2025 (3) TMI 2032

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....Assessee : Shri Nitesh Joshi, Ld. A.R. For the Revenue : Shri R.R. Makwana, Ld. Sr. D.R. ORDER PER BENCH : All these appeals are directed against the orders dated 18-12-2024, 20-12-2024, 27-12-2024 and 01-01-2025 {related to the assessment years 2012-13 to 2017-18} passed by the Commissioner of Income-tax (Appeals) {in short Ld. Commissioner} confirming the penalty levied by the Assess....

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....nts audited u/s 44AB of the Act and should have filed audit report. Since the Assessee did not file the audit report, the AO initiated penalty proceedings u/s 271B of the Act for all the years under consideration and levied penalty of Rs. 1,50,000/- for each of the year and on appeal the Ld. CIT(A) confirmed the same. 3. Ld. Counsel Mr. Joshi, further submitted that the Assessee had challenged ....

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....elow. 5. We have heard the rival contentions and perused the records. We notice that the AO has initiated penalty proceedings u/s 271B of the Act in the course of reassessment proceedings initiated u/s 147 of the Act on the ground that the Assessee has not accumulated funds as per section 11(2) of the Act and hence there is escapement of income. In that process, the AO denied the exemption clai....