In the result, assessee’s appeal is allowed
Bench: : Shri S. Rifaur Rahman & Shri Sunil Kumar Singhassessment Year: 2014-15
32,240/-, by making disallowance of Rs.39,779/- towards share purchase expenses, adhoc disallowance of various other expenses amounting to Rs.50,000/- and addition of Rs.97,31,000/- u/s. 56(2)(vii) of the Act. Based on the above additions, the Assessing Officer initiated penalty proceedings and imposed penalty of Rs.83,45,158/- u/s. 271(1