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2019 (6) TMI 699 - AT - Income TaxPenalty U/s 271(1)(c) - quantum addition regarding unaccounted sale was made physical stock was found short in survey carried out - HELD THAT:- Nature of specification of charge by the A.O. at the stage of initiation of penalty proceedings at the time of issue of notice us 274 r.w.s 271(1)(c) and at the time of passing the penalty order u/s 271(1)(c) should not be at variance. If there is any variance between the charge levied at the time of initiation of penalty proceedings and the charge levied at the time of imposition of penalty, the penalty order will be vitiated and penalty cannot be sustained. However, if the charge are same then no fault can be found with regard to defect in notice so as to hold that the penalty is not leviable. It is clear that both at the time of initiation of penalty as well as at the time of imposing the penalty, the charge of the A.O. was same i.e. “concealment of income and also for furnishing inaccurate particulars of income”. This situation is covered by the proposition laid down by the Coordinate Bench in the case of HPCL Mittal Energy Ltd. Vs ACIT 2018 (6) TMI 1554 - ITAT AMRITSAR] . Accordingly, we hold that the penalty has been correctly levied in so far as the charge for initiation of penalty as well as charge while levying the penalty was same. Thus, we do not find any merit in the contention of the ld AR. With regard to merit of penalty so imposed U/s 271(1)(c) we found that there was survey at the business premises of the assessee wherein it was found that the assessee has made unaccounted sales, therefore, stock was found short on physical verification. To the extent of profit on such short stock, addition was made. This addition was confirmed by the ld. CIT(A) and thereafter by the ITAT. Thus, there is no dispute with regard to the concealment of income and furnishing of inaccurate particulars of income, in so far as the addition has been upheld up to the last extent. Accordingly, we do not find any infirmity in the penalty so imposed. - Decided against assessee.
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