2025 (9) TMI 13

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....r the assessment years 2013-14, 2014-15 & 2015-16 passed under section 271(1)(c) of the Income Tax Act, 1961 ["Act" in short]. 2. Since issues raised in these appeals are similar based on the same identical facts, with the consent of the both the parties, we proceed to hear the appeals together and pass consolidated order for the sake of convenience. 3. First, we shall take-up appeal in ITA No. 2286/Chny/2024 AY 2013-14 for adjudication. 4. The assessee raised 3 grounds of appeal amongst which, the only issue emanates for our consideration as to whether the ld. CIT(A) is justified in confirming the penalty levied under section 271(1)(c) of the Act in the given facts and circumstances of the case. 5. Brief facts leading to case are that ....

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....irected the Assessing Officer to estimate the net income at 8% on the total turnover of Rs.. 3,66,14,611/-. Accordingly, in pursuance to the direction of the ld. PCIT, the Assessing Officer assessed the net income of Rs.. 29,29,170/- being 8% on the total turnover of Rs.. 3,66,14,611/- and raised modified demand. 7. Subsequently, the Respondent-Revenue initiated penalty proceedings and issued show cause notice under section 271(1)(c) of the Act. After considering the submissions of the assessee, the Assessing Officer levied penalty under section 271(1)(c) of the Act of Rs.. 6,73,815/-. The ld. CIT(A) confirmed the penalty levied under section 271(1)(c) of the Act. 8. The ld. AR Shri R. Thulasiram, Advocate submits that in pursuance to the....