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2019 (9) TMI 188

..... bad in law as it did not specify in which limb of Section 271(1)(c) the penalty proceedings had been initiated i.e., whether for concealment of particulars of income or 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 Hon’ble Karnataka High Court in the case of CIT vs .....

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..... ct for furnishing inaccurate particulars of income, addition of ₹ 10,38,816/- on account of payment made in cash, but, now shown in the books of account for concealment of particulars of income and addition of ₹ 51,720/- for the amount to the capital saying source was agricultural income for concealment of particulars of income. The A.O. in this case passed the assessment order dated 2 .....

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..... ed in 73 taxmann.com 248 (SC). He has also submitted that recently the Hon ble Delhi High court in the case of Pr. CIT vs. M/s. Sahara India Life Insurance Company Ltd., 2019(8) TMI 409 (Del.) vide Judgment Dated 02.08.2019 in paras 21 and 22 held as under : 21. The Respondent had challenged the upholding of the penalty imposed under Section 271(1) (c) of the Act, which was accepted by the ITAT. I .....

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..... ntial question of law arises. 4. The Ld. D.R. on the other hand submitted that A.O. has initiated the penalty proceedings specifically for furnishing inaccurate particulars of income and for concealment of particulars of income, therefore, penalty have been correctly levied in the matter. 5. I have considered the rival submissions, perused the material on record and Orders of the authorities below .....

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..... td., (supra) following the decision of Hon ble Supreme Court in the case of M/s. SSAs Emerald Meadows (supra) confirmed cancellation of the penalty. I, therefore, following the aforecited decision of the Hon ble Delhi High Court in the case of Pr. CIT vs. M/s. Sahara India Life Insurance Company Ltd., (supra) set aside the Orders of the authorities below and cancel the penalty. 6. In the result, a .....

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