2025 (9) TMI 1680

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....h Kumar, Adv. For the Revenue : Sh. Dheeraj Kumar Jain, Sr. DR ORDER PER YOGESH KUMAR, U.S. JM: The present appeal is filed by the Assessee against the order of Ld. Commissioner of Income Tax (Appeals/ National Faceless Appeal Centre ('Ld. CIT(A)/NFAC' for short), New Delhi dated 07/10/2024 for the Assessment Year 2020-21. 2. The grounds of Appeal are as under:- "1. The Lea....

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....or profession. Subsequently the Assessee filed revised return declaring taxable income at Rs. 23,67,830/-. Initially, Assessee had claimed deduction u/s 80JJAA of the Income Tax Act, 1961 ('Act' for short) amounting to Rs. 11,79,965/-. However, as the Assessee had not filed report in Form 10DA as per Section 80JJAA of the Act, before the specified date referred in under Section 44AB of the....

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....see submitted that the A.O. initiated penalty proceedings u/s 270A of the Act against the Assessee for 'under reporting tax income'. Further submitted that the provision of Section 270A (3) of the Act has Sub Sections, however, A.O. has not mentioned on which limb of Section 270A(3) of the Act has been initiated against the Assessee. The Ld. Assessee's Representative further submitted that due....

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....ny reasonable cause. Accordingly levied the penalty. It is the specific case of the Assessee that the specific limb mentioned in the provisions of Section 270A(3) has not been mentioned by the A.O., therefore, the notice issued u/s 270A(3) is defective. For the sake of ready reference, the provision of Section 270A(3) is reproduced as under:- "(3) The amount of under-reported income shall....