TMI Blog2019 (7) TMI 298X X X X Extracts X X X X X X X X Extracts X X X X ..... furnishing inaccurate particulars of income. The entire penalty proceedings are, therefore, vitiated and no penalty is leviable. On this score itself similar view is taken by in the case of CIT vs. M/s. SSAs Emerald [ 2015 (11) TMI 1620 - KARNATAKA HIGH COURT] . This decision is confirmed by the Hon ble Supreme Court [ 2016 (8) TMI 1145 - SC ORDER] . In this view of the matter, the orders of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 9,86,84,160/- under section 143(3) r.w.s. 144C of the I.T. Act, 1961, based on TPO s additions and DRP s direction after making the following additions. (i) TP adjustment ₹ 9,49,21,677/- (ii) Disallowance of depreciation on house property ₹ 26,03,665/-. (iii) Addition on account of notional interest on interest free security depos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... below. The A.O. in the assessment order on the addition of ₹ 26,03,665/- on which penalty have been levied has mentioned I am satisfied that assessee had furnished inaccurate particulars of income and concealed the income of ₹ 26,03,665/-. Therefore, penalty proceedings under section 271(1)(c) of the Act have been initiated on this issue. Copy of the show cause notic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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