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TMI Blog2019 (11) TMI 1629X X X X Extracts X X X X X X X X Extracts X X X X ..... that the Assessing Officer ought to have recorded categorical finding for the breach for which he imposing penalty upon the assessee. In the penalty order he cannot use both the expression. While issuing show cause notice under section 274 r.w.s. 271(1)(c) of the Act for inviting explanation of the assessee, as to why penalty under section 271(1)(c) of the Act be not imposed upon the assessee, can use expression or between furnishing inaccurate particulars vis- -vis concealment of income. However, while adjudicating the issue regarding imposition of penalty, the ld.AO has to record a conclusive finding for which he is imposing the penalty, i.e. whether he is imposing penalty for furnishing inaccurate particulars of income or for conce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Amount deposited Remarks 09/10/2019 25,00,000 Cash deposited 09/10/2019 - ₹ 12,00,000 withdrawal by cheque no.275346 09/10/2019 - ₹ 13,00,000 withdrawal by cheque no.275347 10/11/2019 7,000 Cash deposited 10/11/2019 8,000 Cash deposited 14/12/2019 15,000 Cash deposited Total 25,30,000/- 4. The ld.AO sought ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s pertinent to mention here that the assessee had challenged addition on which penalty has been imposed vide quantum appeal in ITA No.362/Ahd/2014. This appeal has been dismissed by me on merit, and orders of the Revenue authorities stand confirmed. However, while going through the impugned penalty order, I am of the view that the same has to be analysised from different angle. A perusal of the penalty order would indicate that the ld.AO has imposed penalty under section 271(1)(c) of the Act without recording any categorical finding, whether it is being imposed for concealment of income or furnishing inaccurate particulars of income. The ld.AO just in one-line held that penalty has been imposed for concealing true particulars of income and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been furnished by them. If no such clear cut finding is reached by the authority, penalty cannot be levied. It was a case in which in final conclusion the authority had recorded that I am of the opinion that it will have to be said that the assessee had concealed its income and/or that it had furnished inaccurate particulars of such income. It was in this respect the Bench observed that Now the language of and/or may be proper in issuing a notice as to penalty order or framing of charge in a criminal case or a quasi-criminal case, but it was incumbent upon the IAC to come to a positive finding as to whether there was concealment of income by the assessee or whether any inaccurate particulars of such income had been furnished by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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