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TMI Blog2019 (9) TMI 188X X X X Extracts X X X X X X X X Extracts X X X X ..... s had been initiated i.e., whether for concealment of particulars of income or furnishing inaccurate particulars of income. The entire penalty proceedings are, therefore, vitiated and no penalty is leviable. On this score itself similar view is taken by Hon ble Karnataka High Court in the case of CIT vs. M/s. SSAs Emerald Meadows [ 2016 (8) TMI 1145 - SC ORDER]. Also see M/S. SAHARA INDIA LIFE IN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 40(A)(3) of the I.T. Act for furnishing inaccurate particulars of income, addition of ₹ 10,38,816/- on account of payment made in cash, but, now shown in the books of account for concealment of particulars of income and addition of ₹ 51,720/- for the amount to the capital saying source was agricultural income for concealment of particulars of income. The A.O. in this case passed the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le Apex Court in the case of CIT vs. M/surrendered SSA s Emrald Meadows reported in 73 taxmann.com 248 (SC). He has also submitted that recently the Hon ble Delhi High court in the case of Pr. CIT vs. M/s. Sahara India Life Insurance Company Ltd., 2019(8) TMI 409 (Del.) vide Judgment Dated 02.08.2019 in paras 21 and 22 held as under : 21. The Respondent had challenged the uphold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 22. On this issue again this Court is unable to find any error having been committed by the ITAT. No substantial question of law arises. 4. The Ld. D.R. on the other hand submitted that A.O. has initiated the penalty proceedings specifically for furnishing inaccurate particulars of income and for concealment of particulars of income, therefore, penalty have been correctly l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 73 taxmann.com 248. Further, the Hon ble Delhi High court recently vide Order dated 02.08.2019 in the case of Pr. CIT vs. M/s. Sahara India Life Insurance Company Ltd., (supra) following the decision of Hon ble Supreme Court in the case of M/s. SSAs Emerald Meadows (supra) confirmed cancellation of the penalty. I, therefore, following the aforecited decision of the Hon ble Delhi High Court in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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