DEPUTY COMMISSIONER OF INCOME TAX, NASHIK vs. CHAKRADHAR CONTRACTORS AND ENGINEERS PRIVATE LIMITED, JALGAON

ITA 1939/PUN/2024Status: DisposedITAT Pune26 December 2024AY 2020-21Bench: SHRI RAMA KANTA PANDA (Vice President), SHRI VINAY BHAMORE (Judicial Member)33 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the penalty under Section 270A was not leviable because the AO failed to specify the exact limb of Section 270A under which the penalty was being levied, both in the assessment order and the notice. Additionally, the Tribunal noted that penalty is generally not leviable when income is estimated.

What were the facts?

The assessee's income was estimated by the Assessing Officer (AO) due to a significant increase in turnover and potential discrepancies. The AO initiated penalty proceedings under Section 270A for under-reporting and misreporting of income.

What were the issues?

Whether penalty under Section 270A is valid when the AO fails to specify the exact clause of under-reporting or misreporting, and whether penalty is leviable when income is estimated.

Which sections of the Income-tax Act were involved?

Section 270A,Section 143(1)(a),Section 142(1),Section 131,Section 145(3),Section 274

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Cases cited in this judgment(9)Show list

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Income Tax Appellate Tribunal, PUNE “A” BENCH : PUNE

Before: SHRI RAMA KANTA PANDA & SHRI VINAY BHAMORE

Hearing: 23.12.2024Pronounced: 26.12.2024

PER RAMA KANTA PANDA, V.P. :

The above two appeals filed by the Revenue are directed against the common order dated 29.07.2024 of the learned CIT(A), Pune-12, relating to assessment years 2020-

2021 & 2021-2022 respectively. Since identical grounds have been raised by the Revenue in both these appeals, therefore,

these appeals were heard together and are being disposed of by this common order.

2 ITA.Nos.1939 & 1940/PUN./2024

ITA.No.1939/PUN./2024 :

2.

Facts of the case, in brief, are that the a

The order continues below.

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