In the result, the Appeals of the Assessee are partly allowed for
Bench: Shri Yogesh Kumar U.S. & Shri Manish Agarwal
Section 144B of the Income Tax Act, 1961 ('Act' for short) by making an addition of Rs. 1,22,00,000/- u/s 69A of the Act. Consequent to the said assessment order, an order of penalty also came to be passed u/s 271