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M/s Mac Overseas Pvt. Ltd. Versus ITO, Ward 6 (1) , New Delhi

2015 (12) TMI 1176 - ITAT DELHI

Penalty u/s. 271(1)(c) - Held that:- The assessee has not furnished inaccurate particulars of income and there are no findings of the Assessing Officer and the CIT (Appeals) that the details furnished by the assessee in his return are found to be inaccurate or erroneous or false. Under these circumstances, in our view the penalty in dispute is totally unwarranted and deserve to be deleted. Accordingly, we delete the penalty made u/s. 271(1)(c) of the I.T. Act and quashed the orders of the author .....

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in law, as it has been passed in gross violation of principles of natural justice. 2. The Ld. CIT(A) has erred in confirming the penalty u/s. 271(1)(c) levied by the AO. 3. The appellant may be permitted to add, alter or amend any of the foregoing grounds of appeal. 2. The brief facts of the case are that the assessment under section 143(3) of the Income Tax Act, 1961 was completed on 8.12.2006, at an income of ₹ 14,96,270/- against the returned income at NIL (by setting off the b/f busin .....

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observed that the assessee categorized its rental and hiring charges under the head business income and claimed such expenses to which the assessee was not eligible. In the assessment order, the AO regrouped the incomes and disallowed the ineligible expenses. In light of the above, all, AO was satisfied that the assessee furnished inaccurate particulars of its income in its return of income, hence, in view of Explanation 1 to section 271(1), he was satisfied that penalty under section 271(1)(c) .....

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in dismissing the present appeal filed by the Appellant u/s. 271(1)(c) of the Act. 4. Against the above order of the Ld. CIT(A) dated 13.12.2010, assessee is in appeal before the Tribunal. 5. Ld. AR stated that Ld. CIT(A) has passed the order in gross violation of principles of natural justice, hence the action of confirming the penalty u/s. 271(1)(c) may be quashed. 6. On the other hand, Ld. DR relied upon the order of the authorities below and requested that the Appeal of the Assessee may be d .....

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arges under the head business income and claimed such expenses to which the assessee was not eligible. In the assessment order, the AO regrouped the incomes and disallowed the ineligible expenses. In light of the above all, I am satisfied that in this case, the assessee furnished inaccurate particulars of income in its return of income. Keeping in view the above facts and hence in view of Explanation 1 to Section 271(1)(c), I am satisfied that penalty under section 27(1)(c) of the Income Tax Act .....

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l was dismissed by the Hon ble ITAT. 5.1 Since the quantum appeal has been dismissed by the Hon ble ITAT, I have no hesitation in dismissing the present appeal filed by the appellant u/s. 271(1)(c) of the Act. 6. In the result, the appeal is dismissed. 8. After perusing the finding of the AO made in his penalty order as well as finding in impugned order of the Ld. CIT(A), we are not in agreement with the finding of the Ld. CIT(A), because the mere fact that an addition is confirmed in quantum pr .....

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bserved that assessee furnished inaccurate particulars of its income and is liable for penalty u/s 271(1)(c), which did not establish that how the assessee has furnished inaccurate particulars of its income. In our view, as regards the furnishing of inaccurate particulars, no information given in the return was found to be incorrect or inaccurate. We further find that section 271(1)(c) postulates imposition of penalty for furnishing of inaccurate particulars and concealment of income. In this re .....

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