2019 (4) TMI 1219

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.... ORDER PER RAJPAL YADAV, JUDICIAL MEMBER : Assessee is in appeal before the Tribunal against order of the ld.CIT(A)-4, Vadodara dated 5.9.2017 passed for the Asstt.Year 2011-12. 2. Solitary grievance of the assessee is that the ld.CIT(A) has erred in confirming the penalty amounting to Rs. 3,86,240/- imposed by the AO under section 271(1)(c) of the Income Tax Act, 1961. 3. Brief facts....

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....th penalty. 4. The ld.counsel for the assessee at the very outset submitted that these additions travelled upto the Tribunal, and the Tribunal has remitted this issue to the file of the AO for re-adjudication. The AO has passed a fresh assessment order on 5.12.2018 under section 143(3) r.w.s. 254. In this assessment order, he determined the taxable income of the assessee at Rs. 52,050/- as agai....

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....ugned in the present appeal. 6. We find that sub-clause (iii) of section 271(1)(c) provides mechanism for quantification of penalty. It contemplates that the assessee would be directed to pay a sum in addition to taxes, if any, payable him, which shall not be less than but which shall not exceed three times the amount of tax sought to be evaded by reason of concealment of income and furnishing ....