9911796707
TMI Blog2019 (12) TMI 879X X X X Extracts X X X X X X X X Extracts X X X X ..... imilar, these cases are being disposed of vide this consolidated order. For the sake of convenience, we would first take ITA No.1925/PUN/2017 for the assessment year 2012-13 for adjudication. 3. The crux of the grievance of the assessee in these appeals is against the imposition of penalty levied under section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as "the Act‟) in respect of income declared during the course of survey. ITA No.1925/PUN/2017 A.Y.2012-13 4. The brief facts in this case are that the assessee is an individual and involved in the business of civil contractor. The assessee has e-filed return showing total income of Rs. 1,27,62,150/-. Subsequently a survey action u/s.133A of the Act was conducte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cording of proper satisfaction by the Assessing Officer. We have perused the order of the Assessing Officer and find the satisfaction recorded by the Assessing Officer vide Para-10 of the assessment order for initiating the penalty proceedings u/s.271(1)(c) of the Act is relevant for extraction. Therefore, the same is reproduced as under: "10............ Issued penalty notice u/s.274 r.w.s u/s.271(1) (c) r.w. explanation 1 for furnishing inaccurate particulars of income/concealing particulars of income......" 8. We have also perused the penalty order dated 28.09.2016 and find the satisfaction recorded by the Assessing Officer vide Para-11 in the penalty order for levying the penalty u/s.271(1)(c) of the Act is relevant for extraction. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aka High Court in the case of CIT Vs. Manjunath Cotton and Ginning Factory (supra.), the legal proposition that comes out and which is binding in nature is that the Assessing Officer should be clear as to which of the two limbs under which penalty is imposable, has been contravened or indicate that both have been contravened while initiating penalty proceedings. It cannot be that the initiation of penalty proceedings would be on both the limbs i.e. "for furnishing inaccurate particulars of income" or "concealment of income" or without any limbs of Section 271(1)(c) of the Act. The Assessing Officer has to mention specific limbs while imposing penalty u/s.271(1)(c) of the Act. 9. The sanctity in terms of natural justice with regard to this ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
