2020 (12) TMI 493

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....d 30.09.2013 u/s 271(1)(c) of the Act is confirmed. 2. The assessee has raised the following grounds of appeal:- "1) The search & seizure operation was conducted on Ved Bharti Group of case on 8-4-2010 & 9-4-2010. During the-" search operation a pen drive was found & seized from the vehicle no. HR06N0063 parked in front of Residence of assessee. The vehicle was in the name of Company in which Assessee is one of the director. In the per drive transaction of Rs. 5,43,71,946/- were there for which assessee explained 4,54,54,816/- transactions and the balance amount of Rs. 89,17,140/- remained unexplained and addition were made in the returned income. 2) During search operation the assessee surrendered Rs. 8 Crore as per statement under se....

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....u/s 153A on 10.02.2011. In response assessee submitted that original return filed may be treated as return u/s 153A. In the return of income the assessee declared regular income of Rs. 222131/- and agricultural income of Rs. 88200/-. Assessment u/s 153A was passed wherein, addition of Rs. 8917140/- was made with respect to surrendered income and deficit therein. Assessment order u/s 153A was passed on 25.03.2013 determining total taxable income of Rs. 9139271/-. During the course of assessment proceedings the ld AO initiated penalty proceedings stating that assessee is liable for penalty u/s 271(1)(c) of the Act for concealing and furnishing inaccurate particulars of his income. 4. The assessee did not prefer any further appeal. 5. Theref....

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....ld DR vehemently objected to the admission of the additional ground and stated that same were never raised before the lower authorities. 9. We have carefully considered the rival contentions and find that additional ground raised by the assessee goes to the root of the matter of levy of penalty as it challenges the validity of the penalty itself. These are legal ground, does not require any further investigation of the fact and hence same are admitted. 10. On the additional ground we have heard rival contentions and find that in the assessment order itself the ld AO at the time of making the assessment order did not specify any one limb of the reason for levy of penalty. In the assessment order he initiated the penalty proceedings stating....