TMI Blog2016 (1) TMI 1244X X X X Extracts X X X X X X X X Extracts X X X X ..... basically means 95% of the expenses have been held to have incurred for the purpose of business and only 5% have been held for non-business purposes. The ld. AO has not given any finding regarding specific expenditure/ transactions which has resulted in the said disallowance. He has merely done a broad comparison of expenses vis-a-vis. Last year and held that since the expenditure during the year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ld. Assessing Officer has erred in law as well as on the facts and circumstances of the case in imposing penalty of ₹ 33,660/- u/s 271(1)(c) of the IT Act, 1961 and the ld. CIT(A) has erred in sustaining the same. 2. The relevant facts for the issue under consideration as follows: During the year under consideration the assessee has claimed ₹ 18,57,263/- under the head other e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty of ₹ 33,600/- on the said disallowance of ₹ 1,00,000/-. 2.1 Being aggrieved the assessee carried the matter in appeal against the said levy of penalty before the ld. CIT(A) who has confirmed the said levy of penalty and hence the matter is before us for consideration. 2.2 During the course of hearing, ld. R reiterated its summation a before the ld. CIT(A) and has cited t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have been held to have incurred for the purpose of business and only 5% have been held for non-business purposes. The ld. AO has not given any finding regarding specific expenditure/ transactions which has resulted in the said disallowance. He has merely done a broad comparison of expenses vis-a-vis. Last year and held that since the expenditure during the year is on a higher side. A lump sum amo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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