Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (8) TMI 802 - AT - Income TaxPenalty u/s 271(1)(c) - defective notice - non specification of exact limb for which the assessee was being penalized - capital gains on sale of property - HELD THAT:- We find that penalty has been deleted by Ld. CIT(A), inter-alia, by observing that although the penalty was initiated for furnishing of inaccurate particulars of income but finally the penalty has been levied for concealment of income which is impermissible under law. As settled in catena of binding judicial precedent, these two terms carry different meaning / connotations and failure to specify the exact limb for which the assessee was being penalized, would be fatal to the penalty proceedings. The Ld. first appellate authority, in the process of adjudication, has relied upon binding judicial precedents of various Hon’ble High Courts such as CIT VERSUS SHRI SAMSON PERINCHERY [2017 (1) TMI 1292 - BOMBAY HIGH COURT], CIT VERSUS M/S MANJUNATHA COTTON AND GINNING FACTORY & OTHS. [2013 (7) TMI 620 - KARNATAKA HIGH COURT] etc. The revenue is unable to controvert the fact that the said rulings squarely apply to the facts of the present case. No distinguishing facts or features could be pointed by the revenue. Therefore, no fault could be found in the adjudication of Ld. First appellate authority - the revenue’s appeal stands dismissed
|