9911796707
TMI Blog2023 (7) TMI 175X X X X Extracts X X X X X X X X Extracts X X X X ..... tio laid down in the case of SAS Pharmaceuticals [ 2011 (4) TMI 888 - DELHI HIGH COURT] which was followed by the Delhi Tribunal in the case of Meeta Gutgutia [ 2016 (5) TMI 339 - ITAT DELHI] holding no penalty is maintainable when there is no variation in the return of income and assessed income. Therefore, taking into consideration the case relied on by the AR and facts and circumstances of the case, we find the ratio of laid down in the case of SAS Pharmaceuticals [ 2011 (4) TMI 888 - DELHI HIGH COURT] which was followed by the Delhi Tribunal in the case of Meeta Gutgutia [ 2016 (5) TMI 339 - ITAT DELHI] are applicable to the facts on hand. Thus, the order of NFAC, Delhi is not justified and ground raised by the assessee is allowe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... venue and without there being any charge of furnishing inaccurate particular of income and concealment of income, the AO levied penalty. He relied on the decision of Hon ble High Court of Delhi in the case of SAS Pharmaceuticals reported in 335 ITR 259 (Del), Mumbai Tribunal in the case of Armoury International Pereira Compound in ITA Nos. 3299, 3300 3301/Mum/2017, Delhi Tribunal in the case of Meeta Gutgutia in ITA No. 327/Del/2014 and argued that unless it is found the actual concealment of income or furnishing inaccurate particulars of income, penalty cannot be imposed. 5. The ld. DR relied on the decision of Hon ble Supreme Court in the case of Gangotri Textiles Ltd. reported in (2022) 137 taxmann.com 198 (SC), Hon ble High Court o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed income declared by the assessee which was accepted by the AO in the reassessment proceedings. The decision of Hon ble High Court of Delhi in the case of SAS Pharmaceuticals (supra) relied on by the ld. AR, it held that no penalty can be imposed under the provisions of section 271(1)(c) of the Act unless the condition stipulated therein are duly and unambiguously satisfied. In the present case, there is no concealment of income or furnishing of inaccurate particulars of income attracting the provisions u/s. 271(1)(c) of the Act as the assessee made complete disclosure in the return of income and further offered the same for taxation, when that is the case we find the conditions stipulated under the provisions u/s. 271(1)(c) of the Act are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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