AJOY SHARMA ,JAIPUR vs. DCIT CENTRAL CIRCLE-1, JAIPUR, JAIPUR

ITA 543/JPR/2024Status: DisposedITAT Jaipur22 July 2024AY 2012-1343 pages
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What did the Tribunal hold?

The Tribunal held that the assessee's claim of deductions for five consecutive years, which were later withdrawn, indicated a willful attempt to evade tax rather than a bonafide mistake. However, the AO had levied penalty at 200% without providing specific reasons, leading the Tribunal to direct recalculation of the penalty at 100%.

What were the facts?

The assessee filed an invalid return after the due date, claiming various deductions and losses. Later, during reassessment proceedings initiated due to information about erroneous deductions, the assessee revised the return, withdrawing some deductions and disclosing previously omitted income. The Assessing Officer (AO) initiated penalty proceedings under Section 271(1)(c) for furnishing inaccurate particulars and concealing income.

What were the issues?

Whether the penalty under Section 271(1)(c) is leviable for claiming erroneous deductions and concealing income, and if the penalty rate of 200% was justified without specific reasoning.

Which sections of the Income-tax Act were involved?

Section 271(1)(c),Section 139(4),Section 147,Section 148,Section 274

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JAIPUR BENCHES,”SMC” JAIPUR

Before: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI,

For Appellant: Adv. &, Adv. राजस्व की ओर से /
For Respondent: Smt. Monisha Choudhary, Addl. CIT
Hearing: 04/07/2024Pronounced: 22/07/2024

PER: RATHOD KAMLESH JAYANTBHAI, AM These bunch of five appeals filed by assessee are arising out of the order of the National Faceless Appeal Centre, Delhi dated 26/02/2024 [here in after ‘NFAC') ] for assessment years 2012-13 to 2016-17 which in turn arise from the order dated 12.12.2018 passed under section 271(1)(c) of the Income Tax Act [ here in after as Act ], by DCIT/ACIT, Circle-01, BTD.

2.

ITA Nos. 543 to 547/JP/

The order continues below.

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