2025 (2) TMI 1710

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....- Sr-DR ORDER UNDER SECTION 254(1) OF INCOME TAX ACT PER PAWAN SINGH, JUDICIAL MEMBER: 1. This appeal by assessee is directed against the order of learned Commissioner (Appeals)/ NFAC dated 25th September 2024, in confirming penalty levied under section 271(1)(c) of the Income Tax Act (Act). Though, the assessee has raised multiple grounds of appeal, however the substantial ground of appe....

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....basis, the duty drawback of Rs. 1,75,253/- received actually from Custom Department was accounted as income in the return of income. The reply of assessee was not accepted by AO by taking view that assessee should have accounted the entire amount of claim of duty drawback as income during the year and if any amount out of the total duty drawback claimed remained to be received at the end of year, ....

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....AO. The AO levied penalty at the rate of 100% of tax sought to be evaded and worked out the penalty of Rs. 23,900/- in his order dated 26th October 2018. Aggrieved by the penalty, the assessee filed appeal before learned Commissioner (Appeals), wherein action of AO was upheld. Further aggrieved, the assessee has filed present appeal before the tribunal. 3. We have heard the submission of learne....

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....n the decision of Hon'ble Supreme Court in Excel Industries Limited (2013) 38 taxmann.com 100 (SC), decision of Bombay High Court in Matchwell Electrical (I) Ltd (2003) 127 Taxmann 159 (Bom) and Rajasthan High Court in case of Oriental Power Cable Ltd (2008) 174 Taxmann 74 (Raj). 4. On the other hand, the ld. Sr DR for the revenue supported the order of lower authorities. 5. We have consider....