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2016 (7) TMI 98 - ITAT MUMBAI
Penalty u/s 271(1)(c) - Quantum addition, @0.1% of turnover on account of low G.P. in the year under consideration vis-a-vis the immediately preceding year, upheld by Tribunal - Further, assessee failed to bring on record material evidence to controvert the findings of the learned CIT(A) in upholding the levy of penalty - Held that:- In these circumstances, we uphold the CIT(A)’s action in confirming the levy of penalty u/s 271(1)(c) - Decided against assessee