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TMI Blog2022 (6) TMI 835X X X X Extracts X X X X X X X X Extracts X X X X ..... sum along with that on account of excess Gold found during the survey and Cash difference - HELD THAT:- Notice u/s. 274 r.w.s. 271(1)(c) was initially issued on 07-03-2014 at the time of completion of the assessment by keeping both the limbs intact, namely, concealed the particulars of income and furnishing of inaccurate particulars of income . After the passing of the order by the ld. CIT(A) in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otice u/s. 274, viz., both the limbs stand therein without striking off the inapplicable limb, the penalty order gets vitiated.- Decided in favour of assessee. - ITA No. 355/PUN/2020 - - - Dated:- 9-6-2022 - SHRI R. S. SYAL , VICE PRESIDENT AND SHRI S. S. VISWANETHRA RAVI , JUDICIAL MEMBER Assessee by : Shri Rohit Tapadiya Revenue by : Shri M. G. Jasnani ORDER Per R. S. Sy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the survey and Cash difference. Eventually, the Assessing Officer (AO) imposed penalty of Rs. 5,07,650 on the addition towards difference in silver stock amounting to Rs. 16,42,893/-. Such penalty came to be affirmed in the first appeal. 3. Having heard both the sides and gone through the relevant material on record, it is seen that there is only one addition constituting the foundation for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, the AO issued notice u/s. 274 by keeping both the limbs of penalty u/s. 271(1)(c) alive. Here, the question arises as to whether penalty u/s. 271(1)(c) of the Act in such circumstances is sustainable? 4. The full Bench of Hon'ble Bombay High Court in Mohd. Farhan A. Shaikh Vs. Dy. CIT (2021) 125 taxmann.com 253 (Bom) has considered this very issue. Answering the question in affirmative, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he notice u/s. 274, viz., both the limbs stand therein without striking off the inapplicable limb, the penalty order gets vitiated. Turning to the facts of the extant case, we find from the notice u/s. 274 of the Act that the AO retained both the limbs, whereas penalty was imposed only with reference to one of them. Respectfully following the above Full Bench judgment of the Hon'ble jurisdicti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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