TMI Blog2014 (11) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... furnishing of inaccurate particulars, there was no justification to interfere with the material finding of fact - no direction was issued to initiate penalty proceedings – in COMMISSIONER OF INCOME TAX AND ANOTHER vs MANJUNATHA COTTON AND GINNING FACTORY [013 (7) TMI 620 - KARNATAKA HIGH COURT] it has been held that the condition precedent for initiation of penalty proceedings u/s 271(1)(c) is ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... against the order passed by the Tribunal dismissing the appeal filed against the order of the first appellate authority who has set aside the penalty imposed by the assessing authority. 2. The assessing authority after framing the assessment order has observed in the said order that penalty proceedings under Section 271 (1) (c) of the Income Tax Act, 1961 be initiated separately on the above i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal was of the view an erroneous claim which was to become erroneous later cannot be subjected to penalty and, therefore, it dismissed the appeal. It is against the said order, the present appeal is filed. 4. When two fact finding authorities have recorded that there is no mala fide on the part of the assessee in putting forth claim for depreciation and it would not constitute furnishing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... flected in the assessment orders passed by them. In a given case, after appreciating the entire records, the officer passing the order may categorically state that he is satisfied that the assessee has concealed income. Once such a finding is recorded that is sufficient to initiate penalty proceedings. Assuming such a categorical finding is not recorded in the order, at least, he has to record fac ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
