2022 (6) TMI 1053

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....DR ORDER PER SAKTIJIT DEY: JUDICIAL MEMBER: This is an appeal by the assessee assailing order dated 01.08.2015 of learned Commissioner of Income-Tax(Appeals)-29, New Delhi, confirming the penalty imposed under Section 271(1)(c) of the Income-Tax Act, 1961 for the assessment year 2009-10. 2. Briefly the facts are, the assessee is a resident company. For the assessment year under dispute....

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....ent of salary not recorded in the books of accounts. As a result, the income was determined at Rs.31,64,971 and after adjusting the brought forward losses of earlier years, the total income was determined at nil. However, based on the disallowance of expenditure claimed and the addition made on account of salary expenses not recorded in the books of accounts, the Assessing Officer initiated procee....

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....ended to impose penalty, thus, he submitted, the penalty order passed without application of mind is invalid. In support of such contention, he relied upon the following decisions: i) Principal CIT Vs. Sahara India Life Insurance Co. Ltd. (2021) 432 ITR 84 (Delhi) (HC); ii) Silicon Graphic System Indi Pvt. Ltd. vs. CCIT - ITA No. 2978/Del/2013 Dated 10.03.2021; 5. As regards, ....

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....ture of Rs.82,28,800. 8. Undisputedly, the aforesaid addition has been substantially scaled down to Rs.20,95,200 by the first appellate authority. Now, coming to the satisfaction recorded by the Assessing Officer in the Assessment Order, it is observed that Assessing Officer has stated that assessee has furnished inaccurate particulars of his income by concealing the true particulars of his inc....