2019 (2) TMI 1584

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....,262/-. The grounds of appeal raised by the assessee are reproduced as under: 1. That the learned Commissioner of Income Tax (Appeals) has grossly erred both in law and on facts in upholding the penalty imposed under section 158 BFA of the Income Tax Act amounting to Rs. 23,45,262/- by holding that there was undisclosed income of Rs. 38,32,128/- which on the facts is highly unjust and uncalled for. 1.1 That the learned Commissioner of Income Tax (Appeals) has further failed to appreciate the fact that no satisfaction was recorded by the learned assessing officer during the course of assessment proceedings and as such, the penalty so initiated and imposed is without jurisdiction and is unsustainable in law. 1.2 That in doing so, the ....

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....any fair and proper opportunity of being heard to the appellant company, thereby, violating the principles of natural justice. 2. Briefly stated facts of the case are that consequent to search and seizure proceedings under section 132 of the Act on 22/08/2001 at the premises of the assessee, assessment under section 158BC of the Act was completed on 31/07/2003 at undisclosed income of Rs. 38,32,128/- as against the return declaring nil undisclosed income. Penalty proceeding under section 158BFA(2) of the Act was also initiated. The assessee filed appeal before the Ld. CIT(A) against the quantum proceedings, which was dismissed. The further appeal filed by the assessee before the Tribunal was dismissed on account of non-prosecution by the ....