2025 (5) TMI 1558

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....al Center (NFAC)/ Ld. Commissioner of Income Tax (Appeals) (in short Ld. Commissioner) u/s 271(1)(c) of the Income Tax Act, 1961 (in short 'the Act') for the A.Y. 2011-12. 2. In the instant case, the case of the Assessee was reopened u/s 147 of the Act by issuing notice dated 29.03.2018 u/s 148 of the Act, by which the Assessee was asked to file its return of income. The Assessee, in response to notice u/s 148 of the Act filed its return of income on dated 23.04.2018 declaring income of Rs. 13,96,586/-. Thereafter, the Assessing Officer (AO) by considering the total receipt amounting to Rs. 23,39,857/- from the business, rent and interest income and accepting the deduction of Rs. 11,24,572/- as expenditure claimed by the Assessee on acco....

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.... (FB). 8. On the contrary, the Ld. D.R. refuted the claim of the Assessee by placing reliance on the judgment in the case of Veena Estate (P.) Ltd. vs. CIT (2024) 461 ITR 483 (Bom.) passed by the Hon'ble Jurisdictional High Court, concerning the identical issue, wherein it was held that if an Assessee does not challenge the validity of notice during the penalty or appellate proceedings but instead responds substantially to the allegations, such objections are barred at a later stage. 9. We have heard the parties and perused the material available on record. As the issue/ground raised by the Assessee qua notice u/s 274 of the Act, goes to the root of the case, hence for the sake of brevity, we are inclined to decide this ground first. ....

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....ed.......................... *have concealed the. particulars of your Income or/and.......................... furnished inaccurate particulars of such Income. *You are hereby requested to appear before me at Aayakar Bhavan, Room No.357, 11:00 A.M. on or before Fifteen days of the receipt of this notice and show cause why an order imposing a penalty on you should not be made under section 271 of the Income-tax Act, 1961, If you do not wish to avail yourself of this opportunity of being heard in person or through authorised representative you may show cause in writing on or before the said date which will be considered before any such order is made under section 271(1)(c).     (Ketan Gajjar) &nbsp....