JACOB THOMAS,KOZHENCHERRY vs. ACIT, THIRUVALLA RANGE, THIRUVALLA
In the result, appeal filed by the assessee stands partly allowed
ITA 138/COCH/2024[AY 2020-2021]Status: DisposedITAT Cochin14 May 2025
Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm Assessment Year: 2020-21 Jacob Thomas .......... Appellant 1, Mulamoottil, Kozhencherry 689641 [Pan: Ackpt3269L] Vs. Acit, Ward-1 & Tps, Thiruvalla .......... Respondent Appellant By: Shri Rajakannan, Advocate Respondent By: Shri Sanjit Kumar Das, Cit-Dr Date Of Hearing: 20.03.2025 Date Of Pronouncement: 14.05.2025 O R D E R Per: Inturi Rama Rao, Am This Appeal Filed By The Assessee Is Directed Against The Order Of The National Faceless Appeal Centre, Delhi [Cit(A)], Dated 27.12.2023 For Assessment Year (Ay) 2020-21. 2. Brief Facts Of The Case Are That The Appellant Is An Individual Deriving Income Under The Head ‘Business’. The Return Of Income For Ay 2020-21 Was Filed On 31.12.2020 Declaring Nil. Against The Said Return Of Income, The Assessment Was Completed By The Acit, Ward -1, Thriuvalla (Hereinafter Called "The Ao") Vide Order Dated 28.09.2022 Passed U/S. 143(3) Of The Income Tax Act, 1961 (The 2 Jacob Thomas Act) At A Total Income Of Rs. 59,34,921/-. While Doing So, The Ao Made Disallowance Of Interest Expenditure Claimed Of Rs. 89,73,412/- U/S. 57 Of The Act. Accordingly, A Show Cause Notice Was Issued U/S. 274 R.W.S 270A Of The Act. The Appellant Had Failed O Respond To The Above Show Cause Notice. In The Circumstances The Ao Had Proceeded With Levy Penalty Of Rs. 57,24,630/- U/S. 270A By Holding That The Appellant Is Guilty Of Misreporting Income.
For Appellant: Shri Rajakannan, AdvocateFor Respondent: Shri Sanjit Kumar Das, CIT-DR
Section 143(3)Section 270ASection 274Section 275(1)Section 57
disallowing interest claimed u/s. 57 of the Act. We are told at the Bar that this Tribunal had allowed the quantum appeal vide order dated
27.03.2024 in ITA No. 137/Coch/2024. In this circumstance the penalty proceeding were remitted to the file of the AO to decide levy of penalty in terms of section 275
