SHRI YASH PAUL MALHOTRA,JALANDHAR vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, JALANDHAR

In the result the appeal of the assessee is allowed

Bench: Sh. Udayan Dasgupta & Sh. Brajesh Kumar Singh

u/s 271(1)(c) was passed on 26- 06-2019, imposing a penalty of Rs. 17,68,888/- on account of surrendered income and on account of I.T.A. No. 379/Asr/2024 6 Assessment Year: 2016-17 disallowance of personal expenses pertaining to car expenses and depreciation. Against the said penalty being imposed, the appellant preferred the instant appeal and raised various