2025 (2) TMI 1513

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.....T. Act, 1961 holding the appellant to have under reported his income due to disallowance of part interest expenditure claimed u/s. 57(iii) not appreciating that the said income did not constitute under reported income and that levy of penalty u/s. 270A was not justified. The penalty of Rs. 7,78,513/- levied u/s. 270A of the I.T. Act being not warranted by facts and in law may please be cancelled. 2. The Hon. CIT(A) erred in not granting to the appellant, immunity as provided u/s. 270AA of the I.T. Act, 1961, inspite of the appellant depositing the entire tax and interest payable within the prescribed time limit, not preferring appeal against the assessment order and making application in Form 68 though delayed. 3. The app....

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....the Act. He further submitted that just on the basis of technical error in filing the Form N. 68, the lower authority is not correct in levying the impugned penalty. 6. The ld. Counsel has also referred the judicial pronouncement of the ITAT Benches as placed in the paper book. On the other hand, the ld. DR supported the order of lower authorities. 7. Heard both the sides and perused the material on record. During the course of assessment, the assessee has taken loan of Rs. 8,82,90,540/- from M/s. Edelweiss Retails Finance Ltd. and out of this loan amount of Rs. 1,45,44,606/- was advanced by the assessee to M/s. Waman Hari Pethe Sons P Ltd. The assessee has paid interest of Rs. 85,40,413/- on the loan received from M/s. Edelweiss Reta....