STONE SHIPPERS,MUMBAI vs. ASST CIT RG 12(3), MUMBAI

This appeal filed by the assessee on 24.2.2014 is against the order of the CIT (A)-23, Mumbai dated 2.12.2013 for the assessment year 2004-2005.

In this appeal, assessee raised the solitary issue in connection with the penalty order of the AO passed u/s 271(1)(c) of the Act. AO levied the penalty of Rs. 25,23,331/- in connection with shipment expenses and ad-hoc expenses disallowed in the re-assessment made u/s 143(3) read with section 147 of the Act, dated 18.12.2009. 3. Bringing our attention to the order of the Tribunal in quantum appeals vide & 3455/M/2011 and others (AYs 2004-05 to 2008-2009), dated 26.4.2016, Ld Counsel for the assessee submitted that the said assessment order for the AY 2004-05 is held bad in law. In this regard, Ld Counsel for the assessee brought our attention to paras 7 to 7.3 of the said Tribunal’s order (supra) and read out the contents from paras 7.2 and 7.3 of the said order.