2023 (3) TMI 1305

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....RAM SINGH YADAV, A.M. : This is an appeal filed by the Assessee against the order of the Ld. CIT(A)-3, Ludhiana dt. 18/01/2019 pertaining to A.Y. 2007-08 challenging the confirmation of penalty under section 271(1)(c) of the Act. 2. At the outset it is noted that there is a delay of 10 days in filing the present appeal. Considering the submissions made by the Ld. AR and after hearing the Ld.....

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..... During the course of penalty proceedings, no one appeared on behalf of the assessee and the AO accordingly proceeded and passed the penalty order under section 271(1)(c) on 22/09/2015 holding that the assessee in default of making concealment of income to the extent of Rs. 28,84,000/-. 5. Against the penalty order, the assessee moved in appeal before the Ld. CIT(A) wherein again, there was no....

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....r by the Ld. CIT(A), Ludhiana, while confirming the penalty under section 271(1)(c) of the Act. It was accordingly submitted that where the addition in the quantum proceedings stands deleted, then the very foundation for levy of penalty does not exist and in light of the same, the penalty so levied and confirmed by the Ld. CIT(A) may be set aside. 8. Per contra, the Ld. DR fairly agreed that th....

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....ng Officer made addition of Rs.28,84,000/- towards income from undisclosed sources as assessee did not participate in assessment proceedings and explain the sources of cash deposits made in his bank account of equivalent amount. During appellate proceedings the appellant has explained with satisfactory documentary evidences that he received Rs.26,02,500/- on account of sale of 20 Bigha 16 Biswa ru....