2007 (2) TMI 521

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...., Judicial Member - This appeal by the Revenue for the block period 1-4-1990 to 26-9-2000 is directed against the order of CIT(A). The only issue in this appeal is regarding validity of penalty of Rs. 15 lakhs imposed on the assessee under section 271D of the Act. 2. The learned Departmental Representative has relied on the order of the Assessing Officer. He submitted that the amount of Rs. 15 la....

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....covered in favour of the assessee with the decision of the Hon'ble Delhi High Court CIT v. Standard Brands Ltd. [2006] 285 ITR 295 (Delhi). 4. We have considered the rival submissions. We find that it is not a case of regular assessment of the assessee. The block assessment of undisclosed income for the block period was framed by the Assessing Officer and the amount of Rs. 15 lakhs was added as u....