2023 (4) TMI 949

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....ax Act, 1961 (hereinafter referred as to 'the Act') for Assessment Year 2007-08. 2. None appeared at the time of call on behalf of the assessee. However, the Ld. DR appeared and made his submission in favour of the orders passed by the authorities below in imposing penalty for furnishing inaccurate particulars of income. 3. The brief facts leading to this case is that the assessee, an individual, engaged in the business of civil construction on contract basis, filed his return of income declaring total income at Rs.6,18,060/- on 29.10.2007. The said assessment proceeding under Section 143(3) of the Act was completed on 29.12.2009 determining total income of Rs.31,23,930/- upon making inter alia addition of Rs.24,90,000/- on account of une....

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....een filed on the last day of proceeding i.e. 29.12.2009. The details of agricultural land holding, a copy of bank passbooks in case of depositors having bank account were filed. However, the capacity of the depositors and genuineness of the transaction was not found to have been proved by the assessee by the Ld. AO and ultimately addition was made under Section 68 of the Act to the tune of Rs.24,90,000/-. Penalty proceeding under Section 271(1)(c) of the Act was separately initiated against the assessee for furnishing inaccurate particulars of income. 6. During the course of penalty proceeding, show cause dated 29.12.2009 and 09.11.2012 were issued to the assessee as to why the penalty under Section 271(1)(c) of the Act for furnishing inac....

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....eady been disposed of in the year 2020 itself. We further find that the Ld. CIT(A) in penalty appeal has already taken into consideration this particular aspect of pendency of application under Section 154 of the Act filed on 20.07.2015 against the order of Ld. CIT(A). The Ld. CIT(A) was of the opinion that the impugned addition with respect to which penalty has been levied has attained finality by virtue of the order passed by the Tribunal and therefore, the application under Section 154 of the Act against the CIT(A)'s order contending that some grounds have not been decided by the Ld. CIT(A) lacks merit. The same has no relevance to the appeal proceeding against the penalty order based on addition sustained by the Ld. Tribunal. Such conte....