2022 (1) TMI 1199

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....This appeal by the Revenue against the order dated 28-03-2018 passed by the Commissioner of Income Tax (Appeals)-2, Pune ['CIT(A)'] for assessment year 2014-15. 2. We find no representation on behalf of the assessee nor any application filed seeking adjournment. Thus, the assessee called absent and set ex-parte. Therefore, we proceed to dispose of the appeal by hearing the ld. DR and pe....

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....al income at Rs. 4,78,38,685/- (Rs. 3,27,47,940/- + Rs. 1,50,08,745/-). The AO accepted the said revised return of income determining the total income at Rs. 4,78,38,685/- without any disallowance thereon. The AO also initiated penalty proceedings u/s. 271(1)(c) of the Act for concealment of income and levied penalty of Rs. 51,01,472/- being minimum penalty @ 100%. The CIT(A) by placing reliance o....