9911796707
TMI Blog2019 (3) TMI 1756X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty is to be levied. Hence, respectfully following the decision of Hon ble Bombay High Court in the case of Shri Samson Perinchery [ 2017 (1) TMI 1292 - BOMBAY HIGH COURT] we delete the penalty - Decided in favour of assessee. - ITA No. 365/Mum/2018 - - - Dated:- 5-3-2019 - SRI MAHAVIR SINGH, JM AND SRI M BALAGENSH, AM For the Appellant : Shri Choudhury Arun Kumar Singh For the Respondent : Mansi Chheda ORDER PER MAHAVIR SINGH, JM: This appeal by the assessee is arising out of the order of Commissioner of Income Tax (Appeals)-48, Mumbai [in short CIT(A)], in appeal No.48/I.T.-234/DCCC-291)/2015-16 dated 15.11.2017. The Assessment was framed by the Assistant Commissioner of Income Tax, Ward 2(4), Kalyan (in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer vide para 3.8 was for furnishing of inaccurate particulars of income and also for concealment of particulars of income. Ld Counsel referred to the followings as noted by the Assessing Officer in the assessment order: Penalty proceedings under sect ion.271(1) (c) of the I.T.Act 1961 is initiated separately for furnishing inaccurate particulars of income and concealment of particulars of income. 4. Ld Counsel took us through the penalty order dated 9.9.2015 under sect ion.271(1)(c) read with sect ion. 274 of the Act, wherein, the Assessing Officer has levied penalty for concealment of income vide para 5 as under: 5. Assessee s reply has been considered carefully and the same is not acceptable as the addition made by the AO ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s held as under : 3. The impugned order of the Tribunal deleted the penalty imposed upon the Respondent Assessee. This by holding that the initiation of penalty under section 271 (1)(c) of the Act by assessing officer was for furnishing inaccurate particulars of income while the order imposing penalty is for concealment of income. The impugned order holds that the concealment of income and furnishing inaccurate particulars of income carry different connotations. Therefore, the assessing officer should be clear as to which of the two limbs under which penalty is imposable, has been contravened or indicate that both have been contravened while initiating penalty proceedings. It cannot be that the initiation would be only on one limb i.e. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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