TMI Blog2019 (5) TMI 432X X X X Extracts X X X X X X X X Extracts X X X X ..... s held that where there is no proper satisfaction for initiating penalty proceedings and in the absence of proper show cause notice to the assessee, there is no merit in levy of penalty. Accordingly, we delete the penalty levied under section 271(1)(c) of the Act in both the appeals. The grounds of appeal raised by assessee in both the appeals are thus, allowed. - ITA Nos.2561 And 2562/PUN/2016 - - - Dated:- 3-5-2019 - Ms. Sushma Chowla, JM And Shri Anil Chaturvedi, AM For the Appellant : Shri M.K. Kulkarni For the Respondent : Ms. Shabhana Parveen ORDER PER SUSHMA CHOWLA, JM: Both the appeals filed by assessee are against consolidated order of C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubstantiate since the original lender of money of ₹ 4,21,000/- had already expired after the transaction. In such circumstances the penalty was not leviable. The penalty be quashed. 3) On the facts and circumstances of the case and in law the penalty proceedings were initiated without any specific charge against the assessee. That is pertaining to any specific limb of S.271(1)(c) of the Act. The Hon'ble Supreme Court while dismissing the SLP of the Department where High Court held that notice without mentioning whether for concealment or for furnishing inaccurate particulars of income was not sustained [386 ITR (St) 13]. By this the High Courts order attained finality and became binding precedent under Art 141 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nitiated. While levying penalty, the Assessing Officer at page 3 of penalty order had held that the assessee has concealed particulars of its income by furnishing of inaccurate particulars of the same. Further, the Assessing Officer during the course of assessment proceedings relating to assessment year 2005-06 at last page of his order had held that For filing inaccurate particulars of income as discussed above, penalty proceedings u/s. 271(1)(c) is separately initiated. While levying penalty, the Assessing Officer has held that the assessee has concealed particulars of its income by furnishing of inaccurate particulars of the same. In view thereof, where the Assessing Officer had initiated penalty proceedings for one limb and levies penal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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