TMI Blog2016 (1) TMI 1480X X X X Extracts X X X X X X X X Extracts X X X X ..... s and materials from/to M/s Hindustan Plywood Company and the amounts in question were on account of trading transactions - As perused account of M/s Hindustan Plywood Company, a copy of which has been placed on record. Its perusal indicates that it is a running account in which there are purchase and sale transactions on different dates including 2.4.2007, 24.4.2007, 13.7.2007, 16.7.2007 and 27.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Department : Shri Aasish Mohanty, Sr. DR. ORDER PER R.S. SYAL, AM: This appeal filed by the assessee is directed against the order passed by the CIT(A) on 31.3.2014 in relation to the assessment year 2008-09, confirming penalty of ₹ 3,58,100/- imposed by the AO u/s 271D/271E of the Income-tax Act, 1961 (hereinafter also called the Act ). 2. Briefly stated, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the relevant material available on record. It is observed from the impugned order that the assessee categorically stated that it had been purchasing and selling the goods and materials from/to M/s Hindustan Plywood Company and the amounts in question were on account of trading transactions. We have perused account of M/s Hindustan Plywood Company, a copy of which has been placed on record. Its per ..... X X X X Extracts X X X X X X X X Extracts X X X X
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