2023 (12) TMI 1033

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.... Sr. D.R. ORDER This is an appeal filed against the order dated 09-12-2022 passed by National Faceless Appeal Centre (NFAC), Delhi for assessment year 2015-16. 2. The grounds of appeal are as under:- "1. Honourable Commissioner of Income Tax (Appeal) (CIT (A)) erred in not considering the technical defect in penalty notice issued by AO. AO had not stated in notice of penalty unde....

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....unting to Rs. 12,68,946/- where the penalty proceedings were initiated u/s. 271(1)(c) for furnishing inaccurate particulars of income. The Assessing Officer issued show cause notice dated 08-12-2017 for which the assessee replied vide letter dated 28-12-2017. After taking cognizance of the said reply, the Assessing Officer levied penalty of Rs. 3,92,100/- u/s. 271(1)(c) of the Act in respect of fu....

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....cal issue and whether an expense should be capitalized or not is merely a difference of opinion. Thus, the ld. A.R. submitted that as per the decision of Hon'ble Apex Court in CIT vs. Reliance Petro-Product Ltd. order dated 23-03-2010. The ld. A.R. further submitted that the assessee was under bonafide belief and the same should not be treated as concealment of income and furnishing inaccurate par....

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.... assessee has filed condonation of delay application and the reasons stated therein appears to be genuine, hence the delay is condoned. It is pertinent to note that the Hon'ble Supreme Court in case of Reliance Petro-Product Pvt. Ltd. 322 ITR 180 categorically stated that the word inaccurate particulars means that the details supplied in the return are not accurate not exact or correct and not acc....