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TMI Blog2020 (4) TMI 291X X X X Extracts X X X X X X X X Extracts X X X X ..... enalty proceedings have been initiated i.e., whether for concealment of particulars of income or furnishing inaccurate particulars of income, therefore, levy of penalty is wholly unjustified. See M/S MANJUNATHA COTTON AND GINNING FACTORY OTHS., M/S. V.S. LAD SONS, [ 2013 (7) TMI 620 - KARNATAKA HIGH COURT] - Decided in favour of assessee. - ITA.No.2470/Del./2017 - - - Dated:- 24-1-2020 - Shri Bhavnesh Saini, Judicial Member And Shri O.P. Kant, Accountant Member For the Assessee : Dr. Rakesh Gupta, Advocate For the Revenue : Ms. Rakhi Vimal, Sr. DR ORDER PER BHAVNESH SAINI, J.M. This appeal by Assessee has been directed against the Order of the Ld. CIT(A)-38, Delhi, Dated 07.02.2017, for the A.Y. 2012-2013, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The A.O. in the penalty order noted that he has satisfied that the amount of addition represents the income, the particulars of which, assessee have been incorrectly furnished by the assessee within the meaning of Explanation-1 to Section 271(1)(c) of the I.T. Act. Hence, he levied the penalty under section 271(1)(c) of the I.T. Act, 1961. 4. Learned Counsel for the Assessee submitted that A.O. has issued show cause notice Dated 27.02.2015 in which the A.O. has mentioned : Have concealed the particulars of your income and furnished inaccurate particulars of such income. 4.1. He has submitted that since no specific charge have been pointed-out in the notice, therefore, levy of penalty is illegal and unjustified. In support of h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by assessee to challenge the levy of penalty with regard to deficiencies noted. Therefore, penalty is levied against the assessee. 6. We have considered the rival submissions. The A.O. before initiating the penalty against the assessee has mentioned in the assessment order that penalty proceedings under section 271(1)(c) of the I.T. Act are initiated separately. The assessment order is passed on 27.02.2015 on the same day the A.O. issued show cause notice to assessee before levy of the penalty on 27.02.2015 in which A.O. has mentioned have concealed the particulars of your income and furnished inaccurate particulars of such income. The A.O. in the penalty order has, however, levied the penalty for furnishing inaccurate particul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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