2023 (1) TMI 1373

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....i Gurpreet Shah Singh, Sr. DR. ORDER PER SHAMIM YAHYA, A.M.: This appeal filed by the assessee is directed against the Order of the Ld. CIT(A)-2, New Delhi, dated 31.03.2017 and pertains to A.Y. 2013-14. 2. The grounds of appeal read as under:- "Invalid Penalty U/s 271(1)(c) of Rs. 6,58,098/- 1. That on the facts and in the circumstances of the case and in law, Id. CI....

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....in impugned penalty order; 4. That on the facts and in the circumstances of the case and in law, Id. CIT-A- 2, New Delhi erred in confirming penalty amounting to Rs. 6,58,098/- , without appreciating that only reason for making addition was difference in creditors, which could not be reconciled due to closure of operations by assesses, which non-reconciliation, and consequential addition ....

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....of the case leading to the levy of penalty in this case are that the assessee filed its return of income on 26.09.2013 with total brought forward losses of Rs. 54,87,16,226/- including unabsorbed depreciation. Later, the assessee revised its return of income on 20.02.2015 declaring income of Rs. 4,77,12,227/- with brought forward losses of Rs.38,97,06.040/- and unabsorbed depreciation of Rs.3,23.4....

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....epted the addition in principle. The ld. CIT(A) proceeded to examine the penalty levied and found that no satisfactory explanation was submitted by the assessee regarding the concealment of income/furnishing of inaccurate particulars of income. Referring to several case laws from the higher courts, he proceeded to confirm the levy of penalty. Against this order, the assessee has filed appeal befor....