9911796707
TMI Blog2016 (6) TMI 252X X X X Extracts X X X X X X X X Extracts X X X X ..... providing transport and other allied services. Assessee filed its original return of income declaring total loss of Rs. 35,51,88,507/-. Thereafter, assessee filed its revised return declaring a loss of Rs. 93,16,88,230/-. The case was selected for scrutiny and thereafter assessment was framed u/s.143(3) of the Act vide order dated 14/12/2007 and the total loss, before set off of business loss of earlier years, was determined at Rs. 52,20,15,555/- by making various additions/disallowances including addition of Rs. 4,39,81,000/- on account of non-accounting of discount receivable from Indian Oil Corporation (IOC). On the aforesaid addition made on account of discount receivable, AO vide order dated 30/03/2011 held that the assessee had furnis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he provisions of law and facts. It is submitted that the same be held so now. 4. Your appellant craves leave to add, alter and/or to amend all or any of the grounds before the final hearing." 3. Before us, the AR submitted that though assessee has raised various grounds, but the solitary issue in the present appeal is with respect to levy of penalty u/s.271(1)(c) of the Act. 4. Before us, ld.AR reiterated the submissions as were made before the AO and ld.CIT(A) and further submitted that as per the agreement of the assessee with 'IOC', assessee was entitled for special discount on receipt of credit notes from IOC. He submitted that since the assessee did not receive the relevant credit-notes till the year end, the same was not include ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ontended that the amount was not accounted in the books of account as the assessee had not received the relevant credit notes from IOC in the accounting year, but the same was accounted and offered to tax in subsequent assessment years. The aforesaid submission of assessee has not been controverted by the Revenue by placing any contrary material on record. It is a settled law that the penalty and assessment proceedings are different proceedings. For levy of penalty apart from falsity of the explanation given by the assessee, the Department must have before it cogent material or evidence from which it could be inferred that the assessee has concisely concealed the particulars of income or had deliberately furnished inaccurate particulars of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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