9911796707
TMI Blog2023 (12) TMI 582X X X X Extracts X X X X X X X X Extracts X X X X ..... e AO has not recorded what the reply was furnished by the assessee against the show-cause notice issued u/s 270A of the Act and why it was not acceptable. Moreover, the Assessing Officer has mentioned any reason for levying penalty at 200%. AO has simply recorded that 200% of penalty has been levied for the tax payable on mis-reporting of income. When the assessee has furnished his explanation in response to the show-cause notice, it is the duty of the Assessing Officer to consider and record as to why the reply is not acceptable. However, in the penalty order, the Assessing Officer has not discussed anything and simply stated that the reply of the assessee is considered and is not acceptable is not correct. We are of the opinion th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pvt. Ltd., Form 16A issued by Aitken Spence Hotel Management Pvt. Ltd. and insurance premium receipt in respect of claim of deduction under section 80C of the Act. On verification of ITR-1 filed by the assessee as well as Form 16A of Aitken Spence Hotel Management Pvt. Ltd., the Assessing Officer found that the assessee had received income of ₹.2,60,000/- from Aitken Spence Hotel Management Pvt. Ltd. and interest income of ₹.12,769/- from HDFC from which TDS of ₹.2,600/- and ₹.1,276/- respectively have been made. It was found that the assessee had not disclosed the income received from Aitken Spence Hotel Management Pvt. Ltd. and HDFC totalling to ₹.2,72,769/-. Accordingly, the Assessing Officer issued show-cau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rused the materials available on record and gone through the orders of authorities below. In the draft assessment order, the Assessing Officer has proposed additions to be made and the assessee has accepted the proposed addition and paid the taxes. Further, against the show-cause notice issued under section 270A of the Act, the assessee has furnished the reply, which was considered by the Assessing Officer, but was not accepted. 8. On perusal of the penalty order, we find that the Assessing Officer has not recorded what the reply was furnished by the assessee against the show-cause notice issued under section 270A of the Act and why it was not acceptable. Moreover, the Assessing Officer has mentioned any reason for levying penalty at 200 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
