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Income Tax Appellate Tribunal, “E” BENCH, MUMBAI
Before: SHRI D. KARUNAKARA RAO & SHRI SANDEEP GOSAIN
सुनवाई की तायीख / Date of Hearing : 06.03.2017 घोषणा की तायीख /Date of Pronouncement : 17.03.2017 आदेश / O R D E R
PER D. KARUNAKARA RAO, AM:
This appeal filed by the assessee on 14.10.2013 is against the order of the CIT (A)-6, Mumbai for the AY 2007-2008. In this appeal, assessee raised the following grounds which read as under:- “1. (a) The Assessing Officer erred in levying penalty of Rs. 16,08,885/- u/s 271(1)(c) of the Act on the ground that the assessee has concealed its income and has furnished inaccurate particulars thereof. (b) The Ld CIT (A) erred in confirming the order of the AO levying penalty as mentioned above.”
2. Before us, none attended to represent the case of the assessee. At the outset, Ld DR for the Revenue submitted that the notice was duly served on the assessee. Therefore, despite the fact that nobody is present for the assessee, case could be heard. After hearing the Ld DR as well as considering the issues involved in the appeal, we proceed to adjudicate this appeal on merits with the help of the Ld DR for the Revenue in the succeeding paras of this order.
3. The only issue involved in this case relates to the levy of penalty u/s 271(1)(c) of the Act. In this regard, Ld DR for the Revenue mentioned that the Assessing Officer rejected the books of account and proceeded to estimate the profit at the flat rate of 8% and determined the assessment. Matter travelled to the first appellate