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2019 (1) TMI 1463 - ITAT DELHIPenalty u/s 271(1)(c) - allegation of concealment of particulars of income or furnishing inaccurate particulars of income during assessment proceedings - Held that:- AO before initiating the penalty proceedings has not recorded satisfaction if the assessee has concealed particulars of income or has furnished inaccurate particulars of income so as to attract the provisions of section 271(1)(c) of the Act rather proceeded to levy the penalty by specifically writing in para 2 on page 3 of the penalty order that the record filed by the assessee not found to be correct. We are of the considered view that penalty levied by the AO and confirmed by ld. CIT (A) is not sustainable in the eyes of law, hence ordered to be deleted. Consequently, appeal filed by the assessee is allowed.
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