TMI Blog2012 (7) TMI 793X X X X Extracts X X X X X X X X Extracts X X X X ..... 1339/Ahd/2010 - - - Dated:- 22-6-2012 - Shri Mukul Kr. Shrawat, and Shri T.R. Meena, JJ. Appellant: Shri S.N.Divetia, A.R. Respondent Shri Samir Tekriwal, Sr. D.R O R D E R PER : T.R.Meena, Accountant Member This is an appeal at the behest of the assessee which has emanated from the order of CIT(A)-VI, Ahmedabad, order dated 14.12.2009 for assessment year 2005-06, against confirming the penalty of Rs. 3,29,332/- u/s. 271(1) (c) of the IT Act. 2. The assessee is engaged in finance and commission business and has shown interest receipt of Rs. 17,64,083/-. The ld. A.O. scrutinized the case, it is found on verification of books of accounts of the assessee that the assessee had introduced cash in its cash book ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on quantum vide his order dated 06.11.2007. The ld. A.O. had given reasonable opportunity of being heard before imposing penalty u/s 271(1)(c). The assessee s submission had been considered by the A.O. Finally, he imposed penalty at Rs. Rs. 3,29,332/- which is 100% of total tax sought to be evaded on income. 4. Being aggrieved by the order of the A.O., the assessee filed appeal before ld. CIT(A)-VI, Ahmedabad, who has adjudicated this issue after through discussion and considered the various case laws and confirmed the penalty imposed by the A.O. and dismissed the assessee s appeal. 5. Now the assessee is before us. Ld. A.R. for the assessee filed a copy of ITAT B Bench, Ahmedabad, decision in ITA No. 476/Ahd/2008, A.Y. 05-06 in asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ugh the orders of authorities below. It is pertinent to note that in the impugned order, the Learned Commissioner of Income Tax(Appeals) has given detailed discussion on the submissions made by the ld. Counsel of the assessee. Admittedly, on 03.11.2004, the assessee deposited Rs. 1,00,000/- and the assessee was having balance available at Rs.73,876/-. Thus the assessee has worked out negative cash balance of Rs.(-)26.124/-. However, it has not considered the said negative closing balance as opening cash balance for 03.11.2004. Instead the assessee has considered the positive original opening cash balance for further calculations. Considering the totality of the facts and circumstances. We are convinced that the Learned Commissioner of Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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