TMI Blog2013 (8) TMI 813X X X X Extracts X X X X X X X X Extracts X X X X ..... inaccurate particulars of income and, therefore, penalty is not justified - Decided in favour of assessee - I.T.A. No.1116 / Ahd/2010 - - - Dated:- 5-7-2013 - Shri G. C. Gupta And Shri A. K. Garodia,JJ. For the Appellant : Shri Anil R Shah, Shri S N Soparkar, ARs For the Respondent : Shri Y. P. Verma, Sr. DR ORDER Per Shri A. K. Garodia, AM:- This is assessee's appeal directed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntioned in the Notice of Reopening making the entire proceedings u/s.148 bad in law void also resulting into levy of Penalty of Rs.25,40,000/- u/s.271(l)(c ) also void. 3. Without prejudice to above your Appellant submits that the Show Cause notice of Penalty issued by the Assessing Officer dated 7.12.2000 was vague, capable of two views and was not revealing clearly whether the Penalty procee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erefore Penalty u/s271(l)( c) by deleted. It is therefore, submitted that the penalty be cancelled and assessment be modified accordingly." 3. It was submitted by the Ld. A.R. that the issue regarding the addition made by the A.O. u/s 45(3) is a debatable issue and Hon'ble Gujarat High Court in tax appeal No.1912/2009 dated 18.07.2011 as per the copy available on page 92 of the paper book, has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of Rs.64,05,788/- by invoking the provisions of Section 45(3) of the Income tax Act, 1961 is justified or not. This is the settled position of law that the penalty u/s 271(1)(c) of the Income tax Act, 1961 is imposable in respect of any concealment of income or furnishing of inaccurate particulars of income by the assessee. When for the addition made by the A.O. which is confirmed by the Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X
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