TMI Blog2017 (12) TMI 575X X X X Extracts X X X X X X X X Extracts X X X X ..... has stated that he is satisfied that the assessee has concealed particulars of his income, which is contrary to law. - Decided in favour of assessee. - ITA Nos. 5788, 5789 & 5790/Del/2014 - - - Dated:- 5-12-2017 - Shri H. S. Sidhu, Judicial Member And Shri Prashant Maharishi, Accountant Member Assessee by : Sh. Satish Aggarwal, CA Department by : Smt. Aparna Karan, CIT(DR) ORDER Per H. S. Sidhu, JM These appeals by the Assessee are directed against the respective Orders, all dated 11.9.2014 of the Ld. Commissioner of Income Tax (Appeals)-III, New Delhi pertaining to assessment year 2007-08, 2008-09 and 2009-10 respectively. Since the issues involved in these appeals are identical and common, hence, the appeals were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se incriminating documents the assessee in his statement recorded under section 132(4) of the Income Tax Act, 1961 (hereinafter referred as the Act) surrendered a sum of ₹ 1 Crore as his additional income comprising for different assessment years ranging from assessment year 2007-08 till assessment year 2011-12. For the year under consideration, the assessee declared a sum of ₹ 10,00,000/- as an additional income. Since in the return of income filed under Section 153A of the Act, the assessee disclosed this additional income over and above the income declared in the return of income filed under section 139(1) of the Act, hence, the AO held that on additional income of ₹ 10,00,000/- the penalty was leviable under section 27 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... celled and appeal of the assessee may be allowed. 6. On the contrary, Ld. DR relied upon the orders of the authorities below. 7. We have heard both the parties and perused the orders passed by the Revenue Authorities alongwith the relevant records available with us. Firstly, we have perused the Notice dated 26.3.2013 issued by the AO for initiating the penalty and directing the assessee to appear before him at 11.30 AM on 26/04/2013 and issued a Show Cause to the assessee stating therein that ..you have concealed the particulars of your income or furnished inaccurate particulars of such income . After perusing the notice dated 26.3.2013 issued by the AO to the assessee, we are of the view that the AO has initiated the penalty for f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 (Supra) Karnataka High Court. Notice issued by AO under section 274 read with section 271(1)(c) to be bad in law as it did not specify which limb of Section 271(1) of the Act, the penalty proceedings had been initiated i.e., whether for concealment of particulars of income or furnishing of inaccurate particulars of income Decided in favour of assessee. 8. In the background of the aforesaid discussions and respectfully following the precedents, we delete the penalty in dispute and decide the issue in favor of the assessee and against the Revenue. 9. As regards the other two appeals are concerned, following the consistent view as taken in ITA 5788/Del/2014 (AY 2007-08), as aforesaid, we delete the penalty in dispute in other t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
