Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (7) TMI 661 - AT - Income TaxLevy of penalty u/s.271(1)(c) - sale outside books of accounts - Held that:- No infirmity in the order of the CIT(A) sustaining the penalty levied by the AO u/s.271(1)(c) of the IT. Act. It is an admitted fact that in the instant case the assessee has sold bagasse outside books of account amounting to ₹ 1,19,32,050/-. Similarly, the assessee was also unable to explain the shortage of molasses stock at ₹ 9,62,150/-. The explanation of the assessee before the CIT(A) that assessee was facing difficulty in running the factory due to short supply of raw materials in our opinion cannot be a ground for making sales outside the books of accounts and non submission of details for shortage of molasses stock. Since the order of the CIT(A) in our opinion is a reasoned one which has been reproduced in the preceding paragraphs, therefore, we find no infirmity in the order of the CIT(A) confirming the levy of penalty u/s.271(1)(c) of the IT. Act. Accordingly, the same is upheld - Decided against assessee.
|