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TMI Blog2018 (12) TMI 184X X X X Extracts X X X X X X X X Extracts X X X X ..... order levying penalty under section 271(1)(c) of the Act on both the limbs of section 271(1)(c) of the Act do not stand and the same is held to be invalid and accordingly, penalty levied under section 271(1)(c) of the Act is deleted. Upholding the order of CIT(A), we dismiss the grounds of appeal raised by Revenue. - ITA No.1302/PUN/2016 - - - Dated:- 16-10-2018 - Ms. Sushma Chowla, JM And Shri Anil Chaturvedi, AM For the Appellant : Shri Rajesh Gawli For the Respondent : None ORDER PER SUSHMA CHOWLA, JM: The appeal filed by Revenue is against order of CIT(A)-1, Pune, dated 17.03.2016 relating to assessment year 2012-13 against penalty levied under section 271(1)(c) of the Income-tax Act, 1961 (in short the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reafter, survey under section 133A of the Act was conducted in the business premises of assessee. The Assessing Officer during the course of assessment proceedings after noting the details of purchases made from Aquatech Solutions Pvt. Ltd., expenditure for construction of laboratory held as capital expenditure and after allowing 10% depreciation at ₹ 13 lakhs, balance amount of ₹ 1,17,00,000/- was capitalized and disallowed as revenue expenditure under section 37 of the Act. The Assessing Officer further held that the assessee has concealed particulars of its income and furnished inaccurate particulars of income, penalty proceedings under section 271(1)(c) of the Act are being initiated separately. In the penalty order passed u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to initiation of penalty proceedings on one limb of section 271(1)(c) of the Act and levy on another limb and observed that show cause notice needs to be given to the assessee as to which limb of section has not been fulfilled by it and which makes the assessee liable for penalty for concealment and then can levy penalty on the said limb. 9. Now, coming to the facts of the present case, the Assessing Officer while making addition in assessment order had initiated penalty for furnishing inaccurate particulars of income and the said satisfaction so recorded is thus within framework of law. Now, coming to penalty order passed by the Assessing Officer. The perusal of para 8.3 of penalty order, the Assessing Officer holds the assessee to have ..... X X X X Extracts X X X X X X X X Extracts X X X X
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