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TMI Blog2021 (8) TMI 319X X X X Extracts X X X X X X X X Extracts X X X X ..... DER] in favour of the assessee - in the case of Sahara India Life Insurance Corporation [ 2019 (8) TMI 409 - DELHI HIGH COURT] has held in favour of the assessee. In view of this the orders of the lower authorities with respect to the levy of penalty under Section 271(1)(c) are not sustainable. Accordingly, we delete the penalty levied by the ld. Assessing Officer - Appeal of the assessee is allowed. - ITA. No.7105/Del/2017 - - - Dated:- 23-3-2021 - Shri Kul Bharat, Judicial Member And Shri Prashant Maharishi, Accountant Member For the Assessee : Shri Arun Kishore, C. A.; For the Revenue : Ms. Aman Preet, Sr. D.R.; ORDER PER PRASHANT MAHARISHI, A. M. 1. This appeal is filed by the assessee against the order o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee under Section 274 of the Act on 4.03.2016 wherein the ld. AO did not strike off any of the twin charges of concealment of particulars of income or furnishing inaccurate particulars of such income. The penalty notice was replied by the assessee on 24.02.2016 justifying the cash deposit of ₹ 4,50,000/- from explained sources. The ld. AO , on change of incumbent, also issued another notice on 6.06.2016 under Section 274 read with Section 271(1)(c) of the Act where also none of the twin charges was cancelled. On 14thJune, 2015 assessee replied the penalty notice. Subsequently, the AO passed an order under Section 271(1)(c) of the Act on 28.09.2016 levying a penalty of ₹ 1,39,050/- holding that assessee has furnished inaccurate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ld. AO at the time of recording satisfaction must demonstrate that how both the charges are satisfied. Even in the penalty order, such exercise has not been carried out. The issue is squarely covered in favour of the assessee by the decision of the Hon ble Supreme Court in the case of SSA s Emerald Meadows (2016) 73 taxmann.com 278 in favour of the assessee. Further the Hon ble Delhi High Court also in the case of Sahara India Life Insurance Corporation has held in favour of the assessee in ITA. 475/Del/2019 dated 2.08.2019. In view of this the orders of the lower authorities with respect to the levy of penalty under Section 271(1)(c) of the Act of ₹ 1,39,050/- are not sustainable. Accordingly, we delete the penalty levied by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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