TaxTMI 
TaxTMI 
2023 (12) TMI 1520
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....ng Financial Company (NBFC) incorporated on 04.09.1991. The Assessee Company has obtained fresh Certificate of Registration from RBI to carry on the business of Non-Banking Financial Institution without accepting deposits. For the impugned AY 2020-21, the Assessee filed its return of income electronically vide Ack. No. 257811551140221 on 14.02.2021 declaring total income of Rs. 100,72,27,4707/-. The case of the Assessee was selected for scrutiny under CASS and notice under section 143(2) of the Act was issued on 29.06.2021. Thereafter various notices under section 142(1) were issued. The Learned Assessing Officer during the course of assessment proceedings called for various information and in response to the same, the information or detail....
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....e Learned CIT(A) is not justified in upholding the order of the Assessing Officer in levying penalty of Rs. 14,56,646/- by failing to appreciate that the case of the Appellant does not fall within scope of section 270A of the IT Act. 12.2 Without prejudice to the above, the cit(a) failed to appreciate that the impugned penalty order is not sustainable as the Learned Assessing Officer initiated the penalty proceeding for under reporting of income whereas the penalty is levied by referring to section 270A (8) r.w.s. 270A(9)(e) which deal with misreporting. 12.3. Without prejudice to the above, the Learned CIT(A) is not justified in confirming penalty by falling to appreciate that the case of the Appellant is covered under se....
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....thdrawn this claim of Educational Cess at Rs. 93,37,476/-. Consequently, the ld. AO made the addition towards claim of Educational Cess. Against this, penalty has been levied by ld. AO. The same has been confirmed by NFAC. Against this assessee is in appeal before us 5. We have heard the rival submissions and perused the materials available on record. The claim of deduction towards Educational Cess has been withdrawn by the assessee vide its letter dated 22.2.2022. The relevant para of that letter is as follows: "The Company had claimed the amount at the time of filing of ROI on the contention that no reference to "cess" is made in section 40(a)(ii) of the Act, which provides that any 'rate or tax^1 levied on profits or gain....
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....Sewa Trust is not justified in ignoring the supporting documents furnished during the proceedings with respect to the claim of donation of Rs. 15,78,912/- to Chanakya Bharathi and therefore, there was no case of disallowance let alone under-reporting or misreporting. 13.3. Without prejudice to the above, the Learned CIT(A) has failed to appreciate the case of denial of deduction claimed under section 80G does not fall within the scope of section 270A (8) r.w.s. 270A(9)(e) of the IT Act. 6.1 The assessee has claimed that it has given donation to following parties: a) Chanakya Bharathi Rs.44,35,312/- b) K.V.N. Foundation Rs. 7,00,000/- c) Sampark Seva Trust Rs. 11,865/- 6.2 Before ld. AO, ....
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....ith Notifications issued thereunder and Standard Operating Procedure (SOP) for penalties under Faceless Penalty Scheme and such penalty order is bad in law. 4. The penalty proceeding being concluded after the assessment proceeding is without jurisdiction and contrary to section 270A(1). 5. Without prejudice to the above, the Penalty order is bad in law being passed without affording the VC hearing to the Appellant by the lower authorities. 6. The Learned CIT(A) has erred in stating that it is not possible to grant physical hearing in all cases, by ignoring that in the replies filed on 21.10.2022 and 22.11.2022 the Appellant had sought for opportunity of being heard in pursuance to Faceless Penalty scheme and not p....