2026 (5) TMI 1407

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....sh Rupavatia, Sr. D.R. ORDER PER SUCHITRA KAMBLE, JUDICIAL MEMBER: This is an appeal filed against the order dated 27-07- 2024 passed by National Faceless Appeal Centre (NFAC), Delhi for assessment year 2011-12. 2. The grounds of appeal are as under:- "1. On the facts and in the circumstances of the case, the learned CIT(A) erred in confirming the legality of the Assessing Off....

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....sessing total income at Rs. 313,84,49,238/- inter-alia making the following additions/disallowance and penalty proceedings u/s 271(1)(c) were initiated for furnishing inaccurate particulars of income or concealment of particulars of income. In first appeal, the Ld.CIT(A) vide order dated 22.11.2016 has confirmed the following additions :- 1) Loss on A/c of trading in cotton wash oil Rs. 4....

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....see has furnished inaccurate particulars of income. As per the provisions of Section 271(1)(c), minimum penalty leviable is 100 per cent of the tax sought to be evaded and the maximum penalty leviable is 300 per cent of the tax sought to be evaded. The penalty leviable in this case is worked out as under:- Calculation of Penalty u/s 271(1)(C) Sr. No. Items Amount 1 Assessed Incom....

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.... u/s. 271(1)(c) of the Act to the extent with regard to disallowance u/s. 36(1)(iii) amounting to Rs. 1,45,18,708/-. 6. The ld. D.R. relied upon the assessment order and the order of the CIT(A). 7. We have heard both the parties and perused all the relevant material available on record. This appeal is delayed by 186 days for which the assessee has filed separate details/application for condo....