9911796707
TMI Blog2019 (5) TMI 1553X X X X Extracts X X X X X X X X Extracts X X X X ..... on, in present facts, it cannot be held that inaccurate particulars has been filed by assessee leading to concealment as argued by Ld.CIT(A). - Decided in favour of assessee. - ITA No. 673/Del/2018 - - - Dated:- 27-5-2019 - Smt. Beena A Pillai, Judicial Member And Shri Prashant Maharishi, Accountant Member For the Assessee : Sh. Ankit Sahni, Adv. And Ms. Sumisha Murgai, CA For the Department : Sh. SN Pandey, Sr.D.R. ORDER PER BEENA A PILLAI, JUDICIAL MEMBER Present appeal has been filed by revenue against order dated 13/11/17 passed by Ld. CIT (A)-11, New Delhi on following grounds of appeal: 1. On the facts and in the circ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated under section 11 (2) of the Act. 2.1. Against addition made by Ld.AO, assessee preferred appeal before Ld.CIT (A) who upheld order of Ld.AO. 2.2. Aggrieved by order of Ld.CIT (A), assessee filed appeal before this Tribunal, and this Tribunal vide order dated 28/01/15 remitted matter to Ld.AO for adjudication of issue on merits. Ld.AO, accordingly on 31/03/2016, made addition of ₹ 76,24,121/-, as made in original assessment order. 2.3. Subsequently penalty proceedings were initiated under section (1) (c) of the Act and notice under section 274 read with 271 (1) (c) was issued to assessee. Ld.AO passed penalty order on 30/09/16 by levying 100% penalty on tax sought to be evaded for filin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f taxability of accumulated balance as a result of amendment to the Act is a debatable issue and therefore, no penalty is warranted u/s 271(1)(c) of the Act. 4.2.1 On perusal of the documents and the assessment orders (original and new), it is observed that the AO has not recorded his satisfaction in any of the orders for initiation of penalty proceedings. In the remand report, the AO has stated that the satisfaction was recorded by the AO on the order sheet on 31.03.2016 at the time of issue of new assessment order which was issued pursuant to the ITAT order. However, the AR of the appellant was not made aware of the fact about the initiation of penalty proceedings and recording of satisfaction during the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ulars. 21. Under these circumstances, the appeal is allowed and the order passed by the Calcutta High Court is set aside. No costs. 4.2.3. In addition, it is also felt that the case of the appellant is squarely covered by the judgment of Supreme Court in the case of Reliance Petro Products Pvt. Ltd. as per which merely submitting a claim which is incorrect in law would not amount to giving inaccurate particulars of income by the assessee. In view of this, it is held that the case is not fit for levy of penalty u/s 271(l)(c) and therefore, the penalty levied is hereby deleted. 3. Aggrieved by order of Ld. CIT (A) revenue is in appeal before us now. 3.1. Ld.Sr.DR placed relian ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
