2025 (6) TMI 806

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....ANISH BORAD, ACCOUNTANT MEMBER : The captioned appeal at the instance of assessee pertaining to A.Y. 2014-15 is directed against the order dated 04.03.2025 passed by National Faceless Appeal Centre (NFAC), Delhi u/s. 250 of the income-tax Act, 1961 (in short 'the Act') arising out of Penalty Order dated 27.06.2017 passed u/s. 271B of the Act. 2. The only issue raised in the instant appeal is....

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....eturn the amount. Subsequently during the year under consideration those two flats were again sold but at higher amount and the assessee while computing the tax liability, reduced sale consideration offered to tax during F.Y. 2009-10 from the sale consideration received during the year and the remaining sale consideration which is less than the turnover limit provided u/s. 44AB of the Act has been....

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....ffered income of Rs. 7,53,35,452/- in the income-tax return for A.Y.2010-11. It is not in dispute that the two flats sold during the year were initially sold during F.Y. 2009-10 and thereafter the sale deed was cancelled for some reason. It is also an admitted fact that during F.Y. 2009-10 assessee has disclosed the turnover of two flats sold during that year and also offered the income earned the....