9911796707
TMI Blog2022 (7) TMI 1222X X X X Extracts X X X X X X X X Extracts X X X X ..... Thus, in absence of any such supporting evidence we have no other option except to uphold the order of ld CIT(A) is sustain the order of penalty. In the result, the sole ground of appeal raised by these is dismissed. - ITA No.256/SRT/2019 - - - Dated:- 26-7-2022 - Shri Pawan Singh, Judicial Member And Dr Arjun Lal Saini, Accountant Member For the Assessee : None For the Revenue : Shri Anurag Dubey Sr-DR ORDER UNDER SECTION 254(1) OF INCOME TAX ACT PER PAWAN SINGH, JUDICIAL MEMBER: 1. This appeal by assessee is directed against the order of learned Commissioner of Income tax-3, Surat [for short to as Ld. CIT(A) ] dated 15.02.2019, which in turn, arises against penalty levied by the Assessing Officer under secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessing Officer added to the total income of assessee as unaccounted income investment under section 69 of the Act while passing assessment order on 01.03.2013 passed under section 143(3). The assessing officer initiated penalty under section 271(1)(c). On appeal in quantum assessment, the Ld. CIT(A) enhanced the addition to the extent of entire deposit of Rs. 16,13,568/-in the bank account during the relevant period in A.Y. 2010-11, vide his order dated 18.09.2014. On further appeal before Tribunal in quantum assessment, the enhanced addition was upheld vide order dated 26.07.2016 in ITA No. 703/Ahd/ 2016. 3. The assessing officer levied penalty under section 271(1)(c) vide his order dated 21.04.2017. Before levying penalty, the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nue and decide the appeal on the basis of material available on record. The Ld. DR for the revenue submits that the case of assessee was reopened on the basis of information about the credit in the bank account of assessee. The said bank account was not disclosed by the assessee in his return of income. Though, initially the assessing officer made addition on the basis of peak credit. However, on appeal before ld CIT(A), the additions were enhanced to the entire credit in quantum assessment appeal. The enhanced addition was confirmed by Tribunal. And as per record of the revenue no further appeal is filed by the assessee and the additions has attained finality. The assessing officer before levying penalty granted sufficient opportunity to t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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