TMI Blog2018 (5) TMI 62X X X X Extracts X X X X X X X X Extracts X X X X ..... view of the above said CBDT Circular No.21/2015. - ITA No. 200004/2016 - - - Dated:- 26-3-2018 - Dr. VINEET KOTHARI AND THE MR. R. DEVDAS JJ. Mr. Ameet Kumar Deshpande, Advocate for Appellant- Revenue Mr. G.B.Yadav, Advocate for Respondent-Assessee J U D G M E N T VINEET KOTHARI J., 1. Heard learned counsel for the appellant and learned counsel for the respondent-Assessee. 2. The present appeal is filed by the Revenue under Section 260A of the Income Tax Act, 1961. 3. The learned counsel for the respondent- Assessee Mr. G.B. Yadav, has raised preliminary objection that since the tax effect involved in the present case is below ₹ 20,00,000/-, the present appeal by filed by the Revenue before this Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In respect of the assessment year 1992-93, assessment order was passed on February 26, 1996, on the basis of the CIB information informing the Department that the assessee is engaged in a large scale purchase and sale of wheat but it is not filing income-tax return. Ex-parte proceedings were initiated, which resulted in the aforesaid order, as per which the net taxable income of the assessee was assessed at ₹ 18,34,584. While farming the assessment, the Assessing Officer also observed that the assessee had contravened the provisions of section 269SS of the Act and because of this the Assessing Officer was satisfied that penalty proceedings under section 271E of the Act were to be initiated. The assessee carried out this ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erned, there was no satisfaction recorded regarding the penalty proceeding under section 271E of the Act though in that order the Assessing Officer wanted penalty proceeding to be initiated under Section 271(1) (c) of the Act. Thus, in so far as penalty under section 271E is concerned, it was without any satisfaction and, therefore, no such penalty could be levied. These appeals are, accordingly, dismissed. 7. The Revenue aggrieved by the said order of the Tribunal has filed the present appeal before this Court under Section 260A of the Act. 8. The learned counsel for the respondent- Assessee has raised aforesaid preliminary objection s about the maintainability of the present appeal filed on the basis of CBDT Circular No.21/20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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