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TMI Blog2023 (3) TMI 1246X X X X Extracts X X X X X X X X Extracts X X X X ..... in DIN and Notice No.ITBA/COM/F/17/2022-23/1050703795(1) and DIN and Notice No.ITBA/COM/F/17/2022-23/1050703443(1), quashing the same and directing the first respondent to drop the penalty proceeding pending disposal of the appeal by the petitioner before the second respondent. 2.The impugned order dated 13.03.2023 in respect of the two accounts both for the assessment year 2017-2018 is in the line of a show cause notice issued to the petitioner seeking his explanation as to why under Sections 41 and 43 of the Block Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, (herein after referred to as Act), penalty of Rs.7,02,48,420/- and Rs. 10,00,000/- respectively should not be levied and informing the petitioner t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same. He would submit that his father had been a regular tax payer and had paid the tax right up to the year 2003-2004 ie., till his death. The petitioner would also submit that despite his best efforts, he was not able to trace out the files pertaining to these foreign investments. However, despite giving this explanation and appreciating his bona fides, the Income Tax Department had proceeded to pass an assessment order dated 30.03.2022 demanding tax of Rs.3,86,06,160/- for the assessment year 2017-2018. This very same Assessing Officer had given a Nil order for the assessment year 2016-2017. This was followed by a notice under Section 46 of the Act to show cause as to why the penalty should not be imposed upon the petitioner under Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, there was no response and without even informing the petitioner as to whether they had deferred the proceedings or whether they had dropped or adjourned the proceedings, the petitioner has been slapped with the impugned notices. He would submit that in response to the impugned notices, the petitioner has stated that he was ready to permit the respondents to appropriate the above amounts towards the demanded tax dues. 9.He would also submit that the only reason, which has prompted the issue of the impugned show cause notices, is to complete the penalty proceedings and nothing else. He would, therefore, submit that since the appeal is pending, these proceedings can be deferred or dropped. 10.Per contra, Mr.N.Dilipkumar, learned Standing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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