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TMI Blog2019 (1) TMI 288X X X X Extracts X X X X X X X X Extracts X X X X ..... secondly, the appropriate limb for which the penalty was being initiated was not marked / ticked. Penalty order reveal that the penalty has finally been levied by invoking explanation-1 to Section 271(1)(c) since the assessee has concealed the income by furnishing inaccurate particulars of income. An important observation is the fact that the two limbs viz. concealment of income and furnishing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esaid appeal by assessee for Assessment Year [AY] 2012-13 contest the order of Ld. Commissioner of Income Tax (Appeals)-37, Mumbai [CIT(A)], Appeal No. CIT(A)-37/IT-599/ACIT-25(1)/15-16 dated 29/12/2016 qua confirmation of penalty u/s 271(1)(c) for ₹ 1,86,731/-. 2. Facts leading to the levy of penalty are that the assessee being resident firm was assessed for impugned AY in scrutiny ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thorized Representative for Assessee [AR], the stated addition has been accepted by the assessee keeping in view the smallness of the amount and no further appeal has been filed against the same. 3. Consequently, penalty proceedings u/s 271(1)(c) against the stated quantum addition was initiated and the assessee was saddled with impugned penalty of ₹ 1.86 Lacs vide order dated 28/09/2015. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly concealed particulars of income but also filed inaccurate particulars thereof. The perusal of notice u/s 274 read with Section 271 dated 20/03/2015, as placed on record, reveal that the appropriate clause as applicable to the fact of the case was not marked and secondly, the appropriate limb for which the penalty was being initiated was not marked / ticked. The perusal of penalty order reveal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l to the penalty proceedings. Upon careful consideration of the three events viz. initiation of penalty in the quantum order, show-cause notice to levy the penalty and final levy of penalty, we find that the Ld. AO has failed to record proper satisfaction with regard to the exact nature of offence committed by the assessee in terms of Section 271(1)(c). Therefore, the impugned penalty could not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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