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TMI Blog2019 (4) TMI 619X X X X Extracts X X X X X X X X Extracts X X X X ..... fic finding, for which breach, he has visited the assessee with penalty i.e. whether he has visited the assessee with penalty for concealment of income or furnishing inaccurate particulars of income. In the penalty order he cannot use both the expression. As AO was not specific in his finding for which he has visited the assessee with penalty we allow this appeal of the assessee and quash the penalty order. - Decided in favour of assessee - ITA No. 99/Ahd/2017 - - - Dated:- 8-4-2019 - Shri Rajpal Yadav, Judicial Member And Shri Waseem Ahmed, Accountant Member For the Assessee : Shri Biren Shah, AR For the Revenue : Shri B.P. Srivastava, Sr.DR ORDER PER RAJPAL YADAV, JUDICIAL MEMBER : Assessee is in appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the tax evaded on the concealed income comes to ₹ 4,55,318/- and the maximum penalty i.e. 300 % of the tax evaded of the concealed income comes to ₹ 13,65,954/-. Therefore, after considering the facts of the case, the minimum penalty i.e. 100% of the tax evaded on the concealed income comes to ₹ 4,55,318/- is levied. 4. With assistance of the ld.representatives, we have gone through the record carefully. In the case of Snita Transport P.Ltd. (supra), Hon ble jurisdictional High Court has observed that while issuing notice under section 271(1)(c) r.w.s. 274 provide an opportunity to explain as to why penalty be not imposed. If an Assessing Officer used expression or in between the concealment of income/furnis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e finding as to whether there was concealment of income by the assessee or whether any inaccurate particulars of such income had been furnished by them. If no such clear cut finding is reached by the authority, penalty cannot be levied. It was a case in which in final conclusion the authority had recorded that I am of the opinion that it will have to be said that the assessee had concealed its income and/or that it had furnished inaccurate particulars of such income. It was in this respect the Bench observed that Now the language of and/or may be proper in issuing a notice as to penalty order or framing of charge in a criminal case or a quasi-criminal case, but it was incumbent upon the IAC to come to a positive finding as to whether t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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