TaxTMI 
TaxTMI 
TaxTMI 
2022 (9) TMI 712
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.... IT Act imposing penalty of Rs. 10,000/ vide order dated 10-01-2022 is bad both on the facts and in law. 2- That in any view of matter the ld. CIT(A) was wrong in passing the order exparte without providing reasonable opportunity to the assessee and the order is not a speaking order in the eyes of law. 3- That in any view of matter during assessment proceeding the assessee made the necessary compliance on each and every filed written submission in compliance to notice and thereafter assessment was framed u/s 143(3) of the Act hence it is incorrect to state that there was non-compliance therefore penalty as imposed is highly unjustified. 4- That in any view of the matter both the two lower authorities failed to appreciate the facts pro....
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.... with the notice under section 142(1) and filed its reply to the queries raised by the Assessing Officer and also attached the documents which were considered by the Assessing Officer while framing the assessment, then there is no default on the part of the assessee so far as the compliance of the notice is concerned. He has further submitted that the Assessing Officer has not recorded any satisfaction in the assessment order for initiation of penalty proceedings under section 272A(1)(d) of the Act therefore, the levy of penalty is not valid and liable to be quashed. In support of his contention, he has relied upon the decision of the Bombay Benches of the Tribunal dated 10.3.2022 in the case of Triumph International Finance India Limited v....
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....s/information and explanations & relevant evidences, was issued on 08.07.2019, fixing the date for compliance on or before 15.07.2019. The said notice was duly served/ delivered to the assessee through its e-mail as per system record Again, the assessee made no compliance by the date fixed. In the meantime, system generated notice u's 133(6) of the I.T. Act was issued to concerned bank, calling for copies of bank statement(s) and certain other documents. Further, opportunity was afforded to the assessee by issuing a system generated notice u/s 142(1) on 17.07.2019, fixing the date for compliance on 24.07.2019 and duly served/ delivered to the assessee through its email. In response, the assessee requested for adjournment. The assessee&#....
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....ice, the assessee filed the reply to the queries raised by the assessee vide notice under section 142(1) dated 18.11.2019. Thus, it is clear that the assessee complied with the notice under section 142(1) dated 18.11.2019 though the compliance was belated and not within the date prescribed in the said notice. It is clear that only four days were given by the Assessing Officer to the assessee for compliance but the assessee finally made the compliance on 20th December, 2022 which was duly recorded by the Assessing Officer in para 5.2 as under:- "5.2 The assessee has replied to the above queries as under: Reply dated 29th July, 2019-query 5 "The cash deposit in bank account are the sales proceeds of the business which are deposited in ba....