2023 (11) TMI 1437

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....ER PRASHANT MAHARISHI, AM: 01. This appeal is filed by the assessee against the appellate order passed by the National Faceless Appeal Centre, Delhi (Learned CIT-A) for assessment year 2010-11 on 22/2/2023 wherein the appeal filed by the assessee against the penalty order passed under section 271(1)(c) of the Income Tax Act, 1961 (the Act) dated 26/9/2016, levying penalty of Rs.38 lakhs, was pa....

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....ceedings, it was also found that the assessee has utilised Rs. 90,99,502/- for addition of fixed assets and excess depreciation of Rs. 7,76,143/- was also paid by the assessee. The same was also disallowed. 03. The assessment order under section 143(3) read with section 147 of the Act was passed on 2/3/2016, wherein penalty proceedings were initiated for concealment of income/furnishing of inac....

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....arned AR of the assessee produced before us the notice under section 274 read with 271(1)(c) of the Act dated 2/3/2016 and submitted that in such penalty notice, none of the three charges are struck off and therefore, penalty is invalid. 08. The Learned DR supported the orders of the lower authorities. 09. We have carefully considered the rival contentions and perused the orders of the lower....