TaxTMI 
TaxTMI 
2022 (9) TMI 547
X X X X Extracts X X X X
X X X X Extracts X X X X
....sed the following Grounds of appeal that are as under: 1. The order of the learned CIT (A) is bad and erroneous in Jaw and against the principles of natural justice. 2. The learned CIT (A) erred in not considering the grounds of appeal and written submissions in proper perspective. 3. The learned CIT (A) erred in exceeding his jurisdiction by confirming the penalty for "concealment of income", while the Assessing Officer levied the penalty for "furnishing inaccurate particulars of income. 4. The learned CIT (A) erred in not considering the vital fact that it is the "satisfaction" of the Assessing Officer who initiated the penalty proceedings in the course of proceedings before him" and certainly not that of the CIT (A), without t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Rs. 1,73,250/- on 12.10.2017. The case was processed u/s. 143(1) of the Act and subsequently it was selected for scrutiny in accordance with scrutiny proceedings. Thereafter, notice u/s. 143(2) was issued in compliance of which assessee filed necessary submissions and after going through the same, the AO made addition of Rs. 8,81,960/- in respect of certain creditors and treated the same as income u/s. 68 of the Act. 5. Dissatisfied with the above order, the assessee preferred an appeal before the CIT(A). However, the appeal of the appellant was dismissed by the ld. CIT(A). Aggrieved by the order of the Ld. CIT(A), assessee preferred an appeal before the Hon'ble ITAT, Chennai and Tribunal vide its order in ITA No. 2167/Mds/2014 dated 13.1....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he alleged amount for taxation and he do so due to buy peace and avoid litigation. The submissions of the assessee did not recorded by the AO and he invoked section 271(1)(c) of the Act upon the assessee although it was not existed in facts and circumstances of the case. We after pursuing fact, it has come to our mind that levy of penalty in present circumstances of case required some more evidence to prove that money had been flowed from the assessee to the creditor for such transactions and such money credited by the assessee in his books of accounts belongs to him. However, in this case those facts are absent and mere surrender of the amount by the assessee did not constitute that assessee wanted to evade tax by concealment of his income....