2026 (4) TMI 265

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....ee has raised the grounds of appeal challenging the order of CIT(A) sustaining the levy of penalty and also additional ground of appeal for the A.Y.2011-12 that the impugned A.Y does not fall within the ambit of the term "specified previous year" 2. Since the issued involves in these appeals are common and identical. Hence, they are clubbed and heard and a consolidated order is passed for the sake of convenience. We shall take up ITA 137/PAN/2023 for A.Y. 2007-08 as a lead case and the facts narrated. 3. The brief facts of the case are that the assessee company is engaged in the business as builders, developers and hospitability services. The appellant has filed the return of income for the A.Y. 2007-08 on 31-10- 2007 disclosing a tot....

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....e ITAT, Panaji Bench. The Hon'ble ITAT passed an order dated 30-03-2017 confirming CIT(A) order deleting the addition on account of deemed dividend in respect of some amounts by holding the same as business transactions. The assessee has filed an appeal against the order of the Hon'ble ITAT before the High Court of Bombay at Goa. The appeal was admitted and orders have been passed staying the recovery proceedings under the order of the Hon'ble ITAT. Consequent to the order of the Hon'ble ITAT, the Ld. AO has issued notice dated 05.10.2017 and served on 11.10.2017for levy of penalty. The assessee has filed the explanations and submissions before the Ld. AO vide letter dated 23-10-2017. Whereas The Ld. AO was not satisfied with the explanatio....

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....supporting the claim of the assessee. The Ld.AR highlighted on the submissions made in the proceedings Prima-facie, the CIT(A) has dealt on the findings of the AO and the penalty is levied solely based upon the assessment order and no independent findings and also ignoring the material filed by the assessee. Therefore, We considering the facts, circumstances and principles of natural justice shall provide with one more opportunity of hearing and accordingly restore the disputed issue for the limited purpose to the file of the Assessing Officer to adjudicate a fresh and the assessing officer shall provide adequate opportunity of being heard to the assessee and the assessee should also cooperate in submitting the information. And these ground....