Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (1) TMI 1324 - AT - Income TaxPenalty order u/s. 271(1)(c) - Furnishing of inaccurate particulars of income and concealment of particulars of income - Held that:- Assessing Officer in assessment order and in penalty order we find that penalty was initiated for furnishing of inaccurate particulars of income in respect of various unaccounted purchases and sales and on account of disallowances whereas the satisfaction recorded in penalty order reveals that assessee had concealed the particulars of income to the extent of ₹ 20,41,931/-. Furnishing of inaccurate particulars of income and concealment of particulars of income are the two limbs of Section 271(1)(c) which is apparent from the language of the section itself wherein the two limbs has been differentiated by the use of word 'or',. The penalty proceedings had been commenced against the assessee on a particular footing viz. concealing of particular of income, but the final conclusion for levying the penalty was based on a different footing together, viz. on the footing of furnishing inaccurate particulars of income. Under the circumstances, it could not be said that the assessee had been given a reasonable opportunity of being heard before the order imposing the penalty was passed. The very basis for penalty proceedings against the assessee initiated by the Income-tax Officer disappeared when the Appellate Assistant Commissioner held that there was no suppression of income of the assessee. The conclusion of the Tribunal that the Inspecting Assistant Commissioner had no jurisdiction to impose a penalty u/s. 271(1)(c) for concealment was correct - Decided in favour of assessee.
|