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2017 (11) TMI 718 - AT - Income TaxPenalty under section 271(1)(c) - charge for which penalty was initiated - Held that:- We are of the view that the AO has initiated penalty proceedings for furnishing of inaccurate particulars of income, whereas, the penalty was levied for both the charges is as evident from the penalty order. AO has mixed up both the limbs whereas as per settled legal pronouncements of superior court, the two limbs of Section 271(1)(c) viz. furnishing of inaccurate particulars of income and concealment of income carry different meaning / connotations. Therefore, Ld. AO himself was not sure about the charge for which penalty was initiated and finally levied on the assessee. Hence, the issue, as rightly pointed out by Ld. AR, stood covered in assessee’s favor by Hon’ble Jurisdictional High Court in the case of Samson Perincherry (2017 (1) TMI 1292 - BOMBAY HIGH COURT). Respectfully following the Hon’ble High Court decision, we delete the penalty and reverse the order of the lower authorities - Decided in favour of assessee.
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