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2021 (9) TMI 120 - AT - Income TaxLevy of penalty u/s. 271(1)(c) - AO has issued notice for both limbs and levied penalty for one limb - as per AO assessee has concealed particulars of income in respect of income declared in return of income filed in response to notice issued u/s. 148 - Assessee argued as no specific charge on the assessee made whether he is levying penalty for concealment of particulars of income or furnishing inaccurate particulars of income - whether the case of the assessee falls under Explanation-(1) or Explanation-(3) to Section 271(1)(c) ? - HELD THAT:- Although the AO has issued notice on the ground of concealment of particulars of income or furnishing inaccurate particulars of income, but finally he has levied penalty for concealment of particulars of income. It is not the case of the assessee that the AO has initiated penalty proceedings for concealment of particulars of income, but has levied penalty for furnishing inaccurate particulars of incom - case law cited by the ld. AR for the assessee has no application, because the AO has given opportunity to the assessee to show-cause for which, the assessee has filed his explanation and thereafter the AO has clearly recorded that it is a case of concealment of particulars of income - under similar circumstances in the case of Grass Field Farms & Resorts (P) Ltd. [2015 (9) TMI 1585 - ITAT JAIPUR] held that notice cannot be held as invalid merely for the reason that the AO has issued notice for both limbs and levied penalty for one limb. There is no error in the reasons given by the ld. CIT(A) to confirm penalty levied by the AO u/s. 271(1)(c) - Decided in favour of Revenue.
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