2026 (5) TMI 1010

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.... passed u/s 250 on 03.12.2025 for A.Y. 2017-18 by NFAC CIT(A) Delhi [(for short" CIT(A)] confirming the penalty of Rs. 1,01,05,620/- imposed u/s 271D of the Act by FAO for alleged contravention of the provisions of Sec 269SS of the Act is wholly illegal, unlawful and against the principles of natural justice. 1.2 The Ld. CIT(A) has grievously erred in law and or on facts in disposing the penalty appeal in spite of the quantum appeal pending disposal before CIT(A) which is gross violation of the provisions of sec 275 and rules of natural justice. 1.3 The Ld. CIT(A) has grievously erred in law and or on facts in not appreciating that the relevant documentary evidence relating to the recovery of receipts was already on his re....

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....ss of finance and investment under the proprietary concern. The assessee claims to be in the business of advancing loans to members and recovering the same along with interest. For the assessment year 2017-18, the assessee filed a return of income on 30.08.2017 declaring a total income of Rs. 6,93,520/-. The case was selected for complete scrutiny under Computer Assisted Scrutiny Selection (CASS). The assessment proceedings were completed u/s 143(3) of the Income Tax Act, 1961 on 31.12.2019 determining the total income at Rs. 2,12,96,043/- as against the returned income of Rs. 6,93,520/- resulting in additions aggregating to Rs. 2,06,02,523/- under the following heads: Addition u/s 37 of the IT Act, 1961: Rs. 1,87,02,523/- ....

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....nd evidences on or before 27.10.2022. The assessee requested adjournment for further time, which was granted in the interest of natural justice, and the assessee was requested to submit documents and evidences on or before 09.11.2022. After considering the submissions of the assessee and examining the material on record, the Assessing Officer concluded that the explanation of the assessee was not plausible and that there was malafide intention on the part of the assessee to fail to comply with the provisions of section 269SS of the Income Tax Act, 1961. Accordingly, penalty of Rs. 1,01,05,620/- was imposed under section 271D of the Income Tax Act, 1961 vide order dated 08.02.2023. 4. Being aggrieved by the assessment order, the assessee ....