9911796707
TMI Blog2019 (5) TMI 280X X X X Extracts X X X X X X X X Extracts X X X X ..... its books of account and in turn in the balance sheet - HELD THAT:- As against the quantum addition, the assessee preferred further appeal before the Tribunal and vide order [ 2017 (8) TMI 1532 - ITAT CHENNAI] the Tribunal remitted the matter back to the file of AO for fresh consideration, we are of the considered opinion that the issue of levy of penalty needs to be remitted back to the file of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment year 2011-12 passed under section 271(1)(c) of the Income Tax Act, 1961 [ Act in short]. 2. The appeal filed by the assessee is delayed by 516 days, for which, the ld. Counsel for the assessee has filed an affidavit for condonation of the delay, to which; the ld. DR has not raised any serious objection. Consequently, since the assessee was prevented b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A) enhanced the assessment to ₹.38,22,700/-. In pursuant to the appellate order, penalty proceedings under section 271(1)(c) of the Act were initiated. During the course of penalty proceedings, the ld. CIT(A) has observed that the bank account with Lakshmi Vilas Bank, Sankarapuram was not reflected in assessee s books of account and in turn in the balance sheet. Thus, the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In this case, assessment under section 143(3) of the Act was completed by making an addition of ₹.23,14,320/-. On appeal, the ld. CIT(A) enhanced the assessment to ₹.38,22,700/- in terms of section 251(2) of the Act. In pursuant to the appellate order, the penalty under section 271(1)(c) of the Act was levied on the ground that the assessee has concealed the particulars of income and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for fresh adjudication after deciding the quantum. Accordingly, we remit the matter back to the file of the Assessing Officer for fresh consideration after allowing an opportunity of being heard to the assessee. 7. In the result, the appeal filed by the assessee is allowed for statistical purposes. Order pronounced on the 30th April, 2019 in Chennai. - - Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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