2019 (1) TMI 1000

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..... ment of income which was not the charge while initiating the penalty proceedings u/s 271(1)(c) of the Act. Therefore, the impugned penalty levied by the AO and sustained by the ld. CIT(A) was not justified. Accordingly, the same is deleted. - decided in favour of assessee. - ITA No.554/Asr./2018 - - - Dated:- 17-1-2019 - Sh. N. K. Saini, Hon ble Vice President For the Assessee : Sh. Ashray .....

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..... e and levied the penalty of ₹ 6,93,499/-. 4. Being aggrieved the assessee carried the matter to the ld. CIT(A) who sustained the penalty levied by the AO. 5. Now the assessee is in appeal. The ld. Counsel for the assessee submitted that the AO initiated the penalty proceedings for furnishing of inaccurate particulars of income, a reference was made to page no. 14 of the assessment orde .....

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..... he material available on the record. In the present case, it is an admitted fact that the AO initiated the penalty proceedings u/s 271(1)(c) of the Act for furnishing of inaccurate particulars of income but the penalty has been levied for concealment of income which was not the charge while initiating the penalty proceedings u/s 271(1)(c) of the Act. Therefore, the impugned penalty levied by the A .....

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