2023 (5) TMI 1505

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....sessee by Shri Anuj Garg, Sr. DR ORDER PER SAKTIJIT DEY, JUDICIAL MEMBER: This is an appeal by the assessee against order dated 26.08.2022 passed by the National Faceless Appeal Centre (NFAC), Delhi confirming the penalty imposed under Section 270A of the Income-Tax Act,1961 for an amount of Rs.77,020 for the assessment year 2017-18. 2. Briefly, the facts are, assessee is a resident co....

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....a net disallowance of Rs.4,98,512. The assessee accepted the disallowance without litigating further. Be that as it may, based on the aforesaid disallowance, the Assessing Officer initiated proceedings for imposition of penalty under Section 270A of the Act, alleging under reporting of income by the assessee. Ultimately, the Assessing Officer passed an order imposed penalty of Rs.77.020 under Sect....

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.... be deleted. 5. Learned Departmental Representative strongly relied upon the observations of the Assessing Officer and learned Commissioner (Appeals). 6. We have considered rival submissions and perused the material on record. 7. Undisputedly, in the year under consideration, assessee has earned exempt income by way of dividend amounting to Rs.27,250. As per the ratio laid down in various....