2022 (7) TMI 849

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....levy of penalty u/s 271(1)(c) of the Income Tax Act (hereinafter referred to as the 'Act'). 2. Notices of hearing have been issued upon the assessee several times but no one has ever put in appearance before this Tribunal also. In the notice for today's hearing i.e. on 05.07.22 was also issued through RPAD which has been returned with endorsement of postal authority "left". From the above facts, it is evident on the file that the assessee is no more interested in prosecuting the proceeding, therefore, we proceed to decide on merits after hearing the ld. DR and gone through the record. 3. The brief facts of the case are that in the original return of income for the assessment year under consideration, the assessee declared a total inco....

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....essing Officer held that the assessee had failed to show any reasonable cause for the failure on its part to report its true and correct profit. He held that the assessee had furnished inaccurate particulars of income and also concealed its income. He, accordingly, levied the impugned penalty of Rs.3,85,11,127/-. 4. Being aggrieved by the said order of the Assessing Officer, the assessee preferred appeal before the CIT(A). Despite affording several opportunities to the assessee, no submissions were advanced before the CIT(A) on behalf of the assessee, the ld. CIT(A), therefore, upheld the penalty so levied by the Assessing Officer. The assessee thus has come in appeal before this Tribunal. 5. The ld. DR has submitted that even in the ....