2026 (2) TMI 1044

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....Shri Anil Kumar, Sr. DR ORDER PER SUNIL KUMAR SINGH, JUDICIAL MEMBER These appeals have been preferred against the impugned orders dated 16.10.2025 each, passed in Appeal no. NFAC/2011-12/10069231 & NFAC/2011- 12/10069226 respectively by the Ld. Commissioner of Income-tax( Appeals)/National Faceless Appeal Centre (NFAC), Delhi (hereinafter referred to as the "CIT(A)") u/s. 250 of the Inco....

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....reopened u/s. 147 of the Act. Notice u/s. 148, dated 27.03.2018 was issued and served upon the Appellant. The Assessment was completed u/s.143(3) r.w.s 147 of the Act after determining the income of Rs. 9,90,502/- The appellant has shown sales of Rs. 1,06,95,400/- in the year under consideration, which is above the threshold limit to get his account audited u/s 44AB of the Act. The appellant did n....

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.... point for determination under appeal is as to whether Ld.CIT(A) has erred in confirming the penalty of Rs. 25,000/- imposed u/s 271A of the Act, vide penalty order dated 08.01.2022 ? 8. Ld. AR for the assessee has submitted that the assessee was engaged in the business of trading of machineries, spare parts and suffered heavy losses and could not bonafidely maintain the regular books of accoun....

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....hat there was any reasonable cause for the said failure so as to get the benefit of section 273B of the Act. Further, the presumptive assessment u/s 44AD as argued by the Ld. AR is also of no avail to the assessee. We, thus, do not find any error or infirmity in the impugned penalty order. The aforesaid point is accordingly determined in negative against the appellant assessee and in favour of the....