2019 (4) TMI 766

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..... order of the Commissioner of Income Tax(Appeals)-1, Bhubaneswar dated 25.1.2019 for the assessment year 2009-10. 2. The only issue raised in this appeal is against the order of the CIT(A) confirming levy of penalty of Rs. 54,100/- under section.271(1)(c) of the Act by the Assessing Officer in respect to addition of unexplained investment in Firm and on the addition of agricultural income as incom .....

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..... P.High Court in the case of V.V.Projects and Investments Pvt Ltd., 300 ITR 40(AP). 5. When these facts were pointed out by this Bench to ld Departmental Representative, he only relied on the assessment order, penalty order and the order of the CIT(A). 6. I have heard the rival contentions and gone through the facts and circumstances of the case. Admittedly, as noticed from the assessment order, .....

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..... )(c) of the Act. Failure to record such satisfaction amounts to a jurisdictional defect which cannot be cured. It is also relevant to note that whether the assessee has concealed his income or has deliberately furnished inaccurate particulars thereof is essentially a finding of fact which has to be spelt out by way of recording the satisfaction of the AO as required u/s.271(1)(c) of the Act. There .....

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