2026 (6) TMI 365

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the Income Tax Act, 1961 [hereinafter referred to as, 'the Act'] against the assessment order dated 13.12.2019 passed u/s 144 of the Act by the ITO, Ward-54(4), Delhi (ITA No.1231/Del/2026), penalty order dated 15.03.2022 passed u/s 270A of the Act by the NFAC, Delhi (ITA No.1232/Del/2026), order dated 25.11.2021 passed u/s 272A(1)(d) of the Act by the NFAC, Delhi (ITA No.1233/Del/2026) and penalty order dated 02.03.2022 passed u/s 271AAC(1) of the Act by the NFAC, Delhi (ITA No.1234/Del/2026) for A.Y. 2017.18. 2. Since the above captioned appeals were heard together and the facts in issues are identical, all the four appeals are being disposed of by this common order for the sake of convenience and brevity. 3. Brief facts of the case....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sing any opinion on merit of the case". The aggrieved Assessee is before us in ITA 1231/Del/2026 with the following grounds: "1. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in passing the impugned assessment order without assuming jurisdiction as per law and without complying with the requisite procedure in accordance with law. 2. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in not condoning the delay in filing of first appeal and that too without providing any reasonable opportunity of being herd to the assessee and in gross violations of principles of natural justice. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....11.2024. 6. That having regard to the facts and circumstances of the case, Ld. AO has erred in law and on facts in charging interest u/s 234B of the Income Tax Act, 1961. 7. That the appellant craves the leave to add, modify, amend or delete any of the grounds of appeal at the time of hearing and all the above grounds are without prejudice to each other." 6. Before us, the learned counsel for the assessee vehemently submitted that the cash deposits in the bank account during the period of demonetization were out of sales and duly recorded in the books of account. 7. Per contra, the ld. DR relied on the orders of the authorities below. 8. We have heard the rival submissions and have perused the relevant material on....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... on the transaction done on or after 01.04.2017 only. Accordingly, we direct the AO to tax the addition under normal provisions of tax and not under the provisions of 115BBE. 10. In the result, appeal of the assessee in ITA No. 1231/DEL/2026 is partly allowed. ITA No.1232/Del/2026 ; ITA 1233/Del/2026 and 1234/Del/2026: 11. The ITA No.1232/Del/2026 relates to penalty u/s 270A; ITA 1233/Del/2026 relates to penalty u/s 272A(1)(d) and ITA 1234/Del/2026 relates to penalty u/s 271AAC(1). 12. We have herein above estimated an income of Rs 10 lakh as income of the assessee for the instant year and have deleted the application of the provisions of section 115BBE. In such facts and circumstances the penalty levied under section 270A for m....