2023 (7) TMI 1208

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....ta Nair ORDER The present appeal has been filed by the assessee challenging the impugned order dated 02/03/2023, passed under section 250 of the Income Tax Act, 1961 ("the Act") by the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, ["learned CIT(A)"], which in turn arose from the penalty order dated 14/12/2021 passed under section 271(1)(c) of the Act, ....

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.... business of trading in the metals. For the year under consideration, the assessee filed its return of income on 30/09/2010 declaring total income at Rs. 71,726. The return filed by the assessee was processed under section 143(1) of the Act. Subsequently, pursuant to the receipt of information from DGIT (Investigation) Wing, Mumbai about having initially received information from the Sales Tax Dep....

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....with section 147 of the Act made an addition of Rs. 6,63,580 being 12.5% of the total non-genuine purchases. 4. Subsequently, the penalty order dated 14/12/2021 was passed by the AO under section 271(1)(c) of the Act wherein a penalty of Rs. 1,82,882, was levied. In the further appeal against the penalty order, the learned CIT(A), vide impugned order, dismissed the appeal filed by the assessee ....

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....ival submissions and perused the material available on record. In the present case, the AO initiated penalty proceedings under section 271(1)(c) of the Act and levied a penalty of Rs. 1,82,882. From the perusal of the notices dated 29/01/2016 and 04/08/2021 issued under section 274 r/w section 271(1)(c) of the Act, forming part of the paper book on pages 6 and 7, we find that the AO did not strike....