2022 (5) TMI 1064

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....nivasan, Addl.CIT ORDER PER MAHAVIR SINGH, VP: This appeal by the assessee is arising out of the order of Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi in Appeal No. CIT(A), Salem/10130/2019-20 dated 14.12.2021. The assessment was framed by the ACIT, Circle 1, Namakkal for the assessment year 2016-17 u/s.143(3) of the Income Tax Act, 1961 (hereinafter the 'Act') v....

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....come from other sources' but assessee failed to provide any details. Hence, the AO treated this amount of Rs.6,50,000/- as unexplained cash credit and taxed the same u/s.68 of the Act. But there is no change in the returned income and assessed income. The AO initiated penalty proceedings u/s.271(1)(c) of the Act. The AO issued show-cause notice dated 10.12.2018 and assessee claimed that she was le....

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....e and therefore imposed penalty of Rs.1,29,780/-. Aggrieved, assessee preferred appeal before CIT(A). 4. The CIT(A) also confirmed the action of AO by observing in para 5.3 as under:- "5.3 The appellant has submitted that since the returned income as well as assessed income were same, no penalty can be levied. This contention of the appellant is misplaced. The machinery provisions of the Income....

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....ed income and assessed income, the AO has correctly levied the penalty u/s.271(1)(c). Aggrieved, now assessee is in appeal before the Tribunal. 5. We have heard rival contentions and gone through the facts and circumstances of the case. We noted that there is no difference between assessed income and returned income. There is simpliciter change of head of income. The assessee declared this incom....