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TMI Blog2023 (3) TMI 816X X X X Extracts X X X X X X X X Extracts X X X X ..... htly been set aside by appellate authorities. Also in Whiteford India Limited [ 2014 (2) TMI 541 - GUJARAT HIGH COURT] held that in absence of clear finding of assessing officer whether assessee is guilty of concealment or furnishing inaccurate particulars of income, penalty levied under section 271(1)(c) cannot be sustained. Thus direct the AO delete the entire penalty addition u/s 271(1)(c). Decided in favour of assessee. - ITA No. 369/SRT/2022 - - - Dated:- 7-3-2023 - SHRI PAWAN SINGH , JUDICIAL MEMBER For the Assessee : Shri Ramesh Malpani , C. A For the Revenue : Shri Vinod Kumar , Sr - DR ORDER PER PAWAN SINGH , JUDICIAL MEMBER : 1. This appeal by assessee is directed against the order of National F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice, the assessee filed his return of income declaring Rs.31,68,390/- on 08.04.2019. The assessee in his return of income offered additional income of Rs.29,67,398/- on account of income earned on transfer of shares of Twenty First Century . The Assessing Officer after serving statutory notices under section 143(2) r.w.s. 142(1) proceeded for assessment. The Assessing Officer while passing assessment order, accepted the return of income, filed in response to notice issued under section 148 of the Act. The assessment order was passed assessment on 15.11.2019 under section 143(3) r.w.s. 147 of the Act and initiated penalty under section 271(1)(c) of the Act. 3. The Assessing Officer issued show cause notice for levying penalty under secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entative (Ld. Sr-DR) for the Revenue and perused the orders of lower authorities carefully. The Ld. AR for the assessee submits that in response to notice under section 148, the assessee filed return of income on 30.04.2019 and included income of Rs. 29,67,398/- earned on transfer of shares as well as interest from bank account of Rs.3,487/-. The return of assessee was accepted without any variation. The Ld.AR for the assessee submits that there was no concealment of income furnished so far as income offered in response to notice issued under section 148 of the Act. Thus, the Assessing Officer has no occasion to hold that assessee concealed his income in his return in response to notice issued under section 148 of the Act. Such return is to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y. The return was accepted by Assessing Officer without any variation. 8. I find that Hon'ble Punjab Haryana High Court in the case of Rajiv Garg (supra) held that when assessing officer, on the basis of information received from revenue authorities that sale of shares on which capital gain had been declared by assessee in original return, was bogus, issued notice under section 148 to assessee. The assessee in response to said notice, assessee filed revised return surrendering entire amount of sale proceeds of shares to buy peace of mind and to avoid hazards of litigation and also to save himself from any penal action. The Assessing Officer framed assessment on basis of revised return and also imposed penalty under section 271(1)(c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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