2025 (8) TMI 1368

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....a, adv and Sh. Shantanu Jain, Adv For the Revenue : Sh. Ajay Kumar Arora, Sr. Dr ORDER PER YOGESH KUMAR, U.S. JM: The present appeal is filed by the Assessee against the order of the Commissioner of Income Tax (Appeals)/National Faceless appeal Centre (Ld. CIT(A)/NFAC' for short), dated 29/10/2024for the Assessment Year 2015-16. 2. Brief facts of the case are that, an order of penal....

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....re, in the absence of recording any satisfaction, the initiation of penalty and the levy of penalty is illegal and void-ab-initio. The Ld. Counsel for the Assessee relied on the Judgment of CIT Vs. Jai Laxmi Rice Mills Ambala City in 64 taxmann.com 75 (S.C). Further, the Ld. Counsel also submitted that the order of penalty dated 31/08/2022 is barred by limitation. Even if the period of limitation ....

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....order of penalty was on 31/03/2018. 6. Even if we take order passed u/s 263 of the Act i.e. on 08/03/2021 for the purpose of calculating the period of limitation for passing the order of penalty, the Financial years expires on 31/03/2021 and the six months expires from the end of month in which penalty initiated (i.e. 08/03/2021) was on 30/09/2021. 7. In the present case, the impugned penalt....