2017 (3) TMI 1982

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....R PER G.S.PANNU, A.M: The captioned appeal filed by the assessee pertaining to assessment year 2009-10 is directed against an order passed by CIT(A)-28 Mumbai dated 18/03/2014, which in turn, arises out of an order passed by the Assessing Officer under section 271B of the Income Tax Act, 1961(in short 'the Act'), dated 28/06/2012. 2. In this appeal, assessee has raised the following Groun....

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.... to levy of penalty of Rs. 54,645/- under section 271B of the Act. 4. In brief, the relevant facts are that the assessee is an individual, whose source of income is by way of salary and from other sources namely, interest income. The Assessing Officer noted that during the period under consideration assessee had undertaken sale and purchase of shares. The Assessing Officer noted that the total ....