2016 (9) TMI 1689

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....essee has filed an appeal against the order of the ld. CIT(A), Aligarh (camp office at Jaipur) dated 30-12-2015 for the assessment year 2007-08 raising therein following grounds:- ''1 The ld. CIT(A) has erred on facts and in law in not accepting the contention of the assessee that penalty levied by the AO u/s 271A on the direction of the ld. CIT(A) is illegal and bad in law since as per S....

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....e issues in question are covered by the judgement of this Bench of ITAT and the relief should be granted accordingly. 2.2 The ld. DR relied on the order of the lower authorities. 2.3 I have heard the rival contentions and perused the materials available on record. I find merit in the submissions of the ld. AR of the assessee that the issues in question are covered by the judgement of ITAT (S....

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....ed any books of account and earned brokerage income of more than Rs. 1,25,000/-lacs and thus penalty proceedings u/s 271A is to be initiated by the AO. Taking into consideration all the aspects of the issue in question, it is observed that the assessee has submitted the copy of audited accounts before the AO but the assessee could not produce the books of account due to loss of the same. In such a....