2025 (3) TMI 1816

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....ax Act, 1961 ("the Act"), which appeal before learned CIT(A), National Faceless Appeal Centre (NFAC), Delhi had arisen from the penalty order dated 23.02.2022 passed by the Assessing Officer, NFAC u/s 271(1)(c) of the Act(DIN & Order No. ITBA/PNL/F/271(1)(C)/2021- 21/1040046766(1)). 2. The assessee has filed early hearing petition before the Tribunal stating that the instant appeal has arisen from the appellate order dated 29.01.2025 passed by learned CIT(A), which in turn had arisen from the penalty order dated 23.02.2022 passed by the Assessing Officer u/s 271(1)(c) of the Act wherein the ld. AO has imposed penalty of Rs. 46,63,030/- against the assessee which has been later sustained by the learned CIT(A) NFAC. It is the say of the ld....

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....ained. It was submitted that the quantum assessment having been quashed by the Tribunal, the penalty levied by the AO could not be sustained. 2.2 This appeal is now taken up for final hearing before the Bench, with the consent of both the parties. 3. The learned Sr. DR could not controvert the factual position. 4. We have considered rival contentions and perused the material on record. We have observed that the assessment order has been framed by the AO u/s 143(3) vide order dated 28.12.2016, wherein the AO made additions to the income of the assessee, firstly towards unexplained cash credits u/s 68 r.w.s. 115BBE to the tune of Rs. 1,31,00,220/- and secondly towards commission paid u/s 69C read with section 115BBE to the tune of Rs....