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TMI Blog2015 (10) TMI 1507X X X X Extracts X X X X X X X X Extracts X X X X ..... ion and satisfaction so recorded should be independent and not borrowed or dictated satisfaction. Considering the facts of the case, in the light of the provisions of Sec. 274 of the Act, we have no hesitation to hold that the AO has levied penalty incontravention to the provisions of Sec. 274 of the Act and, therefore, the order of the First Appellate authority is liable to be set aside. We direct the AO to delete the penalty so levied. - Decided in favour of assessee. - ITA No. 6606/Mum2011 - - - Dated:- 20-5-2015 - Joginder Singh, JM And N. K. Billaiya, AM,JJ. For the Appellant : Shri Vimal Punmiya For the Respondent : Shri Neil Philip ORDER Per N K Billaiya, AM. This is an appeal by the assessee directed against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ahd/2011. The Ld. Counsel further stated that the penalty is bad in law as it is in contravention to the provisions of Sec. 274 of the Act. 6. Per contra, the Ld. Departmental Representative supported the orders of the authorities below. 7. We have given a thoughtful consideration to the orders of the authorities below and the judicial decisions relied upon by the Ld. Counsel. The undisputed fact is that the Enforcement Directorate took action against the assessee on 29.12.2012 taking away all the papers, books and vouchers etc. It is also a fact that Director of the Company was arrested. The issue before us is can this be considered a reasonable and sufficient cause for not getting the books of account audited. We are in assessment y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o order imposing a penalty under this Chapter shall be made unless the assessee has been heard, or has been given a reasonable opportunity of being heard. (2) No order imposing a penalty under this Chapter shall be made - (a) by the Income-tax Officer, where the penalty exceeds ten thousand rupees ; (b) by the Assistant Commissioner or Deputy Commissioner, where the penalty exceeds twenty thousand rupees, except with the prior approval of the Joint Commissioner. (3) An income-tax authority on making an order under this Chapter imposing a penalty, unless he is himself the Assessing Officer, shall forthwith send a copy of such order to the Assessing Officer. 8.1. A perusal of the above Section clearly shows that the AO had ..... X X X X Extracts X X X X X X X X Extracts X X X X
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