9911796707
TMI Blog2023 (7) TMI 1210X X X X Extracts X X X X X X X X Extracts X X X X ..... , for the assessment year 1997-98. 2. In this appeal, the Revenue has raised the following grounds:- "1. Whether on the facts and circumstances of the case and in law, the Ld CIT(A)has erred in deleting the penalty levied by the Assessing Officer u/s 271(1)(c) of the Income Tax Act, 1961, without considering that specific information in form of 'Base Note' was received from a foreign government regarding beneficial ownership of undisclosed foreign bank account by the assessee. 2. Whether on the facts and circumstances of the case and in law, the Ld CIT(A)has erred in deleting the penalty levied by the Assessing Officer w/s 271(1)(c) of the Income Tax Act, 1961, without considering that during the penalty proceedings the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vided. In order to investigate these facts, a search and seizure action under section 132 of the Act was conducted on 08/08/2011 on Mahendra Brothers Export Private Limited, its directors including the assessee. Pursuant to the search action, the bank statement of these four individuals, including the assessee, with HSBC Bank, Geneva, came into possession of the Investigation Wing, which showed that these four individuals are beneficiaries of the four bank accounts held by the four companies in HSBC Bank, Geneva. 5. On the basis of the above information, reassessment proceedings under section 147 of the Act were initiated, inter-alia, in the case of the assessee, and notice under section 148 of the Act was issued. In response to the afores ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the learned CIT(A), the assessee challenged the assessment order both on the assumption of jurisdiction under section 147 of the Act as well as additions made by the AO. The learned CIT(A) vide order dated 15/09/2022 upheld the assumption of jurisdiction by the AO under section 147 of the Act and held that the AO had valid reasons to initiate the reassessment proceedings, which were duly recorded and communicated to the assessee. On merits, the learned CIT(A) following the decision of the coordinate bench of the Tribunal in assessee's own case for the assessment years 2006-07 and 2007-08 deleted the addition made by the AO. 7. Meanwhile, vide penalty order dated 30/09/2015 passed under section 271(1)(c) of the Act, the AO levied a penalty ..... X X X X Extracts X X X X X X X X Extracts X X X X
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