DCIT, CHENNAI vs. JAGATHRAKSKAN SRINISHA, CHENNAI

ITA 1253/CHNY/2025Status: DisposedITAT Chennai18 November 2025AY 2017-1829 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the penalty order under Section 270A was bad in law as the addition was made under Section 69 of the Act, for which Section 271AAC is the applicable penalty provision. Since the CIT(A) had modified the assessment by estimating income, penalty under Section 270A was not invocable.

What were the facts?

During a search, significant amounts of gold and diamond jewelry were found. The Assessing Officer (AO) made an addition of Rs. 14,60,33,144/- as unexplained investment. The Commissioner (Appeals) partly allowed the appeal, reducing the taxable amount and reclassifying it as unaccounted business income.

What were the issues?

The primary issue was the validity of the penalty levied under Section 270A when the addition was for unexplained investment and the CIT(A) had estimated the income. The Tribunal also considered the applicability of different penalty sections.

Which sections of the Income-tax Act were involved?

Section 132,Section 131,Section 143(3),Section 69,Section 270A,Section 271AAC,Section 271(1)(c)

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Income Tax Appellate Tribunal, C BENCH, CHENNAI

Before: SHRI ABY T VARKEY & SHRI S.R.RAGHUNATHA

For Appellant: Shri. B. Ramakrishnan, FCA &, Shri. Shrenik Chordia, CA
Hearing: 07.11.2025Pronounced: 18.11.2025

PER S.R.RAGHUNATHA, AM: The present appeal is preferred by the Revenue against the order dated 06.02.2025 passed by the Commissioner of Income Tax (Appeals)-19 (hereinafter referred to as Ld.CIT(A), Chennai, in respect of the assessment order dated 01.03.2019 passed by the Deputy Commissioner of Income Tax, Central Circle -2(3) (hereinafter referred to as AO) for the assessment year 2017-

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