2025 (2) TMI 1462

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....ssee are identical and issues are common hence, we proceed to pass a common order. For brevity, we shall take up the appeal in ITA No.1408/Chny/2023 for A.Y 2018-19 as lead case. 3. The effective ground of appeal in this appeal of assessee is against confirming the penalty levied u/s. 270A of the Act of Rs. 24,44,500/- in A.Y 2017-18 and Rs. 28,19,937/- in A.Y 2018-19 & Rs. 10,28,700/- in A.Y 2019-20 u/s. 271AAB of the Act. 4. The brief facts of the case are that the assessee is a Managing Director of M/s. AKPM Chit Pvt. Ltd. A search and seizure operation u/s. 132 of the Act was carried out in the case of Shri S. Mohanraj and his related groups on 06.03.2019 and the office premises of M/s. AKPM Chit Pvt Ltd. was also covered. During ....

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...., the Ld. CIT(A) has upheld the penalty order. 6. When the appeal was called out, no one appeared from assessee side. The appeal was listed on 30.04.2024, 11.06.2024, 10.07.2024, 20.08.2024, 15.10.2024, 22.10.2024, 04.12.2024 and 05.1.2024, but no one has appeared on behalf of the assessee. We, however find that assessee has filed written submission on 03.12.2024 which is on record. We therefore, proceed to decide the case with the able assistance of Ld. DR, Shri K. Rohan Raj, Addl. CIT, based on the written submissions filed by the assessee. 7. The Ld. AR in his written submissions has submitted that the return of income filed by the assessee u/s. 153A of the Act are to be treated as return filed u/s. 139(1) of the Act by virtue of l....

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....9 (Ahmedabad)(TM). 9. We have heard the rival submissions, and perused the materials available on record. The assessee has filled return of income for A.Y. 2017-18 on 24.10.2017 disclosing total income of Rs 20,92,900 and for A.Y 2018-19 on 27.09.2018 on total income of Rs 34,80,190. The returns were processed u/s 143(1) on 30.10.2019 and 10.02.2019 respectively. A search was conducted u/s. 132 on 06.03.2019 and unaccounted income from unregistered chit fund was found, based on which assessee has filled return of income including the unaccounted income in response to notice u/s 153A. The only issue to adjudicate is whether penalty u/s. 270A of the Act is to be levied in case assessee has disclosed the income admitted during search in res....

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....7-18 is hereby confirmed. Thus, the appeal filed by the assessee for A.Y 2017-18 is dismissed. ITA No.1409/Chny/2023 for AY 2018-19: 11. We find that the identical issue is involved in assessee's appeal for A.Y 2018-19 also and accordingly, our adjudication above in A.Y 2017-18 applies mutatis mutandis to this case as well. Therefore, for the similar reasons, we also confirm the penalty levied for A.Y 2018- 19. Thus, the appeal filed by the assessee for A.Y 2018-19 is dismissed. ITA No. 1410/Chny/2023 for A.Y 2019-20: 12. The A.O has levied penalty u/s. 271AAB of Rs. 10,28,700/-. We find that search was conducted in this case on 01.03.2019 and due date of filing the return was on 31.10.2019. The assessee has filed return of inco....