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TMI Blog2019 (2) TMI 1578X X X X Extracts X X X X X X X X Extracts X X X X ..... ecording of proper satisfaction by the Assessing Officer while initiating penalty proceedings u/s 271(1)(c) of the Act, wherein penalty was initiated for both the limbs i.e. concealment of income and furnishing of inaccurate particulars of income and thereafter also while levying penalty for concealing the income and furnishing inaccurate particulars of income; we find that in the absence of prope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Respondent : Shri Ashok Babu ORDER PER SUSHMA CHOWLA, JM: This bunch of three appeals filed by assessee are against separate orders of CIT(A)-7, Pune, all dated 01.04.2016 relating to assessment years 2007-08 to 2009-10 against penalty levied under section 271(1)(c) of the Income-tax Act, 1961 (in short the Act ). 2. The learned Authorized Representative for the assessee d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said levy of penalty for concealment, we refer to the satisfaction recorded by the Assessing Officer while initiating penalty proceedings. The Assessing Officer vide para 5.8 had held that Since the assessee has concealed its income by filing inaccurate returns in respect of purchases, penalty proceedings under section 271(1)(c) of the Income tax Act are initiated separately. While levying penalty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lfillment of either of the limbs of section, there is no merit in levy of aforesaid penalty under section 271(1)(c) of the Act. 6. We find support from the ratio laid down by the Hon ble Bombay High Court in CIT Vs. Shri Samson Perinchery (2017) 392 ITR 4 (Bom), wherein it was held that where there is no proper satisfaction for initiating penalty proceedings and in the absence of proper show ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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