ARUN DUGGAL,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 4, NEW DELHI

In this case,the assessment order dated 30.12.2017 was passed by the AO u/s 153Aof the Act for the Assessment Year under consideration and total income of the Assessee was determined at 13,62,32,600/- as against the returned income of Rs.5,14,140/-.

Against the said assessmentorder, the Assessee preferred first appeal before the ld. Commissioner who vide order dated 30.12.2018 in appeal, further enhanced the income of the Assessee to the tune of Rs. 2,12,25,000/-as unexplained credit of the Assessee for the Assessment Year under consideration.

The ld. Commissioner also initiated the penalty proceedings u/s 271(1)(c) for furnishing of inaccurate particulars of income and concealment of particulars of income and ultimately while passing impugned order u/s 271(1)(c) of the Act, imposed the penalty of Rs. 4,30,74,854/- @ 125% of the quantum of income allegedly sought to be evaded as determined by him.

Aggrieved against the impugned order, the Assessee has preferred the instant appeal.

Heard the parties and perused the material available on record. At the outset, it was claimed by the ld.AR and not refuted by the Ld. DR that the Hon’ble Tribunal vide its order dated 19.01.2021 has allowed the Assessee’s quantum appeal no. the order dated 30.12.2018 passed by the ld.Commissioner u/s 250 of the Act and deleted the addition on the basis of which the penalty was imposed by the Ld. Commissioner.

In the result, appeal of the Assessee stands allowed.