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TMI Blog2013 (1) TMI 897X X X X Extracts X X X X X X X X Extracts X X X X ..... at (Judicial Member) This is an appeal filed by the Assessee arising from the order of ld.CIT(A)-XXI, Ahmedabad dated 23/10/2012 passed for A.Y. 2008-09 against the confirmation of penalty levied u/s.271(1)(c) of the IT Act of Rs. 1,63,093/-. 2. Facts in brief as emerged from the corresponding penalty order passed u/s.271(1)(c) of the IT Act dated 28/04/2011 and the assessment order made u/s.143 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO has levied a penalty of Rs. 1,63,093/-. When the matter was carried before the First Appellate Authority, the ld.CIT(A) has held that the appellant had furnished inaccurate particulars of income, therefore the AO had correctly imposed the penalty, relevant portion is reproduced below:- "4.1.3. I have carefully gone through the penalty order u/s.271(1)(c) of the I.T.Act passed by the AO and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eductions. Considerign the facts and circumstances of the case and the discussion as above, I am of the view that the AO has correctly imposed the penalty of Rs. 1,63,093/- u/s.271(1)(c) of the I.T.Act. The same is accordingly confirmed." 3. On the date of hearing from the side of the assessee, ld.AR Ms.Arti N.Shah appeared and from the side of the Revenue ld.Sr.DR Mr.T.Shankar appeared who has p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x International Ltd. [43 DTR (Del) 19] (iii) Pfizer Pharmaceuticals Ltd. Vs. DCIT [49 DTR (Mum)(Tri) 16] 4. Having heard the submissions of both the sides and on due consideration of the facts of the case, we are of the considered opinion that the transaction in respect of the share trading was duly disclosed at the time of filing of the return. Some of the income was shown as longtern capital g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the addition was made merely because of change in the head of income. On this issue, there are several decisions in favour of the assessee, as cited supra, wherein it was held that in the absence of any inaccuracy in the particulars of income or concealment of facts the penalty must not be levied. Respectfully following these decisions, we hereby reverse the findings of the authorities below and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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