2018 (11) TMI 1889

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....ORDER PER C.N. PRASAD (JM) 1. These two appeals are filed by the assessee against the separate orders of the Learned Commissioner of Income-tax(Appeals)-32, Mumbai [hereinafter in short "Ld.CIT(A)] dated 01.11.2012 for the Assessment years 2007-08 & 2008-09 respectively. 2. Briefly stated the facts are that, assessee is engaged in the business of earning commission income on providing ser....

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....ssing Officer assessee did not prove and establish the expenses for earning the commission income. The Ld. CIT(A) restricted the adhoc disallowance to 40% of commission income and sustained the 30% from other expenses. The Assessing Officer initiated penalty proceedings and levied penalty u/s. 271(1)(c) of the Act which was sustained by the Ld. CIT(A). 3. Before us, Ld. Counsel for the assessee....

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....ced by Ld.CIT(A) there cannot be any penalty U/s. 271(1)(c) of the Act. 4. Ld. DR vehemently supported the orders of the Assessing Officer. 5. We have heard the rival submissions, perused the orders of the Authorities below. On a perusal of the Assessment Order and the Ld.CIT(A) order, we find that the Assessing Officer disallowed the commission as well as the expenses on an estimate basis w....