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TMI Blog2016 (9) TMI 1266X X X X Extracts X X X X X X X X Extracts X X X X ..... b? - Held that:- We notice that an identical issue was considered by the co-ordinate bench in the case of Dharni Developers (2015 (9) TMI 57 - ITAT MUMBAI ), wherein the contention of the assessee was accepted wherein held penalty proceedings initiated on the ground of "furnishing inaccurate particulars of income", imposition of penalty on the ground of "concealment of income" was not justified. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f income or furnishing of inaccurate particulars of income. He further submitted that the assessing officer is entitled to levy penalty under the limb under which the proceedings were initiated. Inviting our attention to the assessment order, the Ld A.R submitted that the assessing officer has initiated penalty proceedings u/s 271(1)(c) of the Act "for furnishing inaccurate particulars of income". ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have heard the rival contentions and perused the record. Even though above said legal issue was not urged before the lower authorities, since the same is a pure legal issue and all the facts & materials relating thereto are available on record, the same can be adjudicated by us as per the decision rendered by Hon'ble Supreme Court in the case of National Thermal Power Corporation(229 ITR 383). The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n view of the above, we are of the view that there is merit in the contentions of the assessee on the legal issue urged by him. Accordingly, consistent with the view taken in the above said cases, we hold that the impugned penalty is not sustainable. Since we have quashed the penalty order on legal ground, there is no requirement to adjudicate the grounds urged on merits. Accordingly we set aside ..... X X X X Extracts X X X X X X X X Extracts X X X X
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