RDER PER AMIT SHUKLA, J.M. The present appeal preferred by the assessee, is directed against the impugned order dated 31st January 2011, passed by the learned Commissioner (Appeals)-II, Thane. The sole ground raised by the assessee is whether or not the learned Commissioner (Appeals) was justified in confirming the penalty of ₹ 38,42,906, imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961 (for short the Act ), on account of various ad-hoc disallowances. 2. The relevant facts of the case are that the assessee is engaged in the business of manufacturing and trading in textile goods. The return of income was filed at a loss of ₹ 42,08,178, on 31st October 2001. During the course of the assessment proceedings, the assessee could not attend the proceedings and, accordingly, the Assessing Officer disallowed the entire loss claimed in the return of income and completed the assessment at nil income, vide order dated 20th October 2003. In pursuance

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