2025 (8) TMI 1855

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....tment : Shri Manish Gupta, Sr. DR ORDER PER NAVEEN CHANDRA, A.M:- This appeal by the assessee is preferred against the order of NFAC, Delhi dated 28.02.2025 for A.Y 2008-09. 2. The sum and substance of the grievance of the assessee is that the penalty order u/s 271(1)(c) of the Income-tax Act, 1961 [hereinafter referred to as 'the Act'] imposing penalty of Rs. 3,32,17,106 is il....

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....y the ITAT, the CIT(A), in the 2nd round upheld the penalty order. The aggrieved assessee is before us. 6. Before us, the ld. counsel for the assessee vehemently argued that the notice u/s 271(1)(c) dated 23.12.2010 has not specified the limb of section 271(1)(c) under which the AO proposed to levy the penalty and produced the copy of notice. Per contra, the ld DR submitted that no prejudice is....

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.... penalty proceedings u/s 271(1)(c) of the Act, it is incumbent upon the Assessing Officer to demonstrate under which limb he is proposing to levy penalty. 9. On identical circumstances, the Hon'ble High Court of Delhi in the case of Sahara India Life Insurance Company Ltd ITA No. 475 of 2019 order dated 02.08.2019 has held as under: "21. The Respondent had challenged the upholding ....

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....notice is read with the decision of the Hon'ble High Court of Delhi [supra], in our considered opinion, the penalty will not survive. It would not be out of place to refer to the decision of the Hon'ble High Court of Delhi in the case of Virgo Marketing Pvt Ltd [2008] 171 Taxmann 156 [Delhi] wherein the Hon'ble High Court held as under: "We are unable to discern from a reading....