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TMI Blog2021 (5) TMI 626X X X X Extracts X X X X X X X X Extracts X X X X ..... as per facts and circumstances the same should not be levied. 2) Without prejudice, calculating the tax at the rate of 33.99%, by including surcharge at the rate of 10%, whereas as per Finance Act surcharge is applicable if income exceeds Rs. 1 crore which is not the case of the assessee, hence surcharge is not to be levied. 3) Without prejudice, levying penalty of 100% on difference between returned income of Rs. 8,27,9907- and income of Rs. 15,11,441 assessed u/s 143(3) rws 147, whereas the appellant's income was already assessed u/s 143(3) rws 153C of Rs. 14,34,370/- in earlier years, hence penalty should be levied on additions made wrt to income assessed u/s 143(3) rws 153C (Rs. 14,34,370/-) in earlier years and income assessed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under :- "5.2 The submissions and contentions of the assessee have been duly considered. In the appellate proceedings, the assessee has contended that the AO has estimated its income in the re-assessment order and therefore the action of the AO of levying penalty is not correct. Moreover, the assessee contends that the AO has wrongly levied penalty on the difference between the income computed as per re-assessment order u/s 143(3) r.w.s. 147 and the income as shown in the original return of income as against the difference between the income computed as per re-assessment order and the income earlier determined u/s 143(3) r.w.s. 153C. 5.3 The contentions of the assessee have been duly considered. The assessee contends that the AO has es ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... able in its case since the unaccounted income has been determined by the AO on estimate basis is rejected. 5.4 The assessee has also contended that the AO has wrongly levied penalty on the difference between the income computed as per re-assessment order u/s. 143(3) rws 147 and the income as shown in the original return of income as against the difference between the income computed as per reassessment order and the income earlier determined u/s 143(3) r.w.s. 153C. On this contention of the assessee, it is noted that in response to notice u/s 148 calling for a return of income, the assessee had informed the AO that the original return of income may be treated as a return filed in response to the notice u/s 148. Thus the AO has rightly lev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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