TMI Blog2020 (2) TMI 258X X X X Extracts X X X X X X X X Extracts X X X X ..... ore, the penalty proceedings cannot be said to be validly initiated under such circumstances. However, nowhere in the assessment order states the specific charge of alleged concealment and / or furnishing of inaccurate particulars of income. Therefore, the entire penalty proceedings stand vitiated, because it is not in accordance with law - Decided in favour of assessee. - ITA.No.465/Del./2017 - - - Dated:- 5-2-2020 - Shri Bhavnesh Saini, Judicial Member And Shri R.K. Panda, Accountant Member For the Assessee : Shri Amarjeet Singh, C.A. For the Revenue : Shri S.L. Anuragi, Sr. D.R. ORDER PER BHAVNESH SAINI, J.M. This appeal by Assessee has been directed against the Order of the Ld. CIT(A)-I, New Delh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Dated 04.12.2017 in which the Tribunal held as under : 6. We have carefully considered the rival submissions and perused the relevant records. We find that assessee had appealed before the Ld. CIT(A) against the quantum additions i.e. disallowance u/s. 14A amounting to ₹ 4,07,158/- and disallowance on account of long term capital loss treated as business income amounting to ₹ 91,39,000/-. However, the assessee did not press for other disallowances made on account of Bad Debts of ₹ 1,32,000/- and Disallowance of Expenses on account of return of investment of ₹ 10,84,005/-. We further find that in his appellate order dated 01.2.2013 the Ld. CIT(A) did not allow the appeal of the assessee and aggrieved with the ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der such circumstances. However, nowhere in the assessment order states the specific charge of alleged concealment and / or furnishing of inaccurate particulars of income. Therefore, the entire penalty proceedings stand vitiated, because it is not in accordance with law, in view of the law settled in the following case laws. i) CIT Anr. Vs. M/s SSA s Emerald Meadows 2015 (11) TMI 1620 Karnataka High Court has held that Tribunal has correctly allowed the appeal filed by the assessee holding the notice issued by the Assessing Officer under section 274 read with Section 271(1)(c) to be bad in law as it did not specify which limb of Section 271(1) of the Act, the penalty proceedings had been initiated i.e., whether for con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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