Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] I.T.A No. 149/Kol/2009 Assessment Year : 2005-06 Ddit(It)-1(1), Kolkata -Vs- M/S Joy Partnership [Pan: Aadfj 6427 H] (Appellant) (Respondent)
Penalty proceedings u/s 271(1)(c) is, therefore, initiated separately for disallowance of Rs.l,89,41,265/- . 4.3. The amount of exchange loss of Rs. 51,69,208/- is inclusive of Rs. 13,98,364/- in respect of which the assessee was able to identify the employees. The balance of Rs. 37,70,844/-(5169208-1398364) is purely an estimated