2025 (3) TMI 1740

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....eferred to as 'the Act') by ITO, Assessment Unit, Income Tax Department, (hereinafter referred to as 'ld. AO'). 2. At the outset, I find that there is a delay in filing of appeal by the assessee before me by 51 days. Considering the reasons adduced in the condonation petition supported with an affidavit thereon, I am inclined to condone the delay in the interest of substantial justice and admit the appeal of the assessee for adjudication. 3. The only issue to be decided in this appeal is as to whether the learned NFAC was justified in confirming the levy of penalty under section 272A(2)(e) of the Act in the facts and circumstances of the instant case. 4. I have heard the rival submissions and perused the materials available on reco....

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....iab) of the Act and accordingly not obliged to file any income tax returns prior to the amendment effected from 1-4-2016. Even though the amendment in section 139(4C)(iiiab) of the Act is applicable for the year under consideration, it cannot be denied that assessee had pleaded ignorance of the amended provisions and was under the bona fide belief that since there was no obligation to file income tax returns in the past, it continued to maintain the status quo of not filing the income tax return for the year under consideration also. However, in response to notice issued under section 148A of the Act, the assessee had attained the knowledge of the amended provisions of the Act and had filed its return and ultimately the reassessment was als....