SRI VIJAYA KUMAR JANARDHANAN NAIR,KOLLAM vs. ACIT CIRCLE, KOLLAM

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Shri Sanjay Arora, Am & Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No. 915/Coch/2022 (िनधा"रण वष" / Assessment Year: 2016-17) Vijaya Kumar Janardhanan बनाम/ Acit, Kollam Nair Kerala. Vs. X-15-1299, Sree Janardhana Complex, Residency Road, Kollam-691001. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Acrpn5993Q (अपीलाथ" /Appellant) .. (""थ" / Respondent) Assessee By: Shri G. Surendranath Rao, (Ca) Revenue By: Smt J. M Jamuna Devi, (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 16/05/2023 घोषणा की तारीख /Date Of Pronouncement: 19/05/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee An Individual Against The Order Of The Ld. Cit(A)/Nfac Dated 12.08.2022 For Ay. 2016-17. 2. The Assessee For Ay 2016-17 Had Filed His Return Of Income Reflecting An Income Of Rs.83,97,670/- Which Was Scrutinized U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter “The Act’) & Assessment Order Was Passed On 10.12.2018 By Making An Addition Of Rs.51,52,151/- U/S 68 Of The Act. Thereafter, The Ao Initiated Penalty Proceedings U/S 271(1)(C) Of The Act & After Hearing The Assessee, The Penalty Of Rs.17,01,706/- Was Levied By Order Dated 27.06.2019. Penalty Levied By Ao Was Assailed Before The Ld. Cit(A) On 20.07.2019 & While The Appeal Was Adjudicated Before The Ld. Cit(A), The Assessee Offered For Settlement Of Dispute Under The Direct Taxes Vivad Se Viswas Scheme, 2020 On 20.02.2021. & The Ld.

151/- u/s 68 of the Act. Thereafter, the AO initiated penalty proceedings u/s 271(1)(c) of the Act and after hearing the assessee, the penalty of Rs.17,01,706/- was levied by order dated 27.06.2019. Penalty levied by AO was assailed before the Ld. CIT(A) on 20.07.2019 and while the appeal was adjudicated before