9911796707
TMI Blog2025 (3) TMI 218X X X X Extracts X X X X X X X X Extracts X X X X ..... urna Gupta, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member For the Assessee : Shri Parin Shah, A.R. For the Revenue : Shri Amit Pratap Singh, Sr. D.R ORDER PER : T.R. SENTHIL KUMAR, JUDICIAL MEMBER:- This appeal is filed by the Assessee as against the ex-parte appellate order dated 07.08.2024 passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, (in short referred to as "CIT(A)"), confirming the penalty levied under section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year 2013-14. 2. Brief facts of the case is that the assessee is a Limited Company engaged in Real Estate Development, Builder and Civil Contractor. For the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e and accordingly, this is not a fit case for levy of penalty. 5 The order passed by AO confirmed by NFAC is required to be quashed as same has been without proper satisfaction. 6 The order passed by lower authorities is barred by limitation as per section 275 of the Act and accordingly required to be quashed. 6. Ld. Counsel appearing for the assessee in support of its Grounds of Appeal submitted that the Assessing Officer only estimated income at 40% on the sub contract payments made to M/s. Limestone Properties Pvt. Ltd. as non-genuine. Whereas the Ld. CIT(A) restricted the disallowance at 7% which was confirmed by ITAT. The following case laws makes it very clear that penalty u/s. 271(1)(c) cannot be levied against the estimation of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earch excess stock was found on physical verification as against book stock worked out as on date of search - Assessee did not file return of income for relevant year in which search had been conducted - Assessing Officer completed assessment for relevant assessment year on basis of materials available with him - Penalty proceedings were initiated for concealing particulars of income - Whether since no income had been filed by assessee and income was assessed on estimate basis by revenue, no penalty under section 271(1)(c) could be levied for concealment of income Held, yes [Para 6] [In favour of assessee]" 8.2. The Co-ordinate Bench of Surat decision in the case of Thakorbhai & Company Vs. ITO (In ITA No. 641/Srt/2023 order dated 06/11/20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
