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TMI Blog2019 (4) TMI 567X X X X Extracts X X X X X X X X Extracts X X X X ..... no such satisfaction as contemplated u/s.271(1)(c) have been recorded by the AO while completing the assessment that in which limbs, the issue is following. AO has simply mentioned that “penalty proceedings u/s.271(1)(c) are initiated separately”. See case of V.V.Projects and Investments Pvt Ltd. [2007 (12) TMI 97 - ANDHRA PRADESH HIGH COURT]. - Decided in favour of assessee. - ITA No.97/CTK/2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see first of all took me to the assessment order and stated that the initiation of penalty proceedings by the Assessing Officer was for furnishing of inaccurate particulars of income and also for concealment of particulars of income. Ld Counsel referred to the followings as noted by the Assessing Officer in the assessment order: Initiated Penalty proceedings under section.271(1)(c) of the I.T. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... )(c) have been recorded by the Assessing Officer while completing the assessment that in which limbs, the issue is following. The Assessing Officer has simply mentioned that penalty proceedings u/s.271(1)(c) are initiated separately . I find that Hon ble A.P. High Court in the case of V.V.Projects and Investments Pvt Ltd (supra) has held as under: The Assessing Officer has to form his own op ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order no penalty proceedings can be initiated. Respectfully following the decision of Hon ble A.P. High Court in the case of V.V. Project and Investments P Ltd (supra) , I delete the penalty of ₹ 2,31,130/- levied by the Assessing Officer under section.271(1)(c) of the Act and allow the appeal of the assessee. 8. In the result, the appeal of the assessee is allowed. Order pronounce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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