9911796707
TMI Blog2024 (11) TMI 1200X X X X Extracts X X X X X X X X Extracts X X X X ..... take a fresh call on the levy of penalty, as per law, in consonance with the fresh assessment as and when framed. As in the present case, in the second round of assessment proceedings, the assessee was assessed at the returned income. Therefore, the penalty levied u/s 271AAC(1) in question before us, in any case, is not sustainable and therefore, is quashed. As a result, the impugned order is set aside and the grounds raised by the assessee are allowed. - Shri Om Prakash Kant, Accountant Member And Shri Sandeep Singh Karhail, Judicial Member For the Assessee : Shri Dharan Gandhi For the Revenue : Shri Raj Singh Meel, Sr.DR ORDER PER SANDEEP SINGH KARHAIL, J.M. The assessee has filed the present appeal challenging the impugned order dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The brief facts of the case are that the assessee is an individual who filed a return of income on 28.08.2017 declaring a total income of Rs. 4,66,050 for the year under consideration. The return filed by the assessee was selected for scrutiny under CASS and statutory notices under section 143(2) and section 142(1) were issued and served on the assessee. During the assessment proceedings, it was observed that the assessee has deposited cash amounting to Rs. 20 lakh during the demonetization period. Accordingly, the assessee was asked to explain the nature and source of the cash deposit in its bank account. However, despite multiple opportunities being granted to the assessee, the assessee failed to comply with the notices issued by the As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... side. During the hearing, the learned AR also placed on record, the order dated 23.03.2024 passed by the AO under section 143(3) r.w. section 254 of the Act, in the second round of assessment proceedings. From the perusal of the aforesaid order dated 24.03.2024, passed pursuant to the directions issued by the Tribunal, we find that the AO has accepted the total income declared by the assessee in its return of income and no addition has been made against the assessee. Generally, the AO is at liberty to take a fresh call on the levy of penalty, as per law, in consonance with the fresh assessment as and when framed. However, as in the present case, in the second round of assessment proceedings, the assessee was assessed at the returned income. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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