2025 (2) TMI 1815

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....hereinafter referred to as 'the Act') dated 15.04.2019 by the Assessing Officer, DCIT, Circle-4 (2)(1), Farrukhabad (hereinafter referred to as 'ld. AO'). 2. Though the assessee had raised several grounds of appeal, the only effective issue to be decided in this appeal is as to whether the Learned NFAC was justified in confirming the levy of penalty under section 271(1)(c) of the Act in the facts and circumstances of the instant case. 3. We have heard the rival submissions and perused the materials available on record. The assessee is a private limited company engaged in the business of medical profession under the name and style of M/s BLM Hospitals Private Limited and derives its income thereon. The return of income for the assessme....

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....1)(c) of the Act stood initiated on the assessee vide show cause notice under section 274 read with section 271(1)(c) of the Act dated 13-3-2019. Reply was filed by the assessee filing objections to the show cause penalty notice stating that from the reading of rectification order, it is clear that neither the satisfaction has been recorded by the Learned AO nor any direction for initiating proceedings under Section 271(1)(c ) of the Act has been given by the Learned AO in the said rectification order and hence the provisions of Section 271(1)(c ) cannot be made applicable as it would be without jurisdiction and liable to be dropped. The assessee placed reliance on the decision of Hon'ble Jurisdictional High Court in the case of CIT vs Ram ....

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....ward MAT Credit, the undisputed facts before us are that the assessee filed its return of income on 26/09/2010 and claimed brought forward MAT credit of Rs. 90,25,449/- the details of which, disclosed in the computation of income for AY 2010-11 and produced at paper book page no. I/3 are as follows : A.Y Brought forward MAT credit 06-07 17,85,626/- 07-08 25,95,946/- 08-09 22,82,722/- 09-10 23,61,155/-   90,25,449/- Thereafter assessment of AY 2008-09 was framed on 02/12/2010 and AY 2009-10 on 19/09/2011 reducing brought forward MAT credit by Rs. 6,31,893/- and Rs. 4,25,299/- respectively. 9.2. In the light of the above facts the imposition of penalty under section 271(1)(c) on exces....