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

ITA 547/JPR/2024Status: DisposedITAT Jaipur22 July 2024AY 2016-1743 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the assessee's claim of deductions for five consecutive years, despite not being eligible, indicated a willful attempt to evade tax. However, the AO levied penalty at 200% without specific reasons, so the Tribunal directed recalculation at 100%.

What were the facts?

The assessee filed an invalid return claiming various deductions. Upon initiation of reassessment proceedings, the assessee revised the return, withdrawing some deductions and declaring additional income. The Assessing Officer (AO) initiated penalty proceedings for furnishing inaccurate particulars and concealing income.

What were the issues?

Whether the assessee's claim of ineligible deductions for multiple years constitutes furnishing inaccurate particulars or concealment of income warranting penalty, and the appropriate quantum of penalty.

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 A

The order continues below.

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