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TMI Blog2019 (2) TMI 902X X X X Extracts X X X X X X X X Extracts X X X X ..... ould be levied against assessee. We accordingly set aside the order of the authorities below and cancel the penalty. - Decided in favour of assessee. - ITA Nos. 1348 And 1349/Del/2016 - - - Dated:- 14-2-2019 - SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER For The Appellant : Shri Vikas Sharma For The Respondent : Shri N.K. Bansal, Sr.DR ORDER PER O.P. KANT, A.M.: These two appeals filed by the assessee are directed against combined order dated 01/01/2016 passed by the Ld. Commissioner of Income-tax (Appeals)-35, New Delhi [in short the Ld. CIT(A) ] for assessment years 2005-06 and 2006-07 respectively; in relation to penalty levied by the Assessing Officer in terms of sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llant Craves leave to add, amend, alter vary and/or withdraw any or all the above grounds of appeal. 3. Briefly stated facts of the case are that during search proceeding under section 132 of the Act in the case of M/s Saajan Kumar Suman Kumar Textiles Private Limited, Varanasi (Uttar Pradesh), it was found on the basis of the documents seized that sales have been made in cash exceeding ₹ 20,000/-to various concerns/parties. One of the such party, who made purchases in cash exceeding ₹ 20,000/-totaling ₹ 35,25,000/-, was the proprietary concern of the assessee namely M/s Maya Saree Centre. The above information was forwarded to the Assessing Officer of the assessee, who reopened the assessment and made additions un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... heard the rival submission and perused the relevant material on record. We are of the view that penalty cannot be levied in the matter. The Hon ble Karnataka High Court in the case of Manjunatha Cotton and Ginning Factory (supra) has held that penalty cannot be imposed without specifying the charges on which penalty is levied. Further, Hon ble Karnataka High Court in the case of CIT vs. SSA Emerald Meadows, 73 taxmann. Com 241 confirmed the order of the Tribunal, in which the Tribunal has allowed the appeal filed by the assessee holding that notice issued by the Assessing Officer under section 274 read with section 271(1)(c) of the Act to be bad in law as it did not specify the limb of the section 271(1)(c) of the Act, under which the penal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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