In the result, the appeal filed by the Assessee is hereby allowed
Bench: Ms. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)
68,82,480/- for AY 2011-12 and (iii) Rs. 1,38,90,64,100/- as against returned income of Rs. 4,82,13,340/- for AY 2012-13. I.T.A Nos. 4, 5 & 6/Rjt/2022 A.Y. 2010-11 to 2012-13 Page No 3 Shri Pankaj Chimanlal Lodhiya vs. ACIT 2.2. Thereafter, the AO initiated the penalty proceedings u/s. 271F