9911796707
TMI Blog2019 (7) TMI 1436X X X X Extracts X X X X X X X X Extracts X X X X ..... ning Factory [ 2013 (7) TMI 620 - KARNATAKA HIGH COURT] has held the assessee should know the grounds which he has to meet specifically. Otherwise, principles of natural justice is offended. On the basis of such proceedings, no penalty should be imposed to the assessee. The manner in which the Assessing Officer has initiated penalty in the instant case clearly shows vagueness in the mind of Assessing Officer with regard to the charge to be invoked for levy of penalty u/s. 271(1)(c) of the Act. Thus, the satisfaction recorded by the Assessing Officer falls short of legal requirement as envisaged by the Hon ble High Court. The impugned order is set aside and the appeal of assessee is allowed. - ITA No. 1171/PUN/2016 - - - Dated:- 12 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the aforesaid dates. It seems that the assessee is not keen to pursue his appeal. Hence, we proceed to decide this appeal with the assistance of ld. DR and the material available on record. 3. The brief facts of the case as emanating from records are: The assessee filed his return of income for the impugned assessment year on 31-10-2005 declaring total income of ₹ 27,60,110/-. The return of the assessee was processed u/s. 143(1) of the Act. Thereafter, the Assessing Officer issued notice u/s. 148 on 05-03-2009 to reopen the assessment for assessment year 2005-06. In reassessment proceedings, the Assessing Officer made additions of ₹ 46,66,665/- on account of amount received by the assessee by way of Sales Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mbs of section 271(1)(c) of the Act. The Assessing Officer has recorded satisfaction by observing as under : In view of the above discussion, the amount received by the assessee on transfer of Sales Tax Entitlement Exemption clamed at as capital receipt amounting to ₹ 46,66,665/- is charged to tax accordingly. Penalty Proceedings u/s. 271(1)(c) for furnishing of inaccurate/concealment particulars of income are being initiated separately. 6. While levying penalty, the Assessing Officer invoked only the charge of furnishing inaccurate particulars of income . It is evident that while recording satisfaction the Assessing Officer was not clear in his mind as to which charge u/s. 271(1)(c) is to be invok ..... X X X X Extracts X X X X X X X X Extracts X X X X
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