2025 (6) TMI 875

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... AR For The Respondent : Shri Kavan Limbasiya, Sr DR ORDER PER DR. B.R.R. KUMAR, VICE-PRESIDENT:- This appeal has been filed by the Assessee against the order passed by the Ld. Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi (hereinafter referred to as "CIT(A)" for short) dated 30.08.2024 passed under Section 250 of the Income-tax Act, 1961 [hereinafter re....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rly appreciating the facts and they further erred in grossly ignoring various submissions, explanations and information submitted by the appellant from time to time which ought to have been considered before passing the impugned order. The action of the lower authorities is in clear breach of law and Principles of Natural Justice and therefore deserves to be quashed." 3. We have heard the rival ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....penalty proceedings U/s. 271(1)(c)/r.w.s 274 is also initiated separately for inaccurate particulars of income." 4. We also find that a show-cause notice has been issued to the assessee on 12.02.2016 proposing levy of penalty for furnishing 'inaccurate particulars' of income. For the sake of ready reference, the relevant paragraph No.2 of the penalty order is reproduced hereunder:- "2. A show-....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....mum penalty leviable @ 100% of tax sought to be evaded comes to Rs. 1,63,19,220/- and maximum penalty @ 300% of tax sought to be evaded comes to Rs. 4,89,57,660/-. Therefore, looking to the facts of the case, I hereby levy minimum penalty of Rs. 1,63,19,220/- u/s. 271(1)(c) of the Act." 6. On this issue, we are guided by the following judgments: 1) Karnataka High Court: CIT vs. Manjunatha Cott....