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TMI Blog2018 (5) TMI 1728X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee by filing copy of notice issued u/s.271(1)(c) of the Act by the Assessing Officer dated 26.12.2011 in Assessment year 2009-2010 submitted that the Assessing Officer in the said notice has stated as under: "have concealed the particulars of your income or furnished inaccurate particulars of such income." 4. Thus, it is not clear from the said notice issued u/s.271(1)(c) of the Act by the Assessing Officer whether the show cause is issued to the assessee for concealment of particulars of income or for furnishing inaccurate particulars of income. 5. On the other hand, ld D.R relied on the order of the Assessing Officer. 6. We have heard the rival submissions and perused the orders of lower authorities and materials available on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of income arrived at in the assessment order passed u/s 153A of the Act or in the penalty order u/s 271(1)(c) of the Act. The appellant has also referred to the deficiency of notice issued u/s 274 r.w.s. 271(1)(c) wherein the AO did not tick mark the relevant applicable part of the said notice neither striked out inapplicable portion of the said notice. The appellant referred to various court decisions on this deficiency in notice wherein penalty was cancelled by the courts. After going through the assessment order as well as penalty order, I am inclined to accept the appellant's contention that there is deficiency in proper notice issued and served by the AO as per sec. 274 r.w.s. 271(1)(c) of the Act. The copy of notice u/s 274 r.w. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... late proceedings and even in the remand report dated 22.09.2014 of ACIT, Central Circle-1, Ranchi duly forwarded by the Range Head, no finding has been given to relate the disclosures made by the appellant are falling within the two condition of Explanation 5A to sec. 271(1)(c) of the Act. With regard to the defects in the notice u/s 271(1)(c) of the Act raised by the appellant, the provision of sec. 292B of the Act applicable w.e.f. 01.10.1975 is reproduced hereunder: 292B. No return of income, assessment, notice, summons or other proceeding, furnished or made or issued or taken or purported to have been furnished or made or issued or taken in pursuance of any of the provisions of this Act shall be invalid or shall be deemed to be in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he documents related to the amount of Rs. 61 lakhs received from 12 applicants. Accordingly, share application money of Rs. 61 lakhs was surrendered by the assessee. The AO treated Rs. 61 lakhs as income and initiated penalty proceedings u/s 271(1)(c) of the Act. Commissioner of Income-tax (Appeals) ("CIT(A)") and ITAT held the case in favour of the assessee. On appeal by the Revenue, the Chattisgarh High Court (TCA No. 15/2011) held that there was neither any detection nor any information in possession of the Revenue except for the amount surrendered by the assessee. Accordingly, it could not be said that there was any "concealment". The Supreme Court dismissed the petition filed by Revenue thereby holding that penalty cannot be levied ..... X X X X Extracts X X X X X X X X Extracts X X X X
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