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2018 (5) TMI 1927 - ITAT PUNEPenalty levied u/s. 271(1)(c) - addition made u/s. 69 on account of unproved sundry creditors - flaw in recording satisfaction - HELD THAT:- In the present case we are of considered view that there was ambiguity in the mind of Assessing Officer while recording satisfaction for initiating penalty proceedings u/s. 271(1)(c) of the Act. The Assessing Officer was not clear of the charge u/s. 271(1)(c) that has to be invoked for levy of penalty and hence mentioned both the limbs i.e. concealment of income, as well, furnishing inaccurate particulars of income. However, the penalty has been levied only on the charge of “furnishing inaccurate particulars of income‟. The manner in which satisfaction has been recorded clearly falls short of legal requirement and hence the penalty proceedings and penalty order is vitiated. Thus, the order levying penalty has to be set aside. - Decided against revenue
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