2026 (8) TMI 1355

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.... : Shri Deepak Chaudhary, JCIT ORDER PER SANJAY AWASTHI, ACCOUNTANT MEMBER: 1. This appeal arises from order dated 27.02.2026, u/s. 250 of the Income Tax Act, 1961 (hereafter as "the Act"), by NFAC. 1.1 In this case, it is seen from the records that for the year under consideration the assessee had changed jobs during this year. Thereafter, the assessee was under the belief that since ....

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....er book and stated that the assessee was under a genuineness impression that he was not required to file the return of income since the entire quantum of taxes due had been recovered through TDS. The Ld. AR also drew our attention to the fact that the penalty had been unduly levied at @200% without specifying the reason for enhancing it from the minimum of 100%. It was the submission that the Ld. ....

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....eturn of income. 3. We have carefully considered the rival submissions and have gone through the records before us. We find that while the Ld. AO has been unduly harsh in levying the penalty at @200% without assigning any specific reason for levying the said penalty beyond the minimum of 100% prescribed. We also find that the Ld. CIT(A) has not considered the case of the assessee for the purpos....

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.... (a) the amount of income in respect of which the assessee offers an explanation and the Assessing Officer or [the Joint Commissioner (Appeals) or] the Commissioner (Appeals) or the Commissioner or the Principal Commissioner, as the case may be, is satisfied that the explanation is bona fide and the assessee has disclosed all the material facts to substantiate the explanation offered; (b)....