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TMI Blog2019 (5) TMI 1325X X X X Extracts X X X X X X X X Extracts X X X X ..... thikeyan ORDER PER SAKTIJIT DEY. J.M. The aforesaid appeal has been filed by the Revenue challenging the order dated 8th February 2017, passed by the learned Commissioner (Appeals)-39, Mumbai, pertaining to the assessment year 2009-10. 2. Brief facts are, for the assessment year under dispute the assessee filed its return of income on 21st September 2009 declaring total income of Rs. 1,44,36,3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... went in appeal before t learned Commissioner (Appeals) and thereafter before the Tribunal. During the pendency of assessee's appeal, the Assessing Officer initiated proceedings for imposition of penalty under section 271(1)(c) of the Act in respect of the aforesaid additions/disallowances and ultimately passed an order imposing penalty of Rs. 61,38,852. Against the penalty order so passed, the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... particulars of income and concealed the income even with regard to the part of sub-brokerage payment disallowed by the Tribunal, learned Commissioner (Appeals) should have sustained the penalty imposed under section 271(1)(c) of the Act on such disallowance. 5. The learned Authorised Representative submitted, the part disallowance of sub-brokerage payment by the Tribunal was not on account of any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the disallowance to the extent of 10% of the total payment purely on estimate basis. It is relevant to observe, against the aforesaid decision of the Tribunal, the Revenue went in appeal before the Hon'ble Jurisdictional High Court under section 260A of the Act. While deciding the appeal of the Revenue, the Hon'ble Jurisdictional High Court not only sustained the decision of the Tribunal i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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