TaxTMI 
TaxTMI 
2022 (4) TMI 903
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....ondent : Shri G. Johnson, Addl. CIT ORDER PER V. DURGA RAO, JUDICIAL MEMBER: Both the appeals filed by the assessee are directed against different orders of the ld. Commissioner of Income Tax (Appeals)-10, Chennai dated 26.11.2019 towards quantum and the order dated 14.01.2020 against levy of penalty under section 271(1)(c) of the Income Tax Act, 1961 ["Act" in short] for the assessment year 20....
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....Axis Bank and ICICI Bank , the credit was Rs..3,97,.62,639/- and Rs..27,93,909/- respectively i.e. total credits of Rs..4,25,56,548/-. The Assessing Officer has noticed that there was an excess credits of Rs..91,45,900/- and the assessee was asked to clarify the difference between the total sales receipts and the credits in the bank statement. Since the assessee could explain the excess credit con....
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....ore the Tribunal against quantum additions under section 68 and section 69 of the Act as well as penalty levied under section 271(1)(c) of the Act. By filing detailed written submissions along with enclosures, the ld. Counsel for the assessee has submitted the Customs Department impounded all the documents from the beginning of the assessee company to till the date of search on 31.03.2015 and the ....
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....Act as well as levy of penalty under section 271(1)(c) of the Act. The reasons given by the assessee is that the customs proceedings are pending before the Customs Excise Service Tax Appellate Tribunal (South Zonal Bench), Chennai towards levy of customs duty and therefore, the assessee could not attend during the appellate proceedings. Though the ld. CIT(A) has given as many opportunities, the as....