2026 (5) TMI 674

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.... Uke, Sr. D.R. ORDER PER SUCHITRA KAMBLE, JUDICIAL MEMBER: This appeal is filed by the assessee against the order dated 23-01-2025 passed by National Faceless Appeal Centre (NFAC), Delhi for assessment year 2014-15. 2. The grounds of appeal are as under:- "1. On the facts and circumstances of the case as well as law on the subject, the Ld. CIT(A) has erred in confirming the ac....

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....old unsecured loan 10,74,979/- Total 33,74,979/- Penalty proceedings u/s 271(1)(c) of the Act was initiated on addition of Rs. 33,74,979/-. On verification of details, it is noticed that, during F.Y 2013-14 relevant to A.Y 2014-15, the assessee received unsecured loan from following parties for which no documentary evidences such as ledger, bank account, PAN, copy of income tax return ....

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....ed income by furnishing inaccurate particulars of income, penalty proceedings u/s. 271(1)(c) r.w.s of IT Act was initiated. 4. The ld. A.R. submitted that the assessee has given all the details, therefore, the penalty is liable to be deleted. 5. The ld. D.R. relied upon the penalty order and the order of the CIT(A). 6. We have heard both the parties and perused all the relevant material a....