2025 (3) TMI 2039

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....u/s 271B of the Income Tax Act, 1961, vide order dated 03.03.2022. 2. Grievances raised by the assessee, are as follows: "1. Ld. CIT(A) erred in law as well as on facts in confirming penalty of Rs. 1,00,000/-, out of Rs. 1,50,000/- imposed by the ld. assessing officer, under section 271B of the Income tax Act." 3. When the matter was called for hearing, the learned Counsel for the assessee, at the outset submitted that the appeal has been filed by the assessee belatedly. The learned Counsel adverted our attention to the affidavit filed in this regard citing reasons for condonation of delay and urged for a benign view and sought condonation of delay of 102 days in filing the appeal before the Tribunal. The Ld. Counsel for the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....in response to this notice. Thereafter, various notices u/s 142(1) of the Act were issued to the assessee. However, the assessee had not complied any of the notices. Therefore, the Scrutiny Assessment was finalized u/s 144 r.w.s. 147 of the Act, on 17/03/2015, determining assessed income of Rs. 3,82,32,000/- after making addition on account of undisclosed income of Rs. 3,82,31,996/-. 7. Aggrieved by the order of the assessing officer, the assessee had filed an appeal before Ld. CIT(A). The Ld. CIT(A)-1, Rajkot vide its order dated 10/10/2016 has partly allowed the appeal of the assessee and restricted the addition at Rs. 7,64,640/- @2% of Gross receipt. Aggrieved by the order of Ld. CIT(A), the revenue had filed an appeal before Hon'....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... assessee along with the documents furnished and the case laws relied upon, and perused the fact of the case including the findings of the ld CIT(A) and other materials brought on record. 12. The ld. Counsel for the assessee, argued that during the penalty proceedings, assessee's case was reopened u/s 147 of the Income Tax Act, 1961 and assessing officer made addition based on form 26AS of its entire receipts mentioned in form 26AS, which was restricted by CIT(A) at 2% to 7,64,640/-, and also directed to allow TDS credited in form 26AS. Therefore, the penalty and the threshold amount of the addition both were reduced by the ld. CIT(A) and therefore, on estimated addition, the penalty should not be levied. Besides, whatever purchases were....