The AO, in the order passed u/s 147/143(3) dated 10th October, 2013, made an addition of Rs. 13,23,400/- by invoking the provisions of section 50C of the IT Act. In appeal, the ld.CIT(A) confirmed the addition of Rs. 13,23,400/- made by the AO. Subsequently, the AO initiated penalty proceedings u/s 271(1)(c) and levied penalty of Rs. 3,78,030/- being 100% of tax sought to be evaded. In appeal, the ld.CIT(A) confirmed the penalty so levied.Aggrieved with such order of the CIT(A), the assessee is in appeal before the Tribunal.