2022 (2) TMI 816

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....e assessment year 2017-18. 2. In the grounds of appeal, the assessee has raised the following grounds:- "1. That the order of Ld. CIT(A) is unsustainable in law as well as on merits. 2. That under the facts and circumstances, Ld. CIT(A) erred in law in dismissing the appeal as infructuous as being filed before wrong Appellate Forum by wrongly holding that the jurisdiction to decide the case vest with Hon'ble Settlement Commission and CIT(A) is not competent to adjudicate and decide the appeal. 3. That the impugned order u/s.154 Dtd.27.01.20 is unsustainable in law as well as on facts. 4. That in the absence of any mandatory show cause notice as required u/s.154(3), the impugned order uls.154 r.w.s.....

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....tal income of Rs. 1,99,13,195/- after making addition ofRs. 1,16,65,455/- u/s 68 of the Act. Accordingly, the tax on such addition was charged as per the provisions of section 115BBE of the Act. In the assessment order, the AO initiated the penalty u/s 270A of the Act and also issued a notice levying of penalty u/s 270A. 4. In response, to the aforesaid notice, the assessee submitted that firstly, the addition in this case has been made u/s 68 of the Act, therefore, the penalty is leviable u/s 271AAC and not u/s 270A. Assessing Officer duly acknowledged the submissions of the assessee and admitted that it is a wrong initiation, however, he held that it is a mistake apparent on record and rectifiable u/s 154 of the Act as well as curable ....

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....usal of the material placed on record, first of all, we find that it is an undisputed fact that after the passing of the assessment order on 08.08.2019, the assessee had filed a petition before the ITSC on 05.12.2019 which stood admitted and allowed to be proceeded with u/s 245D(1) by the ITSC vide order dated 18.12.2019; and once that is so, it is clear from the provisions of section 245F (2) that ITSC alone has the exclusive jurisdiction. Section 245F (2) reads as under :- "Section 245F(2) in The Income- Tax Act, 1995 (2) Where an application made under section 245C has been allowed to be proceeded with under section 245D, the Settlement Commission shall, until an order is passed under sub- section (4) of section 245D, h....