2025 (3) TMI 1965

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....er of assessment passed u/s 143(3) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") dated 02.12.2019 and penalty order passed u/s 270A of the Act dated 04.12.2021 by the National Faceless Assessment Centre, Delhi Assessing Officer, DCIT, Circle-16 (2), New Delhi (hereinafter referred to as "ld. AO"). 2. Though the assessee has raised several grounds, the only effective issue to be decided in this appeal is as to whether the ld CIT(A) was justified in confirming the levy of penalty u/s 270A of the Act in the facts and circumstances of the instant case. 3. We have heard the rival submissions and perused the material available on record. The assessee furnished the return of income for AY 2017-18 on 27.07.2017 declaring ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....said show cause notice, the ld AO did not specify under which limb or which of Section 270A(9) of the Act, the case of the assessee falls. The assessee gave a detailed reply to the show cause notice and ultimately penalty stood levied u/s 270A(9) of the Act @200% in the sum of Rs. 86,64,868/- with regard to excess claim of indexed cost of acquisition . This action of the ld AO was upheld by the ld CIT(A). 4. At the outset, the assessee had made complete disclosure of the entire share of transfer of property in the computation of income itself. Even in the ITR at page 134 of the Paper Book, the assessee had claimed ownership only for basement, 1st and 2nd floor. This goes to prove that the assessee had disclosed clearly his share alone in....