2026 (6) TMI 542

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....red) For the Revenue : Shri Hemanshu Joshi, Sr. DR ORDER PER SANDEEP SINGH KARHAIL, J.M. The assessee has filed the present appeal against the impugned order dated 24.12.2025, passed by the learned Commissioner of Income Tax (Appeals)-51, Mumbai ["learned CIT(A)"], levying penalty under section 271(1)(c) of the Income Tax Act, 1961 ("the Act"), for the assessment year 2014-15. 2. In....

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....section 143(2) and section 142(1) of the Act were issued and served on the assessee. During the assessment proceedings, it was observed that the assessee had traded in 13 different penny stocks, out of which 9 were identified as having been used for providing accommodation entries in the detailed investigation done by the Investigation Wing, Kolkata. Accordingly, the Assessing Officer ("AO"), vide....

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.... 5. Vide separate order dated 24.12.2025, the learned CIT(A) levied a penalty at 100% of the tax sought to be evaded on the concealed income of Rs. 11,45,659/-. Being aggrieved by the penalty levied by the learned CIT(A), the assessee is in appeal before us. 6. During the hearing, the learned Authorised Representative ("learned AR") submitted that in the appeal by the assessee in quantum proce....

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....ted 15.04.2026, allowed the quantum appeal filed by the assessee and deleted the disallowance of trading loss. From the perusal of the said order, we find that the assessee raised a specific ground regarding the addition on account of commission income made by the learned CIT(A), enhancing the assessment. Even though in the aforesaid order dated 15.04.2026, there is no specific finding regarding t....