2026 (8) TMI 1022

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....vocate (Virtual) For the Revenue : Ms. Nidhi Nair, Addl. CIT-DR (Physical) ORDER PER: SHRI SAKTIJIT DEY, V.P.: This is an appeal by the assessee against order dated 14.05.2024 of Ld. Commissioner of Income Tax (Appeals), Jaipur confirming penalty imposed u/s 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2015-16. 2. Briefly the facts are the assessee is a resident ind....

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....dingly, he initiated proceedings for imposition of penalty u/s 271(1)(c) of the Act alleging furnishing of inaccurate particulars of income. Ultimately, an order was passed imposing penalty of Rs. 71,240/- by adopting the tax computed applying the enhanced rate u/s 115BBE of the Act. The penalty so imposed was confirmed by Ld. First Appellate Authority. 3. Before us Ld. Counsel appearing for th....

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....terials on record. Undisputedly, in course of survey operation u/s 133A of the Act, the assessee offered additional income of Rs. 15,00,000/- which formed part of the return of income filed by the assessee. It is a fact that the Assessing Officer has not made any variation to the income declared in the return of income. Therefore, there cannot be any concealment or furnishing of inaccurate particu....