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TMI Blog2018 (8) TMI 1889X X X X Extracts X X X X X X X X Extracts X X X X ..... ntum assessments were completed u/s 153A r.w.s 143(3) of the Act in both the years consequent to the search operations conducted u/s 132 of the Act in the hands of the assessee. After passing of orders by Ld CIT(A) in both the years in the appeals filed against the assessment orders, the AO passed penalty orders and levied penalty of Rs. 26.61 lakhs and Rs. 104.98 lakhs, computed at 150% of the tax sought to be levied. Though the assessee challenged the penalty orders by filing appeals before Ld CIT(A), yet he could not get favourable orders from Ld CIT(A). Hence the assessee has filed these appeals before us. 3. The Ld A.R submitted that the assessee had challenged orders passed by Ld CIT(A) in the quantum assessment proceedings by filin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... view that the assessing officer has to clearly specify the items which has been concealed or what particulars of income which have been filed is inaccurate. He submitted that the AO has made general observations that too made different charge in the assessment orders and penalty orders. He further submitted that the Ld CIT(A) has upheld the penalty orders by holding that the assessee has not filed correct particulars of income, while the AO has levied penalty by invoking Explanation 1 to sec. 271, which provides a deeming fiction for concealment of particulars of income. He submitted that the provisions of sec. 271(1)(c) contains two limbs viz., concealment of particulars of income and furnishing of inaccurate particulars of income. He subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e portion. However, in the instant case, the AO has charged the assessee with furnishing of inaccurate particulars of income, but levied penalty for concealment of particulars. 7. We have heard rival contentions on the legal issue and perused the record. Since the details relating to legal issues are already available on record, in our view, there is no bar on the assessee to urge the same before us at this stage. From the foregoing discussions, we notice that the assessing officer has initiated penalty proceedings for failure to disclose true particulars of income, i.e., for furnishing inaccurate particulars of income. In the penalty notices, the AO did not strike out inapplicable portion. However, in the penalty order, the AO has levied ..... X X X X Extracts X X X X X X X X Extracts X X X X
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