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2017 (5) TMI 482 - ITAT PUNEPenalty u/s 271(1)(c) - validity of notice u/s 274 - assessee had declared additional income pursuant to the search operation - Held that:- There is no merit in the penalty order passed by the Assessing Officer in this regard wherein he has not come to a conclusion as to which limb of section 271(1)(c) has been fulfilled by the assessee. In any case, in the satisfaction recorded by the Assessing Officer, while initiating the penalty proceedings, he was satisfied that the assessee has furnished inaccurate particulars of income whereas this is a case of search wherein certain income was not offered to tax, hence at best, it is a case of concealment of income and not furnishing of inaccurate particulars of income. Be that as may be, the Assessing Officer in the final analysis has not levied the penalty for furnishing of inaccurate particulars of income but also for concealing the income on one addition of ₹ 75 lakhs. There is no merit in the said order passed by the Assessing Officer under section 271(1)(c) of the Act. See Kanhaiyalal D. Jain Versus The Asst. Commissioner of Income Tax, Central Circle – 3, Nashik [2016 (12) TMI 1238 - ITAT PUNE ] - Decided in favour of assessee
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