The Hisar Leading Bank Co-op Non-Agri Thrift & Credit Society vs ITO, Ward 1, Hisar

Parties Involved

Facts Summary

These four appeals by the Assessee are arising out of the respective orders of the Ld. Ld. CIT(A)/NFAC, Delhi confirming the levy of penalty made by the AO u/s. 271(1)(c) amounting to Rs. 2,09,30,773/-; levy of penalty made u/s. 271F amounting to Rs. 20,000/-; levy of penalty made u/s. 271(1)(b) amounting to Rs. 20,000/- for the relevant assessment year 2016-17 and levy of penalty made u/s. 271AAC(1) amounting to Rs. 26,65,097/- for the assessment year 2017-18. The reassessment proceedings initiated for both the assessment years were quashed by the Delhi Bench of the Tribunal in ITA Nos. 5113 & 5114/Del/2025 (AYrs 2016-17 & 2017-18) vide common order dated 24.12.2025.…

Legal Issues

• 1. Levy of penalty under section 271(1)(c) amounting to Rs. 2,09,30,773/- for AY 2016-17
• 2. Levy of penalty under section 271F amounting to Rs. 20,000/- for AY 2016-17
• 3. Levy of penalty under section 271(1)(b) amounting to Rs. 20,000/- for AY 2016-17
• 4. Levy of penalty under section 271AAC(1) amounting to Rs. 26,65,097/- for AY 2017-18

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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