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TMI Blog2018 (11) TMI 1853X X X X Extracts X X X X X X X X Extracts X X X X ..... e are that a search action under section 132 of the Income Tax Act was carried out at the business premises as well as residential premises of Dokania group. Since incriminating material belonged to the assessee was found, therefore, notice under section 153C was issued and served upon the assessee. In response to the notice, the assessee has filed his return of income on 23.3.2009 declaring total income at Rs. 1,46,309/-. The assessment order was passed on 24.12.2009 whereby income of the assessee wasdetermined at Rs. 8,58,310/-. The ld.AO has made addition of Rs. 7 lakhs on account of unexplained investment not recorded in the books of accounts. On appeal, the ld.CIT(A) confirmed this addition to the extent of Rs. 6 lakhs. Thereafter, no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ught processing, whether he wished to visit assessee with penalty for concealment of income or furnishing of inaccurate particulars. The ld.DR, on the other hand, relied upon the orders of the Revenue authorities, and submitted that the AO has imposed penalty for concealment of income. 5. We have duly considered rival contentions and gone through the record carefully. Hon'ble Gujarat High Court has considered this aspect in the case of Snita Transport (supra). Reference to para 9 of this judgment is worth to note. It reads as under: "9. Regarding the contention that the Assessing Officer was ambivalent regarding under which head the penalty was being imposed namely for concealing the particulars of income or furnishing inaccurate particu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... whether there was concealment of income by the assessee or whether any inaccurate particulars of such income had been furnished by the assessee. No such clear cut finding was reached by the IAC and, on that ground alone, the order of penalty passed by the IAC was liable to be struck down." 6. A perusal of the above paragraph would indicate that the Hon'ble High Court found that as user of expression "and/or" in between concealment of income or furnishing of inaccurate particulars while inviting explanation of the assessee, may not be any procedural irregularity or fatal to the proceedings, but if the AO failed to record a finding, while visiting the assessee with penalty, then that would be fatal to the proceedings itself. In other words, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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