KAMLA LANDMARC PROPERTIES,MUMBAI vs. ASST CIT 21(1), MUMBAI

The present appeal has been preferred by the assessee against the order dated 10.09.2014 of the Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] relevant to assessment year 2010-11.

The only issue raised by the assessee in the grounds of appeal is against the confirmation of penalty of 17,38,125/- by Ld. CIT(A) as levied by the AO under section 271(1)(c) of the Income Tax Act.

At the outset, we would like to mention that neither the assessee nor its authorised representative appeared before

The Ld. D.R., vehemently submitted before us that the issue involved in the appeal is qua the upholding of penalty by Ld. CIT(A) who has passed the appellate order after considering the merits in this case and therefore, the same should be upheld.

Having heard the ld DR and perusing relevant records as placed before us , we find that the Ld. CIT(A) has considered the contentions and arguments of the assessee and decided the issue on merits. After perusing the facts before us, we are of the considered view that the finding of Ld. CIT(A) appears to be correct and there is nothing before us to controvert the said findings. Under these circumstances, we are inclined to uphold the order of Ld. CIT(A). Accordingly, the appeal of the assessee is dismissed.