Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (9) TMI 639 - AT - Income TaxPenalty u/s 271(1)(c) - Defective notice u/s 274 - assessee has filed inaccurate particulars of income on account of Hawala purchases - assessee filed return of income for the year under i.e. A.Y. 2009-10 again u/s. 139(5) wherein the assessee offered additional income - AO did not process the said return as it was time barred but however reopened the assessment already completed u/s. 143(3) - contention of the ld. AR is that when the AO satisfied on one charge and issuance of notice for both the charges is patently wrong - HELD THAT:- In the case of Samson Pernchery [2017 (1) TMI 1292 - BOMBAY HIGH COURT] held the AO should be clear as to which the two limbs under which penalty is imposed and the penalty cannot be initiated on one limb for furnishing of inaccurate particulars of income and imposition of penalty on the other limb i.e. concealment of income. In the present case, the AO recorded satisfaction that the assessee filed inaccurate particulars of income and initiated penalty by issuing a notice u/s. 148 of the Act on both the charges and imposed the penalty on both the charges. As in the case of HPCL Mittal Energy Ltd.[2018 (8) TMI 507 - ITAT AMRITSAR] the Third Member Bench held the penalty initiated by the AO for concealment of income and imposition of penalty is for concealment/furnishing inaccurate particulars of income is not sustainable. In the present case assessment order clearly recorded that the assessee filed inaccurate particulars of income passed u/s. 143(3) r.w.s. 147 of the Act. In consequence of which the AO issued notice u/s. 274 r.w.s. 271(1)(c) of the Act dated 31-03-2013 for both the charges that are concealment of income and furnishing of inaccurate particulars of income. In penalty order dated 27-09-2013 imposed penalty by recording his satisfaction that the assessee has furnished inaccurate particulars/concealed particulars of income. Thus, the penalty imposed by the AO fails and is quashed - Decided in favour of assessee.
|