TMI Blog2009 (12) TMI 949X X X X Extracts X X X X X X X X Extracts X X X X ..... filed by the assessee. The appeals are filed for seven consecutive assessment years 2001-02 to 2006-07. These appeals are directed against the common order passed by the Commissioner of Income-tax(A) at Mangalore, on 20.10.2009. These appeals arise out of the penalty orders passed by the Assessing Officer u/s.271(1)(c) of the Income-tax Act, 1961. 02. The Assessing Officer has levied penalties ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 28,57,140 03. These penalties were confirmed by the Commissioner of Income-tax(A) and therefore the second appeals before the Tribunal. 04. We heard Shri. Balram R. Rao, Advocate, appearing for the assessee and Shri. Manoj Kumar, the learned Commissioner of Income-tax appearing for the Revenue. 05. In the case of the assessee, there was a survey u/s.133A in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional income and no penalty would be levied as the assessee had cooperated with the Department with addition of income and there was a tacit understanding that no further litigation would be there. But the Assessing Officer anyhow opted the way of formal law and levied penalty u/s.271(1)(c). It is true that there was a survey and it was as the result of that survey that the assessee had to offer a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee has not argued on this point and he has agreed with the Assessing Officer to offer the entire credits in the respective assessment years without distinguishing between current credits and past credits. In that manner, the assessee has paid tax for certain amount of additions which should not have been considered for the respective assessment years. Therefore, even though not in the form of a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|