2025 (2) TMI 1509

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....The aforesaid appeal has been filed by the assessee against order dated 30/09/2024 passed by NFAC, Delhi in relation to penalty proceedings u/s. 271(1)(c) for the A.Y. 2010-11. 2. The assessee is aggrieved by levy of penalty u/s. 271(1)(c) on account of addition of Rs. 22,70,666/- which was made by applying the estimated GP rate of 12.5% on alleged bogus purchases. 3. At the outset, assessee....

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....as been filed immediately. Under these circumstances, delay of 40 days is condoned. 4. The brief facts are that assessee has filed its revised return of income at Rs. 4,75,660/- within the prescribed time limit which was accepted. However, subsequently, the case was reopened by issuance of notice u/s. 148 on 14/10/2014 on the ground that information has been received from DG (Investigation) for....