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TMI Blog2020 (4) TMI 427X X X X Extracts X X X X X X X X Extracts X X X X ..... cer has initiated penalty proceedings, for concealing the particulars of income as well as furnishing of inaccurate particulars of income. Further in the penalty order also he levied the penalty on both the charges, in the last para before the computation of total income. Though the above issue was raised before him, citing the decision of Hon ble Bombay High Court, CIT (Appeals) did not adjudicate on it, but confirmed the penalty on the additions confirmed. In SAHARA INDIA LIFE INSURANCE COMPANY, LTD. [ 2019 (8) TMI 409 - DELHI HIGH COURT] has held that such penalty cannot be sustained if the show cause notice did not specify on which limb of Section 271(1)(c) of the Act the penalty has been initiated. In view of this, we direct the learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... however, confirmed the other addition. The additions confirmed were as under: (i) ₹ 35,100/- on disallowance of depreciation; (ii) ₹ 44,874/- on disallowance of 50% of the expenditure; (iii) ₹ 5,22,787/- on account of un-disclosed business receipts. 2.1 After the order of the learned CIT (Appeals) assessee did not prefer any appeal at higher forum. Therefore, the Assessing Officer re-commenced the penalty proceedings, which was not replied by assessee. Therefore, the learned Assessing Officer passed penalty order under section 271(1)(c) of the Act on 18.03.2016 leaving a minimum penalty of ₹ 2,12,130/-. In the penalty order the Assessing Officer has stated that it is clear that since the assessee has filed ina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... recently, he wanted some more time for the preparation of the case. As the issue involved is squarely covered in favour of the assessee by the jurisdictional High Court on this issue, we reject the adjournment application of the Revenue. 4. On careful consideration of the notice issued under section 274 of the Act on 28.03.2013, it is apparent that the Assessing Officer has not stuck off any of the twin charges. In the assessment order also in para No. 12 (ii) the Assessing Officer has initiated penalty proceedings, for concealing the particulars of income as well as furnishing of inaccurate particulars of income. Further in the penalty order also he levied the penalty on both the charges, in the last para before the computation of total i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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