IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, KOLKATA BEFORE SHRI RAJESH KUMAR, AM AND SHRI PRADIP KUMAR CHOUBEY, JM (Assessment Year:2012-13)

Sandip Jhunjhunwala, DCIT, Central Circle 4(3)

10/4, Alipore Park Place, Alipore, Aaykar Bhawan Poorva, Vs.

Kolkata-700027, West Bengal 110, Shantipally, Kolkata-700107 (Appellant) (

Respondent)

PAN No. AFHPJ6070K Assessee by : Shri S.K. Tulsian &

Ms. Sonam Bajoria, ARs Revenue by : Shri S.B. Chakraborthy, DR Date of hearing: 06.01.2026 Date of pronouncement: 20.01.2026

O R D E R

Per Rajesh Kumar, AM:

This is an appeal preferred by the assessee against the order of the Commissioner of Income-tax (Appeals), Kolkata-27 (hereinafter referred to as the “Ld. CIT(A)”] dated 03.09.2025 for the AY 2012-13.

2. The only issue raised by the assessee in the various grounds of appeal is against the confirmation of penalty of ₹1,44,05,125/- by the ld. CIT (A) as made by the ld. AO u/s 271AAA of the Act, whereas during the course of assessment proceedings as well as during penalty proceedings, the modus operandi of earning the undisclosed income from commodity profits of ₹4,40,05,942/- and profit in shares of ₹10,00,45,313/- aggregating to ₹14,40,51,253/- with de