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TMI Blog2013 (8) TMI 813X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee's appeal directed against the ode of Ld. CIT(A) IV, Baroda dated 17.02.2010 for the assessment year 1995-96. 2. The grounds raised by the assessee are as under: "1. The learned CIT(A) has erred both in Law and in fact in confirming levy of penalty of Rs.25,40,000/- u/s.271(l)(c) On facts of the case and on provisions of Law your Appellant submits that he has not concealed any income or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the Penalty proceedings are initiated for "Concealing of Income" or for Furnishing Inaccurate particulars of Such Income and therefore, initiation of penalty and levy of penalty is bad in law and void and therefore, requires to be cancelled. 4. Your Appellant further submits that the Penalty has been levied without "Recording Satisfaction, of Concealment" and without supplying copy of such "Sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e paper book, has already admitted the appeal on a question of law as to whether the Tribunal was right in law in confirming the addition made by the A.O. u/s 45(3) of the Income tax Act, 1961. He submitted that the penalty has been imposed by the A.O. in respect of this addition made by the A.O. u/s 45(3) and the issue being a debatable issue, even if addition is ultimately upheld by Hon'ble Guja ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Tribunal, a substantial question of law is admitted by Hon'ble Gujarat High Court, it has to be accepted that the issue is not free from debate and hence, in our considered opinion, under these facts, it cannot be said that the assessee has concealed his income or furnished inaccurate particulars of income and, therefore, penalty is not justified. We, therefore, delete the same. 6. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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