2025 (12) TMI 483

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....cer, Ward-2(2)(5), Etawah (hereinafter referred to as 'ld. AO'). 2. At the outset, I find that there is a delay in filing of appeal by the Assessee before this Tribunal by 975 days. Considering the reasons adduced in the condonation petition, in the interest of substantial justice, I find that the Assessee was prevented from sufficient cause in not filing the appeal before this Tribunal in time and accordingly I am inclined to condone the delay and admit the appeal of the Assessee for adjudication. 3. The only issue to be decided in this appeal is as to whether the Learned CITA was justified in confirming the levy of penalty under section 271(1)(c) of the Act in the facts and circumstances of the instant case. 4. I have heard the r....

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....urate particulars of income and concealed the income. It is pertinent to note that the quantum addition of Rs. 4,25,000/- stood sustained up to the level of this Tribunal. 5. Now the short point that arises for my consideration is as to whether the assessee could be penalized by holding that it had committed both the offences mentioned under Section 271(1)(c) of the Act, i.e. it had concealed the particulars of income and furnished inaccurate particulars of such income in respect of addition made in respect of share application money received in cash of Rs. 4,25,000/-. This argument was duly advanced by the Learned AR in support of the grounds of appeal taken by the assessee. The Learned AR placed heavy reliance on the decision of Hon'bl....