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TMI Blog2023 (5) TMI 211X X X X Extracts X X X X X X X X Extracts X X X X ..... tice issued u/s. 274 read with sec. 271 AO has not specified under which limb he intended to impose penalty. AO has not established on record that either there is concealment of income or furnishing of inaccurate particulars of income by the Assessee. This is so because, neither he has referred to any incriminating material found as a result of search indicating concealment of income by the Assessee nor there is any adverse inference drawn by the AO in the assessment orders resulting in variation in income declared by the Assessee. Thus, in our view, the Revenue has failed to establish either concealment of income or filing of inaccurate particulars of income by the Assessee - Decided in favour of assessee. - ITA Nos. 3217 And 3218/Del ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s. 153A of the Act. However, alleging that the Assessee has filed inaccurate particulars of income/concealed her income, the Assessing Officer initiated proceedings for imposition of penalty u/s. 271(1)(c) of the Act and ultimately passed orders imposing penalty of Rs.1,16,43,250/- in assessment year 2008-09 and Rs.24,08,327/- in assessment year 2011-12. Though, the Assessee challenged the orders imposing penalty u/s. 271(1)(c) of the Act by filing appeals before ld. Commissioner (Appeals), however, she was unsuccessful. 3. Before us, learned counsel appearing for the Assessee submitted that the penalty order passed is invalid, as in the show cause notice issued u/s. 274 read with section 271(1)(c), the Assessing Officer has not mentio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Officer and learned Commissioner of Income-tax (Appeals). 5. We have considered rival submissions and perused the material on record. In so far as the factual aspect is concerned, there is no dispute that in response to notice issued u/s. 153A of the Act, the Assessee had filed revised returns of income declaring more income than what was declared in the original returns of income. It is further observed, in the course of assessment proceedings, the Assessing Officer made thorough verification of the returns of income and ultimately accepted the income declared by the Assessee. In other words in the assessment orders, the Assessing Officer has not made any variation to the income declared by the Assessee. It is further observed, while ..... X X X X Extracts X X X X X X X X Extracts X X X X
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