IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘C’ BENCH, NEW DELHI (THROUGH VIDEO CONFERENCING]

BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND MS. SUCHITRA KAMBLE, JUDICIAL MEMBER ITA No. 6421/DEL/2018 [A.Y 2006-07]

Shri Krishan Lal Madhok Vs. The A.C.I.T.

672, Tulsi Farms, Opp. Nanda Hospital Central Circle – 15 Chattarpur, New Delhi New Delhi PAN: AAKPM 8593 J [Appellant] [Respondent]

Date of Hearing : 06.09.2021 Date of Pronouncement : 06.09.2021 Assessee by : Shri Priyanshu Goel, CA Revenue by : Shri Rocktim Saikia, Sr. DR

ORDER

PER N.K. BILLAIYA, ACCOUNTANT MEMBER, This appeal by the assessee is preferred against the Commissioner of Income Tax [Appeals] - XXVI, New Delhi dated

03.08.2018 pertaining to Assessment Year 2006-07.

2. The solitary grievance of the assessee is that the ld. CIT(A) erred in confirming the penalty of Rs. 69,17,320/- u/s 271(1)(c) of the Income tax Act, 1961 [hereinafter referred to as 'The Act' for short].

3. The roots for levy of penalty lie in the assessment order dated 09.03.2015 framed u/s 143(3) r.w.s 153A of the Act wherein the returned income of the assessee was assessed by making addition on account of undisclosed deposits in HSBC Bank amounting to Rs.