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TMI Blog2019 (3) TMI 479X X X X Extracts X X X X X X X X Extracts X X X X ..... ighed his mind while imposing penalty. This indicates the non-application of mind on the part of the AO and the same would vitiate penalty proceedings in both the years. Accordingly, we set aside the orders passed by the Ld. CIT(A) in both the years under consideration and quash the penalty orders passed by the AO in both the years. - Decided in favour of assessee. - 6067/Mum/17, 6068/Mum/17 - - - Dated:- 6-3-2019 - Shri B.R. Baskaran, Accountant Member And Shri Ravish Sood, Judicial Member For the Appellant : Shri Ashok J. Patil For the Respondent : Shri D.G. Pansari, Sr.AR-CIT ORDER PER B.R. BASKARAN, ACCOUNTANT MEMBER: The assessee has filed these appeals, challenging the orders passed by the Ld. Commissio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the AY. 2012-13. In the penalty order, the AO has made the following observations, while levying the penalty: 7.i. In view of the above and after considering all the facts and circumstances of the case, we are of the opinion that the assessee has concealed the particulars of its income for the year under consideration within the meaning of section 271(1)(c), read with Explanation 1 thereto, of the Income-tax Act, 1961 and also furnished inaccurate particulars of income within the meaning of the said section, and thereby, rendering himself liable for penalty under section 271(1)(c) of the Income-tax Act. Therefore, I am satisfied that this is a fit case for imposition of penalty u/s. 271(1)(c) of the I.T.Act, 1961. 3.1. Ld. CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dings will not warrant/permit penalty being imposed for other limb. The Hon'ble Bombay High Court has held that the AO should be clear as to which of the two limbs under which penalty is imposable has been contravened or indicate that both have been contravened while initiating penalty proceedings. It cannot be that the initiation would be under one limb, while imposition of penalty on the other limb. 5.1. In the instant case, as noticed earlier, the AO has initiated penalty proceedings for furnishing of inaccurate particulars of income. However, while imposing penalty, AO has held that the assessee has concealed particulars of income and also furnished inaccurate particulars of income. Even though the AO has mentioned both the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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