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TMI Blog2019 (3) TMI 1587X X X X Extracts X X X X X X X X Extracts X X X X ..... essment order has initiated the penalty proceedings for furnishing inaccurate particulars, however, levied the penalty under different limbs of Section 271(1)(c) for concealing particulars of income - HELD THAT:- In the present case, the assessing officer while passing the assessment order initiated the penalty proceedings for furnishing inaccurate particulars of income. However, levied the penalt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he levy of penalty under section 271(1)(c) of the Income Tax Act, 1961. 2. Briefly the facts of the case are that assessee filed return of income declaring income of ₹ 39,09,563/- on 26th September, 2009 and the same as processed under section 143(1) of the Income Tax Act 1961. Subsequently, notice under section 148 was issued after recording reasons to believe that income has escaped asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... concealed the particulars of income" to the extent of ₹ 6,44,060/-. The Learned CIT(A) dismissed the appeal of assessee. 3. I have heard the Learned Representatives of both the parties and perused the material on record. 4. Learned Counsel for the Assessee, at the outset, submitted that the assessing officer on the date of passing of the assessment order on 30th December, 2016, issued sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ad in law and no penalty is leviable because the satisfaction of the assessing officer in the impugned order are also invalid and bad in law. 5. On the other hand, Learned Departmental Representative relied upon the orders of the authorities below and submitted that A.O. rightly initiated the penalty proceedings under section 271(1)(c) of the Income Tax Act, therefore, appeal of assessee may be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer while passing the assessment order initiated the penalty proceedings for furnishing inaccurate particulars of income. However, levied the penalty for concealing the particulars of income. In the show cause notice issued before levy of the penalty, both the limbs of section 271(1)(c) of the Income Tax Act have been mentioned. Therefore, the notice is invalid and bad in Law, which resulted int ..... X X X X Extracts X X X X X X X X Extracts X X X X
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