UNNI KRISHNAN VADAKKEDATH SUGATHAN,MUMBAI vs. INCOME TAX OFFICER 4 (3)(1), BANDRA

ITA 3604/MUM/2024Status: DisposedITAT Mumbai28 February 2025AY 2013-14Bench: SHRI NARENDER KUMAR CHOUDHRY (Judicial Member), SHRI OMKARESHWAR CHIDARA (Accountant Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that there was a mismatch in the limbs of Section 271(1)(c) of the Act concerning the initiation of penalty proceedings and the penalty order. The AO did not come to a clear finding on whether there was concealment of income or furnishing of inaccurate particulars.

What were the facts?

The Assessee claimed a relief under Section 90 of the Income Tax Act for ESOPs, which was disallowed by the Assessing Officer (AO) during assessment proceedings. Subsequently, the AO initiated penalty proceedings for furnishing inaccurate particulars of income.

What were the issues?

Whether the penalty levied under Section 271(1)(c) of the Act is sustainable when there is a mismatch in the stated grounds for penalty initiation and imposition.

Which sections of the Income-tax Act were involved?

Section 90,Section 17,Section 271(1)(c),Section 274,Section 250,Section 143(3),Section 90A

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Income Tax Appellate Tribunal, MUMBAI “I” BENCH, MUMBAI

Before: SHRI NARENDER KUMAR CHOUDHRY, JM & SHRI OMKARESHWAR CHIDARA, AM

For Respondent: Shri Krishna Kumar (Sr. DR)
Hearing: 05/12/2024Pronounced: 28/02/2025

PER NARENDER KUMAR CHOUDHRY:

This appeal has been preferred by the Assessee against the order impugned herein, passed by the National Faceless dated 17.05.2024 Appeal Center (NFAC)/ Ld. Commissioner of Income Tax (Appeals) (in short Ld. Commissioner) under section 250 of the Income Tax Act, 1961 (in short 'the Act') for the A.Y. 2013-14. 2 Mr. Unni Krishnan Vadakkedath Sugathan

2.

In the instant case, the Assessee by filing its return of

The order continues below.

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