ANUJ RAJKUMAR KHANNA,MUMBAI vs. ITO WD 26(2)(1), MUMBAI

This appeal filed by the assessee on 1.1.2015 is against the order of the CIT (A)-28, Mumbai dated 20.10.2014 for the assessment year 2010-2011.

In this appeal, the only issues raised by the assessee relates to the levy of penalty of Rs. 4,86,209/- u/s 271(1)(c) of the Act. 3. Briefly stated relevant facts of the case are that the assessee was an employee worked for two different companies, ie (i) M/s. EFG Wealth Management India Pvt Ltd and (ii) M/s. Ambit Capital Pvt Ltd, during the year under consideration. At the time of filing of the return of income, assessee did not consider the salary income of Rs. 15,73,177/- earned by him from M/s. EFG Wealth Management India Pvt Ltd. During the assessment proceedings, assessee revised the computation of income, copy of which is placed at page 4 of the paper book and claimed TDS made by the said company and paid the self-assessment tax of Rs. 67,543/-. AO made assessment on this revised computation of income and levied penalty for “concealment of salary income” earned by the assessee from M/s. EFG