9911796707
TMI Blog2022 (8) TMI 194X X X X Extracts X X X X X X X X Extracts X X X X ..... der dated 31.03.2019 in appeal No. CIT(A), Delhi 9/10054/2019-20 in assessment year 2012-13 passed by Commissioner of Income Tax (Appeals)-9, New Delhi (hereinafter referred to as the First Appellate Authority in short 'Ld. F.A.A.') in regard to the appeal before it arising out of assessment order dated 31/03/2019 u/s. 271(1)(c) r.w.s. 274 of the Income Tax Act, 1961 passed by DCIT, Circle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15/- and, the addition of notional interest on share application money advanced was upheld. 3. In the meantime, the penalty proceedings were initiated by the AO. The appellant filed its response thereto and the AO passed the final order u/s.271(1)(c) on 31.03.2019 levying a penalty of Rs. 4,48,70,780/-. 4. Ld. CIT(A) however allowed the appeal of assessee holding; "5.7 While propounding the de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... forego any grounds of appeal at any time before or during the hearing of the appeal." 5. As the case was called for hearing on 14/7/22 none appeared for the assessee/appellant though notice of date of hearing were issued for today. Heard and perused the record. 6. On behalf of the Revenue it was submitted by the Ld. Sr. DR that in the assessment order Ld. AO had given categoric finding that ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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