TaxTMI 
TaxTMI 
2025 (12) TMI 294
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.... Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi ["learned CIT(A)"], which in turn arose from the penalty order under section 271(1)(c) of the Act, for the assessment year 2015-16. 2. In this appeal, the assessee has raised the following grounds: "1. On the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in confirming the penalty of Rs. 8,49,310 levied u/s. 271(1)(c). 2. On the facts and circumstances of the case and in law, the Ld. CIT (A) ought to have appreciated that the learned Assessing Officer had erred in initiating penalty proceedings u/s 271(1)(c) without mentioning specifically as to whether penalty is sought to be levied for "concealing the particulars of....
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....h ROC charges and debited to the P & L account claiming it as a revenue expenditure. The Assessing Officer ("AO"), vide order dated 20.12.2017 passed under section 143(3) of the Act, disagreed with the submissions of the assessee and held the expenditure incurred for increase in the authorized share capital to be capital in nature. Accordingly, the AO made an addition of Rs. 8,02,750/- to the total income of the assessee. The AO separately directed initiation of penalty proceedings for furnishing inaccurate particulars of income. Accordingly, vide order dated 20.06.2018 passed under section 271(1)(c) of the Act, the AO levied penalty, inter alia, in respect of disallowance of expenditure incurred for increase in authorized share capital. ....
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....lars regarding the income of the assessee. The relevant findings of the Hon'ble Supreme Court, in the case cited supra, are as follows: - "9. We are not concerned in the present case with the mens rea. However, we have to only see as to whether in this case, as a matter of fact, the assessee has given inaccurate particulars. In Webster's Dictionary, the word "inaccurate" has been defined as :- "not accurate, not exact or correct; not according to truth; erroneous; as an inaccurate statement, copy or transcript." 10. We have already seen the meaning of the word "particulars" in the earlier part of this judgment. Reading the words in conjunction, they must mean the details supplied in the Return, which are not a....
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....see was asked to furnish details of the transaction in which a foreign exchange loss was incurred. Upon perusal of the details submitted by the assessee, it was observed that the assessee has reinstated buyers' credit in foreign exchange of Rs. 19,79,364/-, which was on account of plant & machinery. Since the foreign exchange loss was on account of the purchase of a fixed asset, the AO vide order passed under section 143(3) of the Act held that the said loss needs to be capitalised with the cost of the asset. Accordingly, the AO treated the foreign exchange loss as capital in nature and allowed depreciation at 15% of the value of the asset after capitalising the foreign exchange loss. Accordingly, the AO made a net disallowance of Rs. 1....
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....vy of a penalty on account of an addition made due to reconciliation with Form 26AS. 14. The brief facts of the case pertaining to this issue are that during the assessment proceedings, the assessee was asked to furnish a reconciliation of receipts and TDS as per the books vis-à-vis receipts and TDS as per Form 26AS reported in the ITS details. Upon perusal of the reconciliation furnished by the assessee, it was observed that the assessee has shown interest received from Maharashtra State Electricity Distribution Company Ltd. of Rs. 91,966/-. As per the assessee, out of the aforesaid interest income, an amount of Rs. 78,470/- was adjusted in the power bill for the month of May, 2015, against the electricity expenditure. Since the ....