2022 (7) TMI 849

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... come Tax Act (hereinafter referred to as the 'Act'). 2. Notices of hearing have been issued upon the assessee several times but no one has ever put in appearance before this Tribunal also. In the notice for today's hearing i.e. on 05.07.22 was also issued through RPAD which has been returned with endorsement of postal authority "left". From the above facts, it is evident on the file that the assessee is no more interested in prosecuting the proceeding, therefore, we proceed to decide on merits after hearing the ld. DR and gone through the record. 3. The brief facts of the case are that in the original return of income for the assessment year under consideration, the assessee declared a total income of Rs.1211/-. The return was originally .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ailed to show any reasonable cause for the failure on its part to report its true and correct profit. He held that the assessee had furnished inaccurate particulars of income and also concealed its income. He, accordingly, levied the impugned penalty of Rs.3,85,11,127/-. 4. Being aggrieved by the said order of the Assessing Officer, the assessee preferred appeal before the CIT(A). Despite affording several opportunities to the assessee, no submissions were advanced before the CIT(A) on behalf of the assessee, the ld. CIT(A), therefore, upheld the penalty so levied by the Assessing Officer. The assessee thus has come in appeal before this Tribunal. 5. The ld. DR has submitted that even in the appeal relating to the quantum additions, no on .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... lication money and share premium and that being not genuine transaction and the identity and creditworthiness of the share subscribers being not proved have been duly discussed in the assessment order and based on the aforesaid facts, the penalty proceedings have been initiated. It is not a case where the assessee was not aware of the facts of the case or the charge upon which the penalty proceedings have been initiated. The assessee neither come forward with any explanation during the penalty proceedings u/s 271(1)(c) of the Act nor during the appellate proceedings before the CIT(A). Even the assessee has failed to attend the proceedings before this Tribunal and no explanation has been put forth by the assessee in this case. In view of thi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X