9911796707
TMI Blog2018 (8) TMI 1491X X X X Extracts X X X X X X X X Extracts X X X X ..... l by the assessee pertaining to Assessment Year 2011-12 is directed against the order of ld. Commissioner of Income Tax (Appeals)-II, Indore dated 01.08.2017 which is arising out of the order u/s 18(1)(c) of the Income Tax Act framed by the ACWT-5(1), Indore. 2. The sole grievance of the assessee is against the order of Ld. CIT(A) confirming the penalty of Rs. 1,00,000/- levied by the Ld. Assessi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,000/- imposed u/s 18(1)(c) of the Act, the assessee preferred an appeal before the Ld.CIT(A) but could not succeed. Now the assessee is in appeal before this Tribunal. 5. The Ld. Counsel for the assessee submitted that the basis of levy of penalty imposed by the Ld.A.O as well as the reason given by the Ld.CIT(A) was that the assessee has filed the wealth tax return after the issuance of notice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0/- u/s 18(1)(c ) of the Act. We find that the assessee is a Doctor engaged in the business of diagnostic centre. During the course of completion of assessment proceedings u/s 143(3) of the Act for the A.Y. 2011-12 it was noticed by Ld. AO that the assessee owns moveable and immoveable assets as on 31.3.2011. The Ld.A.O accordingly issued notices u/s 17 of Wealth Tax Act on 28.3.2014 which was ser ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the penalty order as well as the findings of Ld.CIT(A) it is clearly evident that the basis for levying penalty was that the assessee filed the wealth tax return only after issuance of notice u/s 17(!A) of the Act but the records placed before us shows that the allegations made by both the lower authorities is not correct, as the assessee filed the return few days before the notice issued u/s 17)( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty. 11. We therefore in the given facts and circumstances of the case are of the considered view that both the lower authorities were not justified in confirming the penalty of Rs. 1,00,000/- u/s 18(1)(c ) of the Act and therefore we set aside the findings of both the lower authorities and allow the appeal of the assessee and delete the penalty of Rs. 1,00,000/- levied u/s 18(1)(c ) of the W ..... X X X X Extracts X X X X X X X X Extracts X X X X
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