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2019 (1) TMI 1203 - ITAT PUNEPenalty u/s 271(1)(c) - satisfaction recorded by the AO for initiating of the penalty proceedings - specification of correct limb at the time of initiation as well as at the time of levy of penalty - Held that:- It is evident that at the time of initiation of penalty proceedings in the assessment, AO mentioned one limb of clause (c) of section 271(1) of the Act i.e. ‘concealed the particulars of income’. But at the time of levying penalty, the Assessing Officer mentioned both the limbs of clause (c) of section 271(1) i.e. furnished inaccurate particulars of income and thereby concealed her income. This manner of recording of satisfaction suggests the existence of ambiguity with reference to applicability of specific limb. AO is under obligation to specify the correct limb at the time of initiation as well as at the time of levy of penalty. In view of the above deliberation on this issue, we are of the opinion that the penalty order is liable to be quashed on this legal issue. - Decided in favour of assessee.
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