9911796707
TMI Blog2023 (4) TMI 846X X X X Extracts X X X X X X X X Extracts X X X X ..... owed the expenditure. Once, the disallowance made on estimated basis, no penalty can be levied. Therefore, the penalty levied by the AO and confirmed by the ld. CIT(A) is unsustainable and thus, the penalty levied u/s 270A of the Act is deleted. Appeal filed by the assessee is allowed. - I.T.A. No.862/Chny/2022 - - - Dated:- 10-3-2023 - Shri V. Durga Rao, Judicial Member And Shri G. Manjunatha, Accountant Member For the Appellant : Shri S. Sridhar, Advocate For the Respondent : Shri D. Hema Bhupal, JCIT ORDER PER V. DURGA RAO, JUDICIAL MEMBER: This appeal filed by the assessee is directed against the order of the ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre [NFAC], Delhi, dated 05.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble to the appellant and the further delay of 4 days be viewed liberally. In view of the above, it is submitted that the delay be condoned, appeal be admitted, submissions be considered and justice be rendered. 3. Against the above submissions, the ld. DR has not raised any serious objection. Since the assessee was prevented by reasonable cause, the delay in filing the appeal stands condoned and admitted the same for adjudication. 4. Facts are, in brief, that the assessee company filed its return of income for the assessment year 2017-18 on 27.10.2017 declaring total income at ₹.19,25,62,355/-. The return filed by the assessee was processed under section 143(1) of the Act. Subsequently, the case was selected under CASS fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee is in appeal before the Tribunal. Before us, the ld. Counsel for the assessee has submitted that the total expenditure incurred by the assessee was ₹.1,01,64,738/- and the Assessing officer has disallowed 20% of the expenditure on estimated basis and therefore, penalty under section 270A of the Act for ₹.5,70,222/- cannot be levied. Thus, the ld. Counsel prayed for deleting the penalty confirmed by the ld. CIT(A). 7. On the other hand, the ld. DR strongly supported the orders of authorities below. 8. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. In this case, the Assessing Officer has initiated penalty proceedings under section 270A of the Act f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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