2026 (6) TMI 235

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....2020-21, arises out of the order of the National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as 'ld. CIT(A)', in short] dated 22.01.2026 against the order of assessment passed u/s 270A of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') dated 11.09.2025 by the Assessing Officer, Assessment Unit, Income Tax Department (hereinafter referred to as 'ld. AO'). 2. The....

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....accepted by the assessee by not preferring further appeal in order to avoid protracted litigation. The ld AO initiated penalty proceedings and proceeded to levy penalty u/s 270A(9) of the Act alleging that the estimated addition made on account of profit element of purchases constitute under reporting of income in consequence of mis-reporting of income and levied penalty of Rs. 1,10,240/- thereon.....