2025 (8) TMI 1516

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...., DR ORDER PER RAJESH KUMAR, AM: This is an appeal preferred by the assessee against the order of the National Faceless Appeal Centre, Delhi (hereinafter referred to as the "Ld. CIT(A)"] dated 03.02.2025 for the AY 2006-07. 02. The only issue raised in various grounds of appeal is against the order of the ld. CIT (A) confirming and upholding the penalty of Rs.5,28,234/- as levied by th....

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....fter, the appeal was preferred before the Tribunal and Tribunal restored the appeal to the file of the ld. AO for limited purposes to adjudicate the issue afresh. In the meantime, the ld. AO passed the penalty order u/s 271(1)(c) of the Act dated 01.01.2022, imposing the penalty of Rs.5,28,234/- by stating in the penalty order that as per information available on ITBA portal in 360 degree till dat....

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....sessee duly disclosed the said income in the return of income, however, same was claimed as exempt on account of being a capital receipt. The ld. AO imposed the penalty for the reason that the assessee has not filed any appeal before the ld. CIT (A) which is apparently wrong and against the facts on record. The ld. CIT (A) simply held that the settlement proceeds were taxable as remuneration in th....

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....ount received was a capital receipt. Moreover, the case of the assessee is squarely covered by the decision of the Hon'ble Apex Court in the case of CIT vs. Reliance Petroproducts Pvt. Ltd. [2010] 189 Taxman 322 (SC) wherein the Hon'ble Apex Court has held that where the assessee has fully disclosed the particulars in the return of income, then the assessee is not liable for penalty proceeding....