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2015 (9) TMI 1660 - ITAT MUMBAILevy of penalty u/s. 271(1)(c) - addition on account of excess shortage - exparte appeal - HELD THAT:- We have heard the Ld. Departmental Representative at length and carefully perused the orders of the authorities below. In so far as the addition on account of excess shortage is concerned, the Tribunal has deleted the said addition, therefore, to this extent, no penalty is leviable. On the addition on account of valuation of closing stock is concerned, we find that even in the quantum appeal, the Tribunal has categorically denied to accept the additional evidence which were not relevant in the case of the assessee. The relevant portion of the Tribunal’s order is exhibited at page-3 & 4 of CIT(A)’s order, based on which the Ld. CIT(A) has confirmed the penalty. We, therefore, do not find any error or infirmity in the findings of the Ld. CIT(A). Order of the Ld. CIT(A) is confirmed.
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