2021 (3) TMI 457

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.... PER RAJESH KUMAR, ACCOUNTANT MEMBER: The aforesaid appeal has been filed by the assessee against the impugned order dated 14/03/2018, passed by the CIT(A)- 56, Mumbai, for the assessment year 2009-10. 2. The only effective issue raised by the assessee in the various grounds of appeal is against the confirmation of penalty of Rs. 2,36,914/- by CIT(A) as imposed by the AO u/s.271(1)(C) of t....

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....sessee with three others co-owners for consideration of Rs. 67,23,000/- for which there was another agreement dated 08/04/2008 for consideration of Rs. 33,00,000/- only from the same vendors meaning thereby that the difference of Rs. 34,23,000/- was paid in cash by M/s. Gold Finch Jewellers Ltd., to the assessee and another co-owners. Consequently , the case of the assessee was re-opened by u/s.14....

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.... proceedings in the assessment order for failure of the assessee to furnish the income fully and truly in the return of income. The AO imposed penalty equal to 100% of the tax to be evaded which worked out to Rs. 2,36,914/- for concealment of income by invoking Explanation 1 to Section 271(1)(c) of the Act. 4. In the appellate proceedings, the ld. CIT(A) affirmed the order of the AO by holding ....

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....assessment framed by the AO, the only disallowance made was Rs. 32,500 which was equal of 25% of the cost of improvement. In this case we note that no notice was issued u/s.148 prior to the filing of the revised return and thus, we note that assessee has voluntarily suo-motto filed the revised return of income and offered to tax whatever was left from being disclosed in the original return of inco....