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TMI Blog2021 (9) TMI 327X X X X Extracts X X X X X X X X Extracts X X X X ..... he above captioned appeal filed at the instance of the assessee pertaining to Assessment Year 2014-15 is directed against the orders of Ld. Commissioner of Income Tax-II (in short 'Ld. CIT], Indore dated 09.07.2017 which is arising out of the order u/s 271(1)(c) of the Income Tax Act 1961(In short the 'Act') dated 31.05.2017 framed by ACIT-4(1), Bhopal. 2. Assessee has raised following grounds of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tiny through CASS followed by serving of statutory notices. Assessment completed u/s 143(3) of the Act on 25.11.2016 after making addition towards disallowance of transport expenses at Rs. 18,54,576/- thereby assessing the income at Rs. 33,85,842/-, 4. Penalty proceedings were initiated u/s 271(1)(c) of the Act for furnishing inaccurate particulars of income. Subsequently penalty proceedings were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rders of both the lower authorities. 8. We have heard rival contentions and perused the records placed before us. Assessee's sole issue is against the levy of penalty at Rs. 5,73,064/- by the Ld. A.O and confirmed by Ld. CIT(A). This penalty was levied on disallowance of transport expenses on 18,54,576/-. 9. We find that assessee paid transport charges to various vendors. Ld. A.O pointed out tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inging any adverse material on record. Penalty u/s 271(1)(c) of the Act is levied for concealment of income or furnishing the inaccurate particulars of income. In the present case penalty has been levied by the Ld. A.O for furnishing the inaccurate particulars of income but nowhere from the assessment order or the penalty order is discernable that what type of particulars have been filed incorrect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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