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TMI Blog2015 (7) TMI 1363X X X X Extracts X X X X X X X X Extracts X X X X ..... YA, AM: This appeal by the assessee is preferred against the order of the Ld. CIT(A)-3, Mumbai dt. 11.11.2013 pertaining to assessment year 2007-08. 2. Briefly stated the facts of the case are that in this case an assessment made u/s. 143(3) of the Act on 31.12.2008 assessing total income at Rs. 54,69,22,180/-. The matter travelled upto the Tribunal and the Tribunal in ITA No. 6350/Mum/2010 by i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase for concealment of income or filing of inaccurate particulars. The Ld. Counsel continued to state that even otherwise the AO has not recorded any satisfaction while making the disallowance of Rs. 52, 02,936/-. In support of his contention, the Ld. Counsel relied upon the decision of the Tribunal in the case of CIT Vs Triveni Engineering &Industries Ltd. in ITA No. 5709/Del/2010. 5. Per contra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ad been purchased, the cost would have been already debited to expenses. Therefore, further charging the cost of ACD/VCDs would amount to double deduction. As these facts are not available on record, in our considerate view, the disallowance should be restricted to 20% of the expenses claimed i.e. 20% of Rs. 52,02,936/-. We direct the AO to restrict the disallowance accordingly. Ground No. 9 is pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alty proceedings whereas in respect of every disallowance made. The AO has specifically mentioned that penalty proceedings u/s. 271(1)(c) are initiated separately. Since there is nothing to show that AO had recorded his satisfaction as required by the statute for initiation of penalty proceedings. Therefore, order levying penalty cannot be sustained. For this proposition, we rely upon the decision ..... X X X X Extracts X X X X X X X X Extracts X X X X
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