2020 (3) TMI 1412

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....MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeals by assessee for Assessment Years [in short referred to as 'AY'] 2013-14 & 2014-15 contest common order of Ld. CIT(A), Ahmedabad qua confirmation of penalty u/s.271AAB. The quantum of penalty for AY 2013-14 is Rs.20 Lacs whereas the quantum of penalty for AY 2014-15 is Rs.15 Lacs. 2. The Ld. Authorized Representative for Assessee (AR),....

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....Lacs for AY 2014-15. The disclosure was on account of inflated expenses. The said disclosure was reflected in the returns of income for these years. Consequently, penalty proceedings u/s 271AAB, as applicable for the period of search, was initiated and the assessee was saddled with impugned penalties vide separate orders both dated 22/08/2016. The same, upon confirmation by Ld. CIT(A), is under ap....