Penalty Imposed by CIT(A) Without SCN from AO Held Infructuous by ITAT Mumbai

MSC Agency (India) Private Limited Vs ACIT (ITAT Mumbai) Assessee is Private Company and had filed its return at Rs.3,30,07,37,660/-. AO completed assessment u/s. 143(3) at total income at Rs.3,33,40,09,098/- after making an addition/disallowance on account of education cess amounting to Rs. 3,32,71,436/- claimed by the assessee in its revised return. Penalty proceedings u/s 270 A were also initiated. Before CIT (A) assessee withdrew ground related to education cess. CIT (A) adjudicated ground related to initiation of penalty which was affirmed. Before ITAT it was submitted by assessee that it...