(1.) This tax case appeal has been filed by the Revenue, challenging the order dated 05.08.2016 passed by the Income Tax Appellate Tribunal, Madras "B" Bench in I.T.A.No.1313 /Mds/2008.
(2.) The facts leading to the filing of the appeal are as follows:
(3.) By an order of assessment dated 31.03.2004, the Assessing Officer made the following additions/disallowances resulting in assessed income of Rs.1,04,77,36/-, and initiated separate penalty proceedings under Section 271(1)(c) of the Income Tax Act, 1961, hereinafter referred to as "the said Act".