2026 (1) TMI 448

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....15-16 & 2016-17 respectively in the quantum addition and the Revenue has also filed appeals against the order of ld. CIT (A) dated 30.04.2024 & 09.05.2024 for AYs 2015-16 & 2016-17 respectively rejecting the penalty orders passed u/s 271(1)(c) of the Income-tax Act, 1961 (for short 'the Act'). 2. Since the issues are common and the appeals are connected, hence the same are heard together and are being disposed off by this common order. First we take up the Revenue's appeal in Assessment Year 2015-16 in quantum addition. 3. None appeared on behalf of the assessee and it was noticed that from 07.10.2024 onwards, none appeared on behalf of the assessee except adjournment letters were filed for seeking adjournments. 4. At the time of h....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e revealed the fact that the assessee company had filed its return of income and subsequently assessed u/s 143(3) of the Act. The Assessing Officer also did not carry out any search on the NMS data base - wise which would again have revealed the fact that the assessee had not defaulted in filing the return of income and thereby overruling the possibility of escapement of income. He further observed that Assessing Officer has not carried any verification of the information as stated to have been received from anonymous data. There was total lack of enquiry and application of mind at the part of the Assessing Officer and the Assessing Officer has blindly followed the anonymous data. Accordingly, he treated the notice u/s 148 as invalid and il....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nsactions which warrants assessee to mandatory file its return of income for AY 2015-16 and other assessment years under consideration. Based on the above information, notice u/s 148 was issued to the assessee with the observation that the assessee had not filed its return of income based on the non-filer management system and based on the above, he observed that bill of entry for imports for assessable imports value during the FY 2014-15 was noticed. Since assessee has not filed return of income, notices were issued. Even after issuing several notices, none appeared on behalf of the assessee. Based on that, assessment was completed u/s 144/147 of the Act by making addition of the imports declared, as the assessee failed to explain the sour....