TMI Blog2019 (1) TMI 285X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Assessee : Sh. Tej Mohan Singh, Advocate For the Revenue : Smt.Chandrakanta, Sr. DR ORDER This is an appeal by the assessee against the order dated 24.8.2017 of the Commissioner of Income Tax (Appeals), Palampur 2. Following grounds have been raised in this appeal: 1. That the Ld. Commissioner of Income Tax (Appeals) has erred in law as well as on facts in upholding that the Assessing Officer is not required to record satisfaction during the course of assessment proceedings which is illegal, arbitrary and unjustified. 2. That without prejudice to the above, the Ld. Commissioner of Income Tax Appeals) has erred in upholding the imposition of penalty of ₹ 12,05,000/- under section 271D of the Act whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, the Assessing officer separately initiated penalty proceedings u/s 271D of the Act by observing that the assessee had received loan / deposit aggregated to ₹ 12,05,000/- from 08 persons. The Assessing officer asked the assessee to show cause and explain as to why penalty for violating the provisions of section 269SS of the Act may not be imposed upon the assessee for accepting the loan / deposits exceeding ₹ 20,000/- otherwise by the account payee cheques or account payee drafts. The Assessing officer did not find merit in the explanation of the assessee and levied the impugned penalty. 5. Being aggrieved the assessee carried the matter to the Ld. CIT(A) and submitted that the penalty cannot be levied because the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing officer nowhere initiated penalty proceedings u/s 271D of the Act although penalty proceedings u/s 271(1)(c) of the Act were initiated. The relevant findings given by the Assessing officer in the said assessment order dated 14.3.2014 reads as under:- The assessee has shown bank interest in his return of income at ₹ 11428/- thus the assessee not decaled interest to the extent of ₹ 4204/- (15635-11428). Hence, interest at ₹ 4204/- is treated as income of the assessee and the same is added to his total income. From the above I am satisfied that the assessee has concealed his income and furnished inaccurate particulars of his income to the extent of ₹ 4204/- as mentioned above. Penalty proceedings u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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