2026 (2) TMI 91

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....1. In both the appeals, the assessee has challenged the penalty levied by the Learned Assessing Officer ("Ld. AO" for short) and upheld by the Ld. CIT(A) u/s 271AAC(1) and 270A of the Act. As the facts are identical in both these appeals, we hereby pass a consolidated order by taking ITA No.5529/M/2025 as the lead case. 2. The assessee has raised the following grounds of appeal: "1. The CIT Appeal, National E-Assessment Center Delhi, erred in not considering the contents laid down in grounds of appeal and confirmed the penalty order passed by the learned Assessing Officer who has not proved the purchase of securities to the tune of Rs. 1163000/- being security purchase in F.Y. 2019-20 and Levied Penalty u/s. 271AAC(1) Without gi....

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....nces. The Ld. AO also initiated penalty proceedings u/s 270A and 271AAC(1) of the Act. The Ld. AO then passed the penalty order u/s 271AAC(1) of the Act dated 09.03.2023 on the ground that the assessee has been non-compliant to the show cause notices issued u/s 271AAC of the Act thereby levying a penalty amounting to Rs. 90,714/-. 4. Aggrieved, the assessee was in appeal before the first appellate authority, who vide an ex-parte order dated 04.07.2025 upheld the penalty levied by the Ld. AO. 5. Aggrieved, the assessee is in appeal before us, challenging the order of the Ld. CIT(A). 6. We have heard the Learned Departmental Representative ("Ld. D.R." for short) and perused the materials available on record. It is observed that the L....