2025 (9) TMI 168

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....ER 1. The appeal in ITA No. 2587/Del/2025 for AY 2011-12 arises out of the order of the National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as 'ld. NFAC', in short] in Appeal No. ITBA/NFAC/S/250/2024- 25/1073697201(1) dated 25.02.2025 against the order of assessment passed u/s 271(1)(c) of the Income-tax Act, 1961 dated 16.03.2022 (hereinafter referred to as 'the Act') by ITO....

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....actually received altogether Rs.38 lakhs as commission/ brokerage income from different parties, whereas it has disclosed only 22,50,000/- as gross receipt. The assessee explained that he is following cash system of accounting and proved only a sum of Rs.22,50,000/- was received during the year and balance amount of Rs.15,50,000/- was received by the assessee in the next year and duly offered to t....

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....dingly, ld CIT(A) restricted the penalty amount to Rs.1,43,170/- as against Rs. 4,29,510/- levied by the ld AO. 4. I find that ultimately, the penalty has been made only on estimated income. It is trite law that no penalty could survive on estimated income as there cannot be any partial concealment and non-concealment of income. Hence, the levy of penalty u/s 271(1)(c) of the Act is hereby dire....