2017 (3) TMI 1887

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....iled by the assessee on 14.10.2013 is against the order of the CIT (A)-6, Mumbai for the AY 2007-2008. In this appeal, assessee raised the following grounds which read as under:- "1. (a) The Assessing Officer erred in levying penalty of Rs. 16,08,885/- u/s 271(1)(c) of the Act on the ground that the assessee has concealed its income and has furnished inaccurate particulars thereof. (b) The Ld ....

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....t rate of 8% and determined the assessment. Matter travelled to the first appellate authority. On appeal, after considering the submissions of the assessee, CIT (A) restricted such estimation to 3% of the turnover as profits. The decision of the CIT (A) was eventually upheld by the ITAT. Consequent to the same, AO levied the penalty u/s 271(1)(c) of the Act. In this regard, in response to the quer....