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TMI Blog2015 (11) TMI 1781X X X X Extracts X X X X X X X X Extracts X X X X ..... and in the circumstances of the case and in law, the learned C.I.T.(A) erred in Confirming the penalty levied by AO of Rs. 1103657/- without considering our Submission Properly. The assessee has raised the following grounds of appeal as per form 35 and also additional ground as per application filed on 26.10.2015: 3. On the facts and in the circumstances of the case and in law, the learned C.I.T.(A) erred in Confirming the penalty on Forfeiture of shares and premium amounting to Rs. 1440000/- and disallowance of Depreciation 1105512/- without considering our submission properly. Additional Ground: On the facts and in the circumstances of the case and in law, the learned A.O. erred in levying a penalty of Rs. 11,03,657/- u/s 271(1)(c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cts of the case are that the tribunal set aside the original assessment framed u/s 144 vide order dated 28/02/2002 by directing the AO to make the assessment afresh by admitting the additional evidence after giving fresh opportunity to the Assessee. Assessment was framed by AO u/s 143(3) r.w.s. 250 of the Act vide order dated 24/12/2009. Income under the normal provisions of the Act was computed at a loss of Rs. 34,04,686/- by making interalia various disallowances while making the assessment on the book profits u/s 115JB of the Act. The quantum appeal was also dismissed by CIT(A). The ld.AO levied the penalty of Rs. 11,03,657 u/s 271(1)(c) of the Act on the ground that various disallowances made by him in the assessment order were upheld b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he income of the assessee was assessed at 30% of the book profits in terms of the provision of section 115JB of the Act while simultaneously make various additions to the profit as per profit and loss account under normal provisions of the Act thereby working out the loss as per normal provisions of the act at Rs. 34,04,686/- We however, note that the quantum appeal was dismissed by CIT(A) confirming the made by the ld AO. Also the appeal against the penalty order was dismissed on the ground that assessee filed inaccurate particulars of income qua the additions made in the the assessment order. The appellant had been assessed u/s115JB Act and the various disallowances made in the assessemt order did not have any impact on the tax liability ..... X X X X Extracts X X X X X X X X Extracts X X X X
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