TaxTMI 
TaxTMI 
2026 (7) TMI 1015
X X X X Extracts X X X X
X X X X Extracts X X X X
....f the penalty order dated 29.09.2023 passed u/s. 271(1)(c) of the Income Tax Act, 1961 [hereinafter referred to as "the Act"] passed by the NaFPC [hereinafter referred to as the "AO"] for the Assessment Year 2015-16. 2. The assessee raised the following grounds of appeal in respect of penalty levied u/s. 271(1)(c) of the Act: "1. For that, the Order of the Commissioner of Income Tax (Appeals) is without jurisdiction, is contrary to the case's law, facts, and circumstances, and in any case, is opposed to the principles of equity, natural justice, and fair play. 2. For that, the Commissioner of Income Tax (Appeals) failed to appreciate that the Assessing Officer's order is without jurisdiction. 3. For tha....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he facts and circumstances of the case. 10. For that, the Commissioner of Income Tax (Appeals) has failed to appreciate that penalty proceedings are separate and independent from assessment proceedings. 11. For that without prejudice to the above, the Commissioner of Income Tax (Appeals) failed to appreciate that all the incomes were duly accounted, tax audit was completed and the tax also paid well before the issue of notice under section 147 of the Income Tax Act, 1961." 3. The brief facts of the case, as emanating from the records, are that the assessee is an individual who had not filed the return of income for the impugned assessment year within the prescribed time. Based on information available on the ITBA and In....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ment of income. 6. The AO observed that the assessee had not filed the return of income voluntarily within the prescribed time and had filed the return only after receipt of notice u/s. 148 of the Act. On this premise, the AO concluded that the assessee had deliberately concealed the particulars of income. Accordingly, the AO levied a penalty of Rs. 48,29,183/- u/s. 271(1)(c) of the Act vide order dated 29.09.2023 for concealment of income. 7. Aggrieved by the penalty order passed by the AO, the assessee preferred an appeal before the Ld.CIT(A). It is noted that there was a delay in filing the said appeal before the Ld.CIT(A). The Ld. CIT(A), vide the impugned appellate order dated 19.09.2025, dismissed the appeal of the assessee both....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t. It is an admitted fact that the AO has not made any addition or disallowance while completing the reassessment. Thus, the income declared by the assessee in the return filed in response to the notice u/s. 148 of the Act stands accepted in toto. 12. The penalty u/s. 271(1)(c) of the Act can be levied only when there is concealment of particulars of income or furnishing of inaccurate particulars of income. In the present case, when the AO himself has accepted the returned income without making any modification, the question of concealment of income or furnishing of inaccurate particulars does not arise. 13. The sole basis adopted by the AO for initiating penalty proceedings is that the assessee had not filed the return of income with....