2025 (2) TMI 610

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.....' for short) 2017-18. 2. The assessee has challenged the penalty of Rs. 50,000/-, u/s. 272A(1)(d) of the Act, levied by the learned Assessing Officer ('ld. AO' for short) and upheld by the ld. CIT(A). 3. Briefly stated the assessee is an individual and has not filed his return of income for the year under consideration. The assessee's case was selected for scrutiny based on the verification of data pertaining to 'cash deposits during demonetization period' from 09.11.2016 to 30.12.2016 available in AIMS module in ITBA, where the assessee is said to have made cash deposits aggregating to Rs. 11,89,367/-, which details are as below: Sr. No. Name of the Bank & Branch Account No. Amount (in Rs. ) 1. Central Bank of Indi....

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....on-compliance of the notice was not wanton and prayed that the penalty be deleted. 8. The learned Departmental Representative ('ld. DR' for short) on the other hand relied on the orders of the lower authorities. 9. We have heard the rival submissions and perused the materials available on record. It is observed that the assessee has challenged the penalty levied u/s. 272A(1)(d) of the Act, for failure to comply with notice u/s. 142(1) or 143(2) or failure to comply with the direction issued u/s. 142(2A) of the Act, where the assessee shall pay a penalty of a sum equal to Rs. 10,000/- for each such default or failure. 10. In the present case in hand, the ld. AO has levied penalty of Rs. 50,000/- for non-compliance of notices u/s. 14....