2025 (4) TMI 1799

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....5, wherein ld CIT(A) has sustained the penalty to the extent of Rs. 11,00,000/- as against the penalty of Rs. 39,01,450/- imposed u/s. 271(1)(c) of the Act, vide penalty order dated 29.09.2023 2. Briefly stating the facts are, that the assessment was completed u/s. 143 r.w.s 153A of the Act on 30.09.2021 for A.Y. 2014-15, assessing total income at Rs. 1,77,71,141/- consequent upon the search and seizure action u/s 132(1) of the Act dated 19.07.2018 carried out in the R S Bullion and jewellers group of cases including the premises of assessee. The quantum appeal filed against the impugned order dated 30.09.2021 was dismissed by the ld CIT(A), vide order dated 28.06.2022 passed in appeal No CIT(A)-IV/KNP/10199/2013-14. Penalty proceedings ....

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.... 'The Assessee could bring nothing on record, which could prove that the Assessee has not concealed the particulars of his income, for the relevant assessment year. The grounds of deriving the undisclosed income of the Assessee have also been discussed, in detail, in the assessment order, for the relevant assessment year. The submission of the Assessee was found to unsatisfactory.' 3. Because learned 'CIT (Appeals) failed to appreciate that the penalty u/s 271(1)(c) could not be sustained merely because the addition was confirmed by appellate Tribunal, without appreciating the explanation submitted. 4. Because, and without prejudice to aforesaid, learned 'CIT (Appeals)' has erred and failed to appreciat....