9911796707
TMI Blog2019 (4) TMI 619X X X X Extracts X X X X X X X X Extracts X X X X ..... CIAL MEMBER : Assessee is in appeal before the Tribunal against order of the ld.CIT(A)-7, Ahmedabad dated 21.10.2016 passed for the Asstt.Year 2008-09. 2. Though the assessee has taken five grounds of appeal, but its grievance revolves around a single issue viz. the ld.CIT(A) has erred in confirming the penalty by Rs. 4,55,318/- imposed by the AO under section 271(1)(c) of the Act. 3. The ld.co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l)(c) of the Act by concealing the particulars of income/furnishing inaccurate particulars of its income to the tune of Rs. 39,11,404/-. The assesses company is therefore, liable for penalty U/s 271(1)(c) of the IT Act with reference to the addition of Rs. 39,11,404/-. Accordingly, the minimum penalty i.e.100% of the tax evaded on the concealed income comes to Rs. 4,55,318/- and the maximum pena ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have recorded a specific finding, for which breach, he has visited the assessee with penalty i.e. whether he has visited the assessee with penalty for concealment of income or furnishing inaccurate particulars of income. In the penalty order he cannot use both the expression. The discussion made by the Hon'ble Court in para-9 is worth to note. It reads as under: "9. Regarding the contention tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... language of "and/or" may be proper in issuing a notice for penalty, but it was incumbent upon the Assessing Authority to come to a positive finding as to whether there was concealment of income by the assessee or whether any inaccurate particulars of such income had been furnished by them. If no such clear cut finding is reached by the authority, penalty cannot be levied. It was a case in which i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perused in the light of the judgment of Hon'ble jurisdictional High Court, then it will reveal that the ld.AO was not specific in his finding for which he has visited the assessee with penalty. Therefore, this order is not in line of law laid down by the Hon'ble jurisdictional High Court, and hence not sustainable. The ld.CIT(A) has erred in upholding this order of the AO. We allow this appeal of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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