2025 (2) TMI 1376

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....HUKLA (J.M): The aforesaid appeal has been filed by the assessee against order dated 12/06/2024 passed by NFAC, Delhi in relation to the penalty proceedings u/s. 271(1)(c) for the A.Y.2012-13. 2. The assessee is mainly aggrieved by levy of penalty of Rs. 11,60,640/- u/s.271(1)(c) on disallowance made u/s.80IB(10). The reason for disallowance of the ld. AO was that the three flats bearing No.....

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....o such violation. It is also brought on record that the Revenue's appeal filed before the Tribunal has been dismissed after discussing each and every issue raised by the department. 3. Now penalty has been levied on part disallowance of Rs. 11,60,640/-. The contention of the assessee was that clause 'f' of Section 80IB(10) was inserted w.e.f. 19/08/2009 and assessee had received all the payment....