IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘G’ BENCH, NEW DELHI BEFORE MS. MADHUMITA ROY, JUDICIAL MEMBER, AND SHRI NAVEEN CHANDRA, ACCOUNTANT MEMBER ITA No. 1610/DEL/2025 [A.Y. 2016-17]

Khaitan and Partners Vs. The A.CI.T.

W-13, Greater Kailash-2 Circle – 61(1)

New Delhi Delhi PAN – AAJFK 0419 Q (Applicant) (Respondent)

Assessee By : Shri Sanjay Jain, CA Shri Saurabh Jain, Adv Department By : Shri Manish Gupta, Sr. DR Date of Hearing : 06.08.2025 Date of Pronouncement : 19.08.2025

ORDER

PER NAVEEN CHANDRA, A.M:-

This appeal by the assessee is preferred against the order of NFAC, Delhi dated 10.02.2025 for A.Y 2016-17.

2. The sum and substance of the grievance of the assessee is that the penalty of Rs. 3,73,655/-levied u/s 271(1)(c) of the Income-tax Act, 1961 [hereinafter referred to as 'the Act'] is bad and imposed beyond the period prescribed u/s 275 of the Act.

3. Roots for levy of penalty lie in the assessment order dated

28.02.2015 framed u/s 143(3) of the Act.

4. Brief facts of the case are that the return of income was filed on 10.09.2016 declaring a loss of Rs 44,77,924/-. However, the Assessing Officer assessed the loss of the assessee at Rs. 23,41,600/- after making certain addit