9911796707
TMI Blog2023 (3) TMI 1036X X X X Extracts X X X X X X X X Extracts X X X X ..... solitary issue that was argued by the learned A.R. was whether the CIT(A) is justified in confirming the penalty of Rs.25,000/- imposed under Section 271A of the Act. 3. The brief facts of the case are as follows: - The assessee is an individual. For AY 2013-14 assessee did not file return of income. According to the assessee, she was having income below taxable limit. The AO issued notice under Section 148 of the Act and assessment under Section 144 r.w.s. 147 of the Act was completed on 21.09.2021 determining the total income at Rs.13,93,176/- . The AO had added a sum of Rs.13,93,176/- as unexplained investment under Section 69A of the Act. The AO had initiated penalty proceedings under Section 271A of the Act stating that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een altered/modified/changed, this ground of appeal is dismissed as "not pressed"." 5. Aggrieved, assessee filed the present appeal before the Tribunal. The assessee has filed a paper book comprising of 34 pages enclosing therein acknowledgement dated 08.10.2021 for response to the proceedings initiated under Section 271A of the Act, the show cause notice issued under Section 274 r.w.s. 270A of the Act, the copy of Demat account statement for the relevant period, copy of the approval issued under Section 151 of the Act, copy of reasons recorded, etc. The learned A.R. submitted that as against the addition of Rs.13,93,176/- under Section 69A of the Act, the assessee has filed an appeal and the same is pending adjudication before the CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gross receipt is more than Rs.10,00,000/- in any of the three years preceding the previous year. The assessee during the relevant assessment year had income from capital gains and other sources. The Revenue does not have a case that total receipts (from business) of the assessee in any of the 3 years preceding the relevant previous years had exceeded Rs.10,00,000/-. On perusal of the approval issued under Section 151 of the Act, which is placed at page 31 of the paper book, we find that reopening of assessment is for non-declaration of bogus capital gains. In the copy of computation of income for AY 2013-14 the assessee had income from short term capital gains of Rs.83,657/- and tuition fee received (income from other sources) of Rs.70,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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