2023 (5) TMI 1223

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.... ORDER PER SAKTIJIT DEY, J. M. This is an appeal by the assessee against order dated 08.09.2022 passed by National Faceless Appeal Centre (NFAC) confirming penalty imposed of Rs.1,70,000/- u/s. 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2015-16. 2. Briefly, the facts are, the assessee is a resident corporate entity. On 03.11.2014, Security Appellate Tribunal, Mumbai ....

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....e u/s. 37(1) of the Act. The assessee accepted the disallowance. Based on the disallowance made of Rs.5,00,000/-, the Assessing Officer initiated proceedings for imposition of penalty u/s. 271(1)(c) of the Act and ultimately passed an order imposing penalty of Rs.1,70,000/-, alleging that the assessee has furnished inaccurate particulars of income. Though, the assessee challenged the imposition of....

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....Explanation-1 to section 37 of the Act, as such payment is not for any offense or is prohibited by any law. From the aforesaid facts, it is very much clear that the assessee did furnish all relevant particulars relating to the payment made to SEBI not only in the audit report, but in the original return of income. In the revised return of income, the assessee has merely claimed the payment as dedu....