2016 (1) TMI 1480

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....R.S. SYAL, AM: This appeal filed by the assessee is directed against the order passed by the CIT(A) on 31.3.2014 in relation to the assessment year 2008-09, confirming penalty of Rs. 3,58,100/- imposed by the AO u/s 271D/271E of the Income-tax Act, 1961 (hereinafter also called 'the Act'). 2. Briefly stated, the facts of the case are that the assessee received certain small amounts in cash t....

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....ssessee categorically stated that it had been purchasing and selling the goods and materials from/to M/s Hindustan Plywood Company and the amounts in question were on account of trading transactions. We have perused account of M/s Hindustan Plywood Company, a copy of which has been placed on record. Its perusal indicates that it is a running account in which there are purchase and sale transaction....