ASSISTANT COMMISSIONER OF INCOME TAX Vs. SWASTIK TEXTILE ENGINEERS
INCOME TAX APPELLATE TRIBUNAL
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(1.) THIS appeal by the Revenue and the CO by the assessee for the assessment year 2005 -2006 are directed against the order of the CIT(A). These are being disposed of with this consolidated order.
(2.) AT the time of hearing none appeared on behalf of the assessee. However, the assessee has filed written submissions with the request that the appeal of the Revenue and the CO of the assessee may be
disposed of after considering the written submissions filed by the assessee. Accordingly, we decide the
appeal preferred by the Revenue and the CO preferred by the assessee on merits after considering the
arguments of the learned DR and written submissions filed by the assessee.
ITA No.994/Ahd/2011 (Revenue's appeal)
(3.) THE only ground of the appeal of the Revenue is as under:
"1. The ld.CIT(A) erred in law and on facts in canceling the penalty of Rs.27,52,469/ - levied u/s.271(1)(c) of the Act. "
The learned DR fairly submitted that in the assessment framed by the AO under section 143(3) r.w.s 254 of the Act vide order dated 30.11.2011, the addition/disallowance of commission payment of Rs.75,21,948/ - was not made, and therefore, there remains no basis for penalty imposed under section
271(1)(c) of the Act.;
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