TMI Blog2017 (2) TMI 1272X X X X Extracts X X X X X X X X Extracts X X X X ..... ice is vague as it fails to clearly spell out the charge for levy of penalty. A further examination of the records show that the observations of the Assessing Officer are inconsistent while recording satisfaction and at the time of passing of the penalty order. The Assessing Officer has levied penalty for furnishing inaccurate particulars of income. The Assessing Officer is incoherent in reasoning for recording satisfaction and in passing the order levying penalty. - Decided in favour of assessee. - ITA No. 188/Pun/2016 - - - Dated:- 22-2-2017 - Anil Chaturvedi (Accountant Member) And Vikas Awasthy (Judicial Member) For the Assessee : Pramod Shingte For the Revenue : Hitendra Ninawe ORDER Vikas Awasthy (Judicial Membe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner of Income Tax (Appeals). The Commissioner of Income Tax (Appeals) rejected the contentions of the assessee and confirmed the levy of penalty. Now, the assessee is in second appeal before the Tribunal assailing the levy of penalty. 3. Shri Pramod Shingte appearing on behalf of the assessee submitted that the levy of penalty is liable to be set aside on account of defective notice. The ld. AR submitted that even the satisfaction recorded by the Assessing Officer for initiating penalty proceedings is not proper. While recording satisfaction the Assessing Officer held that the penalty proceedings are initiated for concealment of income and furnishing of inaccurate particulars of income. Thereafter, while issuing notice dated 26-12-2008 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Hon ble Karnataka High Court in the case of Commissioner of Income Tax Vs. Manjunatha Cotton and Ginning Factory reported as 359 ITR 565 has held that, when the Assessing Officer proposes to invoke the first limb being concealment, then the notice has to be appropriately marked. Similar is the case for furnishing inaccurate particulars of income. The standard proforma without striking of the relevant clauses will lead to an inference as to non-application of mind . In the present case we find that at the time of initiating penalty proceedings the Assessing Officer while recording satisfaction has observed that, the assessee has concealed the income and has also furnished inaccurate particulars of income within the meaning of sect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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