2022 (12) TMI 680

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....n appeal by the assessee against order dated 13.01.2016 passed by learned Commissioner of Income Tax (Appeals)-1, New Delhi confirming penalty imposed of Rs. 1,35,00,000/- under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2011-12. 2. At the outset, we must observe, when the appeal was called for hearing none appeared on behalf of the assessee to represent the case desp....

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....o be engaged in the business of marketing and trading of medicines & pharmaceuticals products. For the assessment year under dispute, assessee filed its return of income on 28.09.2011 declaring loss of Rs. 7,85,35,862/-. In course of assessment proceedings, the Assessing Officer noticed that the assessee had debited an amount of Rs. 4,03,63,883/- towards salary and wages and daily allowance of emp....

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....e. Ultimately, the Assessing Officer passed an order imposing penalty of Rs. 1,35,00,00/- under the said provision. The penalty so imposed was also confirmed by learned Commissioner (Appeals). 4. We have considered the submissions of learned Departmental Representative and perused the material on record. It is evident, before the Assessing Officer the assessee failed to produce clinching eviden....