Nitin Ramchandra Kalambe Vs. ITO, Ward-2(2)

Parties Involved

Facts Summary

The assessee, Nitin Ramchandra Kalambe, filed his return of income showing total income at Rs. 8,85,460/-. His case was selected for scrutiny under section 147 of the Income Tax Act, 1961, following a search and seizure operation involving a group of businessmen including Promoter Shri Girish Pawar and related entities. During the search, various incriminating materials were seized, revealing unaccounted transactions. The assessee had paid Rs. 1,03,70,000/- to G.N.P. Group for purchases of immovable property. The assessment under section 147 read with section 144B was completed with no variation in the income offered by the assessee. However, a penalty under section 272A(1)(d) was initiated for non-compliance with a notice under section 142(1). An order imposing a penalty of Rs. 10,000/- was passed on 03.08.2023. The assessee appealed against this penalty, but his appeal was dismissed by the Commissioner of Income Tax (Appeals) due to non-compliance with notices.…

Legal Issues

• 1. Whether the penalty imposed under section 272A(1)(d) for non-compliance with the notice under section 142(1) is justified.

Judgment Outcome

Decided in favour of Assessee.

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