2024 (11) TMI 157

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...., JM: Present appeal of the assessee is arising from the order of learned CIT(Appeals) dated 24.11.2022 having DIN & Order No. ITBA/NFAC/S/250/2022-23/1047628444(1) for the assessment year 2015-16. 2. The assessee raised six grounds of appeal, out of which ground No. 6 is general in nature and in rest of the grounds, the only issue involved is the justification of levy of penalty of Rs. 4,55,000....

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....tors. Observing these two anomalies, the Assessing Officer vide order sheet entry dated 15.12.2017 asked the AR of the assessee to explain as to why books of account of the assessee could not be rejected. In response, the AR of the assessee agreed to rejection of books of account with a condition that no penalty proceedings would be initiated against the assessee. Thereafter, the Assessing Officer....

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....s, 295 ITR 244 (SC) and Mak Data Pvt. Ltd. vs. CIT, 358 ITR 593 (SC). Now, the assessee has come up in appeal before us. 5. This matter has already been listed four times. However, no one is appearing from the side of assessee. Today also, when this matter was called for, the counsel for the assessee Mr. Anurag Sinha, Advocate has requested for an adjournment. However, considering the smallness o....

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.... partly accepted the reply of the ld. AR of the assessee, as evident from the fact that he has rejected the books of account, however, he initiated penalty proceedings, which means, part of the submission made by the AR of assessee has not been accepted by the Assessing Officer, which in our view, is not permissible, since it is settled position that an admission made has to be accepted and acted ....