2023 (1) TMI 1373

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..... DER PER SHAMIM YAHYA, A.M.: This appeal filed by the assessee is directed against the Order of the Ld. CIT(A)-2, New Delhi, dated 31.03.2017 and pertains to A.Y. 2013-14. 2. The grounds of appeal read as under:- "Invalid Penalty U/s 271(1)(c) of Rs. 6,58,098/- 1. That on the facts and in the circumstances of the case and in law, Id. CIT-A-2, New Delhi erred in confirming penalty amounting .....

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..... tances of the case and in law, Id. CIT-A- 2, New Delhi erred in confirming penalty amounting to Rs. 6,58,098/- , without appreciating that only reason for making addition was difference in creditors, which could not be reconciled due to closure of operations by assesses, which non-reconciliation, and consequential addition in assessment cannot be sufficient for imposing penalty u/s 271(1)(c). 5. .....

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..... 9.2013 with total brought forward losses of Rs. 54,87,16,226/- including unabsorbed depreciation. Later, the assessee revised its return of income on 20.02.2015 declaring income of Rs. 4,77,12,227/- with brought forward losses of Rs.38,97,06.040/- and unabsorbed depreciation of Rs.3,23.47,939/-. Assessment in the case of the assessee was completed u/s 143(3) of the Act on 30.10.2015 determining lo .....

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..... tory explanation was submitted by the assessee regarding the concealment of income/furnishing of inaccurate particulars of income. Referring to several case laws from the higher courts, he proceeded to confirm the levy of penalty. Against this order, the assessee has filed appeal before us. 5. We have heard the ld. DR and perused the record. Several notices have been issued to the assessee and th .....

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..... ssee was not specified. After examining the same and the factual veracity thereof, the ld.CIT(A) shall pass an order as per law. Needless to add, the assessee should be granted adequate opportunity of being heard. 6. In the result, this appeal filed by the assessee stands allowed for statistical purposes only. Order pronounced in the open court on 13.01.2023.
Case laws, Decisions, Judgements .....

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