SVP ENTERPRISES,MUMBAI vs. DCIT (OSD-I) CEN RG 7, MUMBAI

Order u/s.254(1)of the Income-tax Act,1961(Act) लेखा लेखा सद�य लेखा लेखा सद�य सद�य, राजे�� सद�य राजे�� राजे�� केकेकेके अनुसार राजे�� अनुसार अनुसार/ PER Rajendra A.M.- अनुसार Challenging the order dated 10/09/2014 of the CIT (A)-40,Mumbai the assessee has filed the present appeal. Effective ground of appeal is about levy of penalty u/s.271(1)(c) of the Act. Brief facts : 2.Assessee-firm,engaged in diamond trading, filed its return of income on 30/09/2009, declaring total income at Rs.13.09 lakhs.The Assessing Officer (AO) completed the assessment u/s.144 of the Act on 29/12/2011,determining its income at Rs.17,30,53,350/-. While completing the assessment,he made certain additions and disallowed some expenses for want of details.Further, penalty proceedings u/s.271(1)(c) were also initiated. The assessee preferred an appeal before the First Appellate Authority (FAA)against the quantum order,who dismissed the appeal on the ground that it had not paid the taxes due on returned income, as required u/s.249 (4) of the Act. 3.Vide,his order dated 22/03/2013, the AO levied a penalty of Rs. 5.52 lakhs u/s.271(1)(c) of the Act.The assessee challenged the penalty order before the FAA. After considering the available material,he held that the assessee had furnished inaccurate particulars of income, that the AO was justified in levying the penalty.

7109/M/14-SVP Enterprises(09-10)