2023 (7) TMI 175

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....ue : Shri Ramnath P. Murkunde ORDER PER S.S. VISWANETHRA RAVI, JM : This appeal by the assessee against the order dated 07-03-2023 passed by the National Faceless Appeal Centre ("NFAC"), Delhi for assessment year 2012-13. 2. The only issue is to be decided is as to whether the CIT(A), NFAC, Delhi justified in confirming the penalty imposed by the AO u/s. 271(1)(c) of the Act in the fac....

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.... the Act, is bad in law. He argued that no demand whatsoever raised by the Revenue and without there being any charge of furnishing inaccurate particular of income and concealment of income, the AO levied penalty. He relied on the decision of Hon'ble High Court of Delhi in the case of SAS Pharmaceuticals reported in 335 ITR 259 (Del), Mumbai Tribunal in the case of Armoury International Pereira Co....

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.... NFAC, Delhi. 6. Controverting the submissions of ld. DR, the ld. AR contended that the reliance placed on the decision of Hon'ble Supreme Court, Hon'ble High Court of Bombay and Punjab and Haryana, that in those cases assessed income is varied from returned income, the ratio laid down in the above said cases are not applicable to the facts on hand. 7. We note that admittedly, the return of ....

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....assessment proceedings. The decision of Hon'ble High Court of Delhi in the case of SAS Pharmaceuticals (supra) relied on by the ld. AR, it held that no penalty can be imposed under the provisions of section 271(1)(c) of the Act unless the condition stipulated therein are duly and unambiguously satisfied. In the present case, there is no concealment of income or furnishing of inaccurate particulars....