2023 (6) TMI 666

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....r.DR ORDER PER PRADIP KUMAR KEDIA, A.M.: The captioned appeal has been filed by the assessee against the order of the ld. Commissioner of Income Tax (Appeals)-NFAC, Delhi ('CIT(A)' in short) dated 09.02.2023 arising from the assessment order dated 14.09.2021 passed by the Assessing Officer (AO) under Section 144 r.w. Section 147 of the Income Tax Act, 1961 (the Act) concerning AY 2015-16.....

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.... the assessee individual filed his return of income for Assessment Year 2015-16 on 12.07.2016 declaring total income at 'Nil' where exempt income shown was Rs. 18,26,202/- being interest on land compensation from NOIDA Authority. The assessee thereafter filed revised return on 21.03.2017 again reporting 'Nil' taxable income and claimed the entire interest on land compensation of Rs. 18,26,202/- as....

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....ed the tax amount on revised return under Section 148 was duly paid. The Assessing Officer treated revised return in response to Section 148 is invalid due to error in e-verification etc. and added Rs. 9,13,101/- to the taxable income (as per original return of income) offered and assessed the income at Rs. 9,13,100/-. 4. In this factual backdrop, the ld. counsel submitted that he has no object....

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....s made on behalf of the assessee and also the first appellate order and the assessment order, it is manifest that the present appeal filed by the assessee in quantum proceedings is infructuous as both assessee and the Revenue are ad idem on taxability of the interest on income compensation from NOIDA Development Authority. Hence, mere initiation of penalty proceedings cannot be challenged unless s....