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TMI Blog2019 (1) TMI 292X X X X Extracts X X X X X X X X Extracts X X X X ..... of Reliance Petroproducts (P.) Ltd.[2010 (3) TMI 80 - SUPREME COURT] - decided in favour of assessee. - ITA No. 387/Pan./2018 - - - Dated:- 3-1-2019 - Shri Shamim Yahya, AM And Shri Ram Lal Negi, JM For the Appellant : Shri Pramod Vaidya For the Respondent : Shri Y. V. Raviraj ORDER PER SHAMIM YAHYA, A. M.: This appeal by the assessee is directed against the order of the learned Commissioner of Income Tax (Appeals) 2, Panjai pertaining to assessment year 2013-14, wherein penalty levied u/s. 271(1)(c) of the Income Tax Act, 1961 (the Act for short) amounting to ₹ 7,38,068/- has been confirmed. 2. The grounds of appeal read as under : 1. On the facts circumstances of the case and in law the learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment proceedings and levied the penalty vide order dated 21.04.2016. In the said order AO treated the concealed income as ₹ 23,88,568/- and levied 100% penalty on tax sought to be evaded amounting to ₹ 7,38,068/-. 4. Upon the assessee's appeal, the learned CIT-A confirmed the assessing officer's action. He distinguished the reliance placed by the assessee on Hon ble Apex Court decision in the case of Reliance Petroproducts (P.) Ltd. [2010] 322 ITR 158 (SC). 5. Against the above order, the assessee is in appeal before us. 6. We have heard both the counsel and perused the records. As regards the merits of the levy of penalty, we find that assessee has made the following explanation before the learned CIT-A in co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... invoke penalty on the same nor does it come within an ambit of the inaccurate tiling of details or concealment of the same as the same is already disclosed in his Return of income and there is neither concealment or inaccurate filing of the details on this item The copy of 26AS AND THE COMPUTATION OF INCOME IS ALSO ENCLOSED HEREWITH FOR YOUR KIND PERUSAL. THE COPY OF 26AS SHOWS INCOME FROM HOUSE PROPERTY AT ₹ 12,22,730.00 AND THE COMPUTATION OF INCOME SHOWS THE SAME AT 12,32,43700 3 In regards to the third point of addition to management fees we debited an amount of ₹ 1033333towards the management fees to Profit loss account In that Rs.Vvi333paymem made after deducting ids of ₹ 33333to Think Tank The balance amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apital introduction taken for paid rent to Adwalpalkar Construction and resorts Pvt ltd of R l263600 The rent paid to Adwalpalkar Construction and resorts Pvt ltd is disallowed in our Computation of income The same rent has already been booked in the Company and returned as the business income in ITR copy of the company The rent paid to the company was introduced by the proprietor in cash and is reflected in the capital account of the proprietor the same rent paid and debited to books of account was also disallowed in the Return of Income in the computation during the assessment proceedings The Ld AO has not only taxed the same item twice and further gone ahead in invoking the penalty proceedings on the same item which is not only bad in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dverse inference that the levy of penalty is automatic. This view is duly supported by the decision of Hon ble Apex Court in the case of Reliance Petroproducts (P.) Ltd. (supra). 8. Furthermore, we find that assessee has filed the ground that in the notice levying the penalty u/s. 271(1)(c), the specification of charge for levy of penalty has not been identified. In this regard, it has also been submitted that in the assessment order, the A.O. has stated that penalty is to be levied for furnishing of inaccurate particulars of income and concealment of income. However, in the penalty order, the A.O. has not at all specified any charge. He has merely stated that addition has been made in the assessment order and hence, penalty has been l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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