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TMI Blog2019 (4) TMI 1219X X X X Extracts X X X X X X X X Extracts X X X X ..... ll not exceed three times the amount of tax sought to be evaded by reason of concealment of income and furnishing of inaccurate particulars of income. The quantification of the penalty is depended upon the addition made to the income of the assessee. Since in the present case, basis for visiting the assessee with penalty has been extinguished by the AO by not making additions pursuant to the or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty amounting to ₹ 3,86,240/- imposed by the AO under section 271(1)(c) of the Income Tax Act, 1961. 3. Brief facts of the case are that the assessee has filed his return of income declaring total income at ₹ 48,030/-. Assessment order was passed on 18.3.2014 under section 143(3) of the Act. His total income was determined at ₹ 18,65,990/-. Addition of ₹ 18, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The AO has passed a fresh assessment order on 5.12.2018 under section 143(3) r.w.s. 254. In this assessment order, he determined the taxable income of the assessee at ₹ 52,050/- as against ₹ 19,24,991/- determined in the first round, after rectification passed under section 154 on 10.9.2014. The ld.counsel for the assessee has placed on record copy of the assessment order, and conten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be directed to pay a sum in addition to taxes, if any, payable him, which shall not be less than but which shall not exceed three times the amount of tax sought to be evaded by reason of concealment of income and furnishing of inaccurate particulars of income. In other words, the quantification of the penalty is depended upon the addition made to the income of the assessee. Since in the present c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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