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TMI Blog2021 (9) TMI 639X X X X Extracts X X X X X X X X Extracts X X X X ..... HIGH COURT] held the AO should be clear as to which the two limbs under which penalty is imposed and the penalty cannot be initiated on one limb for furnishing of inaccurate particulars of income and imposition of penalty on the other limb i.e. concealment of income. In the present case, the AO recorded satisfaction that the assessee filed inaccurate particulars of income and initiated penalty by issuing a notice u/s. 148 of the Act on both the charges and imposed the penalty on both the charges. As in the case of HPCL Mittal Energy Ltd.[ 2018 (8) TMI 507 - ITAT AMRITSAR] the Third Member Bench held the penalty initiated by the AO for concealment of income and imposition of penalty is for concealment/furnishing inaccurate particular ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we shall take up the cross objection by the assessee in CO No. 04/PUN/2018 for the A.Y. 2009-10. 4. We note that this appeal was filed with a delay of 304 days. The assessee filed an affidavit explaining the reasons for delay. After hearing both the parties, we find that the reasons stated by the assessee are bonafide which really prevented the assessee to file the present appeal in time. Therefore, the delay of 304 days are condoned. 5. The assessee raised 3 grounds of appeal amongst which the only issue emanates for our consideration is as to whether the penalty imposed by the AO is bad under law, patently illegal and without jurisdiction in the facts and circumstances of the case. 6. The contention of ld. AR, Shri Vijay Kendhe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing inaccurate particulars of income. He argued that the decision in the case of Samson Pernchery reported in 98 CCH 39 (Bom.) is distinguishable on facts and heavily relied on the decision of Hon'ble High Court of Gujarat in the case of Snita Transport (P.) Ltd. reported in 42 taxmann.com 54 (Gujarat) and prayed to dismiss the grounds raised by the assessee in cross objection. 8. Heard both the parties and perused the material available on record. The assessee in this case is an individual engaged in the business of manufacturing and job works of press tools, jigs fixtures, windmill parts and labour job and also trading in shares. The assessee conducts his business under the name and style of M/s. Ultra Engineering. The assessee fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the above said amount and initiated penalty proceedings u/s. 271(1)(c) of the Act. We note that in reassessment order at Para No. 10 the AO recorded satisfaction that the assessee had filed inaccurate particulars of income but the notice was issued u/s. 274 r.w.s. 271(1)(c) of the Act for both the charges. The contention of the ld. AR is that when the AO satisfied on one charge and issuance of notice for both the charges is patently wrong. He relied on the decision of Hon'ble High Court of Bombay in the case of Samson Pernchery (supra) and Third Member Bench decision in the case of HPCL Mittal Energy Ltd. (supra). 10. In the case of Samson Pernchery (supra), we note that the Tribunal deleted the penalty imposed u/s. 271(1)(c) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come vide its order dated 31-03-2013 passed u/s. 143(3) r.w.s. 147 of the Act. In consequence of which the AO issued notice u/s. 274 r.w.s. 271(1)(c) of the Act dated 31-03-2013 for both the charges that are concealment of income and furnishing of inaccurate particulars of income. In penalty order dated 27-09-2013 imposed penalty of ₹ 1,36,22,508/- by recording his satisfaction that the assessee has furnished inaccurate particulars/concealed particulars of income. Therefore, in our opinion the ratio of Third Member Bench in the case of HPCL Mittal Energy Ltd. (supra) is clearly applicable to the facts and circumstances of the present case. Thus, the penalty imposed by the AO vide its order dated 27-09-2013 fails and is quashed, ground ..... X X X X Extracts X X X X X X X X Extracts X X X X
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