2018 (4) TMI 242

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....PER SUDHANSHU SRIVASTAVA, J.M. This appeal has been preferred by the assessee against the order of the Ld. Commissioner of Income Tax (A)-19, New Delhi wherein, vide order dated 6.3.2014, the Ld. Commissioner of Income Tax (A) has confirmed the imposition of penalty amounting to Rs. 16,99,500/- imposed u/s 271(1)(c) of the Income Tax Act, 1961  (hereinafter called 'the Act') for as....

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....e surrendered Rs. 55 lakh on the ground that it wanted to avoid litigation and for peace of mind. No appeal against this quantum addition made on account of surrender was filed by the assessee. Subsequently, the Assessing Officer imposed penalty of Rs. 16,99,500/- u/s 271(1)(c) of the Act which was also confirmed by the Ld. Commissioner of Income Tax(A). The assessee has now approached the ITAT an....

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....ineness of the money received by it. It was also submitted that the assessee had surrendered the amount during the course of reassessment proceedings and the same was not a voluntary surrender as the impugned transactions had come to the knowledge of the Income Tax Department on receipt of information from the Directorate of Investigation. It was submitted that no appeal had also been filed agains....

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....he impugned transaction before the Assessing Officer that it decided to surrender an amount of Rs. 55 lakh. Thus, the factual matrix indicates that the assessee made the surrender when it had no explanation to offer. Thus, the assessee could not prove the bona f ide of its claim. The Hon'ble Apex Court in the case of MAK Data (P) Ltd. vs CIT 352 ITR 1 (SC) has held that the Assessing Officer shoul....