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TMI Blog2020 (11) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... e in law, hence we reverse the orders of the lower authorities and cancel the penalty levied by the ld. Assessing Officer under Section 271(1)(c) of the Act. - Decided in favour of assessee. - ITA No. 5659/Del/2019 - - - Dated:- 28-9-2020 - Shri Amit Shukla, Judicial Member And Shri Prashant Maharishi, Accountant Member For the Assessee : Ms. Rano Jain, Adv., Ms. Mansi Jain, AR; And Mr. Priyanshi Singha, AR. For the Revenue : Ms. Rakhi Vimal, Sr. DR ORDER PER PRASHANT MAHARISHI, A. M. 1. This appeal is filed by Mr. Sanjeev Garg, assessee-appellant against the order of the ld CIT(Appeals), Karnal, dated 24.04.2019 for Assessment Year 2014-15 wherein penalty levied under Section 271(1)(c) of the Income Tax Act, 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 271(1)(c) and the order passed in consequence thereto are bad and liable to be quashed in the absence of any specific allegation in respect of concealment of particulars of income or furnishing of inaccurate particulars. 6. The appellant craves leave to add, amend or alter any of the grounds of appeal. 3. Brief facts of the case shows that assessee is an Individual, filed return at ₹ 12,85,950/- for Assessment Year 2014-15 on 30.07.2014. Later on some information was received about the bogus entry of profit / gain obtained by the assessee. Statement of the assessee was recorded under Section 131 of the Act by The DDIT (Investigation), Panipat on 15.07.2015 in which assessee admitted receipt of bogus long term capital gai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessee challenged the above order before the ld. CIT (Appeals). The assessee also relied on several judicial precedents over and above stating the facts of the case. The ld. CIT (Appeals) confirmed the penalty by the order under challenge. 5. The ld. Authorized Representative submitted that penalty notice issued by the ld. Assessing Officer was not sustainable on merit as assessee has already disclosed the escaped income in the return of income pursuant to notice under Section 148 of the Act. She also referred to certain judicial decisions of various Co-ordinate Benches. She also submitted that the notice issued under Section 274 has been issued without mentioning any of the charges and as the Assessing Officer has not cancelled / str ..... X X X X Extracts X X X X X X X X Extracts X X X X
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