2026 (5) TMI 1775

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....Sr. D.R. ORDER PER NAVEEN CHANDRA, ACCOUNTANT MEMBER : The captioned appeal preferred by the assessee is against the order of the learned Commissioner of Income-tax (Appeals), NFAC, Delhi dated 09.12.2025 arising out of penalty order passed under section 270A of the Income-tax Act, 1961 (in short "the Act") dated 26.09.2024 by the Assessment Unit, Income-tax Department concerning Assessme....

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....s. 1,05,09,821/-. The AO further initiated penalty proceedings u/s 270A of the Act against the assessee for under reporting of income of Rs. 25,46,871/- which was in consequence of misreporting thereof. The AO held that there is under reported income and levied the penalty of Rs. 20,56,176/- (200% of tax payable) and passed the penalty order u/s. 270A of the Act dated 26.09.2024. 3. Aggrieved a....

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....s 270A of Rs. 20,56,176/-, as none of the conditions of misreporting under section 270A are applicable and protection allowed under section 270A is not provided. 5. That the learned CIT(A) erred in law and on facts in upholding the penalty by treating the addition of Rs. 25,46,871/- as a case of misreporting under section 270A, despite the fact that the assessee had disclosed all the inco....

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.... opportunity of hearing, making it against the principles of natural justice. 11. That the assessee craves leave to add, amend, alter OR withdraw any ground of appeal before the final date of hearing." 5. At the outset, learned Counsel for the assessee submitted that the specific limbs of section 270A of the Act was not mentioned clearly in the penalty notice and therefore, the penalty....