DCIT, CENTRAL CIRCLE- 32, NEW DELHI vs. APPOLO TRAEXIM PVT. LTD., NEW DELHI

This appeal is filed by the ld DCIT, Central Circle-32, New Delhi [ Ld AO] for Assessment Year 2004-05 wherein, the ld CIT(A) has deleted the penalty of Rs. 53,81,250/- imposed u/s 271(1)(c) of the Act by the ld AO for an addition of Rs. 1.5 crores. The ld CIT (A) deleted penalty for the reason that addition made by the ld AO of Rs. 1,50,00,000/- has been deleted by the coordinate bench. LD AO „s grievance is that the above order of the coordinate bench has not been accepted by the revenue and further appeal has been filed before the Hon‟ble Delhi High Court. Hence, this appeal.

The brief fact of the case shows that a search and seizure operation was carried out on 19.01.2009. Notices u/s 153A of the act was issued on 02.06.2010. The assessee filed its return of income declaring loss of Rs. 1,08,448/- on 09.07.2010. The assessment u/s 153A read with section 143(3) of the Act was passed on 31.12.2010 wherein, an addition of Rs. 1,50,00,000/- was made in the hands of the assessee under Section 68 of Page | 1