2025 (1) TMI 1490

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....r the provisions of section 139(1) of the Income Tax Act, 1961 (the Act). However, the Income Tax Officer, Ward-1, Kalpatta (hereinafter called "the AO") formed an opinion that come escaped assessment to tax based on the information that cash of Rs. 18,08,000/- was seized from the appellant on 07.03.2018 by the police during vehicle checking and the same was handed over to the Income Tax Department. Accordingly, a notice u/s. 148 of the Act was issued to the appellant. In response to the notice the appellant had filed return of income on 03.09.2022 disclosing income of Rs. 18,08,000/-. 3. Against the said return of income, the assessment was completed by the AO accepting the returned income. The AO also initiated penalty proceedings u/s.....

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....ding that the appellant is guilty of misreporting of income. It is further submitted that the AO was not justified in rejecting the application u/s. 270AA of the Act, inasmuch as, the necessary conditions were complied with. 7. On the other hand, the learned Sr. DR supported the orders of the lower authorities submitting that no interference is required. 8. I heard the rival contentions of both the parties and perused the material available on record. The solitary issue that arises for my consideration is whether the CIT(A) was justified in confirming the levy of penalty u/s. 270A of the Act. Admittedly, the appellant had not filed original return of income. The appellant filed the return of income in response to notice u/s. 148 of th....