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TMI Blog2017 (12) TMI 745X X X X Extracts X X X X X X X X Extracts X X X X ..... ri P. R. Mohanty, AR Revenue by : Shri S. K. Bandyopadhyay, DR ORDER Per Shri N. S. Saini, AM This is an appeal filed by the assessee against the order of the CIT(A)-1, Bhubaneswar dated 30.04.2016 for the assessment year 2011-12. 2. The sole ground of appeal taken by the assessee that the CIT(A) was not justified in confirming the levy of penalty of ₹ 1,33,515/- u/s.271(1)(c) of the Act 3. At the outset, ld Authorised Representative of the assessee submitted that in the order passed u/s.271(1)(c) of the Act dated 28.08.2014, the AO has observed as under :- Therefore, it is inferred that the assessee has furnished inaccurate particulars/concealed income worth ₹ 4,32,085/- which remain unexplained and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8.2014 levied penalty of Rs. ₹ 1,33,515/-. 8. Hon'ble Apex Court vide judgment in case of M/s. SSA's Emerald Meadows, (2016) 73 taxmann.com 248(SC) dismissed the Special Leave Petition filed by the Revenue against the judgment rendered by Hon'ble High Court of Karnataka whereby identical issue was decided in favour of the assessee. Operative part of the judgment in case of M/s. SSA's Emerald Meadows (supra) decided by Hon'ble High Court of Karnataka is reproduced below :- 2. This appeal has been filed raising the following substantial questions of law: (1) Whether, omission if assessing officer to explicitly mention that penalty proceedings are being initiated for furnishing of inaccurate particulars ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Division Bench of this Court rendered In the case of COMMISSIONER or INCOME TAX -VS- MANJUNATHA COTTON AND GINNING FACTORY (2013) 359 ITR 565. 4. In our view, since the matter is covered by judgment of the Division Bench of this Court, we are of the opinion, no substantial question of law arises in this appeal for determination by this Court, the appeal is accordingly dismissed. 9. The penalty provisions of section 271(1)(c) of the Act are attracted where the assessee has concealed the particulars of income or furnished inaccurate particulars of such income. It is also a well-accepted proposition that the aforesaid two limbs of section 271(1)(c) of the Act carry different meanings. Therefore, it was imperative for the As ..... X X X X Extracts X X X X X X X X Extracts X X X X
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