2025 (9) TMI 1393

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....PER AMIT SHUKLA (J.M): The aforesaid appeal has been filed by the assessee against order dated 14/08/2024 passed by CIT(A)-53, Mumbai in relation to the penalty proceedings u/s.271(1)(c) for the A.Y.2013-14. 2. Assessee is aggrieved by levy of penalty of Rs.25,29,075/- levied by the ld. AO on account of addition of Rs.71,75,000/- made u/s.2(22)(e). 3. The brief facts are that during the c....

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....any Date of debit balance Peak of debit balance in (Rs.) M/s. Shah Housecon Pvt. Ltd 05.05.2012 10,00,000 (peak balance theory applied) 02.03.2013 71,75,000   Total 81,75,000 4. On this disllowance penalty u/s.271(1)(c) has been levied by the ld. AO both for concealment and furnishing of inaccurate particulars of income. The ld. CIT(A) too has confirmed the....

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....e deeming provision has been invoked it cannot be held that assessee has furnished any inaccurate particulars of income. Here in this case one very important fact is that in the assessment order ld. AO has initiated penalty on both the charges, i.e., filing of inaccurate particulars of income and concealment of income. In the show-cause notice, no specific charge has been specified and even in the....