2022 (5) TMI 607

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....er referred to as "the Act") relating to Assessment Year (A.Y.) 2008-09. 2. The brief facts of the case are that the assessee is an individual and engaged in contract business. For the A.Y. 2008-09, the assessee has not filed the return of income. However, the assessee has received a contract receipt of Rs. 42,45,566/- from M/s. Alphageo India Limited. Therefore, notice under Section 148 of the Act was served on the assessee on 22.12.2010. The assessee filed its return of income on 25.03.2011 after issuance of notice under Sections 148, 143(2) and then 142(1) of the Act and the assessment was completed based on the revised Profit & Loss Account and Balance Sheet furnished by the assessee and determined the total income at Rs. 13,25,098/-....

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....thereby the Assessing Officer levied penalty of Rs. 1,87,938/- being 100% tax to be evaded on the addition of Rs. 6,14,178/-. 4. Aggrieved by the addition, the assessee filed appeal before the Ld. CIT(A)-1, Vadodara. The Ld. CIT(A) has confirmed the levy of penalty as under:- "5. I have considered the facts of the case as well as the order of the AO and the submission of the AR of the appellant. The submission of AR of the appellant is not found to be tenable. The admitted and undisputed fact is that the appellant had not filed the return of income for AY 2008-09 i.e. the year under consideration. The return of income for the year under consideration was filed by the appellant by declaring total income of Rs. 9,29,480/- on 25.03....

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....ut allowing any deduction on account of income already assessed and added in the immediately preceding year viz., Asst. Year 2007-08." 6. This appeal is listed for 30th hearing before this Tribunal. Though notice has been served and the acknowledgement is being placed before this Tribunal, none appeared on behalf of the assessee. So, with the assistance of Ld. Departmental Representative and available material on records we need to proceed with the above case. Ld. D.R. submitted that the Assessing Officer has levied the penalty of Rs. 1,87,938/- as against the addition of Rs. 6,14,178/- and not against Rs. 13,25,098/- which is escaped income as per the reassessment order. This penalty has been confirmed by the Ld. CIT(A) also as the asse....