delhi High Court in the case of 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....

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....ed inaccurate particulars of income. We also find that yet another ground raised in the cross objections of the assessee is that no penalty u/s. 271(1)(c) of the Act could be levied where the income is assessed to tax u/s. 115JB of the Act. Since, we have already dismissed the appeal of the Revenue hereinabove, we do not deem it fit to get into other grounds raised by the assessee in its cross obj....