2025 (9) TMI 702

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....shwari Menon, Sr. DR ORDER PER B.R. BASKARAN, ACCOUNTANT MEMBER : The assessee has filed this appeal challenging the order dated 29-02- 2024 passed by Ld CIT(A), NFAC, Delhi and it relates to the assessment year 2008-09. The assessee is aggrieved by the decision of Ld CIT(A) in confirming the penalty of Rs. 15,95,946/- levied by the AO u/s 271(1)(c) of the Act. 2. The AO received infor....

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....3. The AO initiated penalty proceedings u/s 271(1)(c) of the Act in respect of above said addition and levied a penalty of Rs. 15,95,946/-, being the minimum amount of penalty that could be levied u/s 271(1)(c) of the Act. The Ld CIT(A) also confirmed the same and hence the assessee has filed this appeal. 4. The contention of the assessee is that the AO has made the addition on estimated basis ....

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....ench has deleted the penalty levied on the estimated addition. In the above said case, the Coordinate Bench of the Tribunal has taken support of the decision rendered by the Hon'ble Punjab & Haryana High Court in the case of Harigopal Singh vs. CIT [258 ITR 85] and also the decision rendered by the Hon'ble Delhi High Court in the case of CIT vs. Aero Traders Pvt. Ltd., [322 ITR 316], wherein the H....