9911796707
TMI Blog2024 (3) TMI 663X X X X Extracts X X X X X X X X Extracts X X X X ..... to subscribe to the saddling of penalty imposed on the assessee u/s. 271A of the Act, vacate the same. Decided in favour of assessee. - Shri Ravish Sood, Judicial Member And Shri Arun Khodpia, Accountant Member For the Assessee : Shri Y.K Mishra, Advocate For the Revenue : Shri Satya Prakash Sharma, Sr. DR ORDER PER RAVISH SOOD, JM: The present appeal filed by the assessee is directed against the order passed by the Commissioner of Income-Tax (Appeals), National Faceless Appeal Center (NFAC), Delhi, dated 08.02.2023, which in turn arises from the order passed by the A.O. under sec. 271A of the Income-tax Act, 1961 (in short the Act ) dated 02.02.2022 for the assessment year 2017-18. The assessee has assailed the impugned order on the fol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bonafide reasons. We, thus, considering the totality of the facts leading to the aforesaid delay of 14 days in filing the present appeal, condone the same. 5. Succinctly stated, the assessment in the case of assessee which is an educational institution run by a Managing Society, viz. Kamla Nehru Mahavidyalaya Samithi was framed by the A.O vide order u/s. 144 of the Act dated 11.12.2019. As certain unexplained cash deposits were made in the bank account of the assessee, the same was held by the A.O. as its unexplained money u/s. 69A of the Act. The A.O. while culminating the assessment proceedings, inter alia, initiated penalty proceedings u/s. 271A of the Act. 6. After the culmination of the assessment proceedings, the A.O. treating the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at now when the assessee society had duly maintained its books of account, therefore, the A.O had grossly erred in saddling it with penalty u/s.271A of the Act. The Ld. AR had further drawn our attention to the reply of the assessee dated 12.09.2019 which was uploaded on the e-portal of the department on 12.09.2019, Page 76 to 79 of APB. The Ld. AR had taken us through the audit report of the Managing Committee of the assessee college, viz. Kamla Nehru College, Korba, Page 86 to 108 of APB. It was, thus, submitted by the Ld. AR that now when there was no infraction of law on the part of the assessee, the penalty imposed by the A.O u/s. 271A of the Act of Rs. 25,000/- could not be sustained and was liable to be vacated. 11. Per contra, the L ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
