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2019 (5) TMI 544

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..... made in the hands of the assessee, which was on estimated basis. Therefore, we hold that the penalty to the extent as directed by Ld. first appellate authority would not be sustainable. - Decided in favour of assessee. - I.T.A. No.3604/Mum/2017 - Dated:- 3-5-2019 - Shri C.N. Prasad, JM And Shri Manoj Kumar Aggarwal, AM For the Assessee : Ms. Manshi Padhiar And Ms. Niyanta Mehta- Ld. ARs For the .....

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..... wance was set aside to Ld. AO to recompute the same after excluding strategic investments made by the assessee. Pursuant to the said directions, an order u/s 143(3) r.w.s. 254 was passed by Ld. AO on 23/06/2017 wherein the disallowance has been recomputed at ₹ 14,957/-. 3. Subsequently, the matter of penalty as levied by Ld. AO was considered by the Ld. first appellate authority vide impugne .....

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