2026 (5) TMI 1063

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....y holding that the Appellant has under-reported its income. It is submitted that, on the facts and circumstances of the case, there is no under-reporting of the income on the part of the Appellant. Your Appellant submits that it be so held now and prays to delete the penalty of 4,91,786/-by the learned Assessing Officer. 2. The Learned Commissioner of Income Tax (Appeals) has erred in law and on facts in upholding the penalty of Rs. 4,91,786/-levied under section 270A for under-reporting of income, without specifying the particular limb of section 270A(2) under which the penalty was imposed-neither in the assessment order nor in the penalty notice issued to the Appellant. Your Appellant submits that it be so held now and prays to d....

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....48A(a) of the Act on 12.12.2023, and the assessee has duly submitted its response before the AO on 26.12.2023. Thereafter, the AO has issued a show cause notice u/s 148A(b) of the Act on 01.02.2024, and the assessee has duly filed its submission before the AO on 15.02.2024 for verification. However, the AO has not accepted the submissions of the assessee and reopened the case of the assessee by issuing notice u/s. 148 of the Act on 29.02.2024. The assessee has filed its return of income in response to the notice issued u/s. 148 of the Act on 14.06.2024. The AO thereafter, issued notice u/s. 143(2) of the Act on 03.09.2024 and the assessee has duly submitted its response on 22.01.2024 in response to the notice issued u/s. 143(2) of the Act. ....

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....0.03.2025, 24.03.2025, and 07.04.2025, and the assessee has duly submitted the same submissions before the AO for verification. The AO, however, has not accepted the submissions made by the assessee and passed the penalty order u/s. 270A of the Act on 22.05.2025 and levied the penalty of Rs. 4,91,790/- (50% of 9,83,573/-) for under-reporting of income for the year under consideration. 4. Being aggrieved by the penalty order under Section 270A of the Act the assessee filed appeal before the CIT(A). The CIT(A) dismissed the appeal of the assessee. 5. The Ld. A.R. submitted that the assessee while filing the return of income in response to notice under Section 148 of the Act. The assessee has accepted the return of the income of the asse....