TMI Blog2020 (3) TMI 208X X X X Extracts X X X X X X X X Extracts X X X X ..... esh taking into consideration aforesaid discussion after providing reasonable opportunity to the assessee. Needless to say, the assessee should attend to the appellate proceedings before the ld CIT(A) and cooperate in timely completion of the appellate proceedings. Appeal of the assessee is allowed for statistical purposes. - ITA. No. 573/JP/2019 - - - Dated:- 15-1-2020 - Shri Vijay Pal Rao, JM And Shri Vikram Singh Yadav, AM For the Assessee : None For the Revenue : Shri K.C. Gupta (JCIT) ORDER PER: VIKRAM SINGH YADAV, A.M. This is an appeal filed by the assessee against the order of ld. CIT(A), Ajmer dated 27.02.2019 for the Assessment Year 2012-13 wherein the assessee has challenged the sustenance of levy of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s loss was a speculation loss and it could be set off only against speculation income . Therefore, the CIT(A) has rightly denied the benefit of set off to the assessee The final plea of the Ld. A/R that the matter may be restored to the file of the AO also cannot be accepted for the reasons that the assessee has been provided sufficient opportunity before the authorities below to produce necessary documents in support of her claim. Any remand of the issue to the file of the AO as this stage shall be against the basic tenants of law. 4. Separately, the Assessing Officer initiated penalty proceedings U/s 271(1)(c) of the Act and satisfaction has been recorded by the Assessing Officer stating that the assessee has concealed and also fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal against the assessee in the quantum proceedings, the assessee has concealed and also furnished inaccurate particulars of her income and the relevant findings of the AO reads as under:- I have carefully gone through the above decisions cited by learned A/R of the assessee but these are no help to the assessee. Since the Ld CIT (A) Ajmer and the Hon'ble ITAT, Jaipur has already considered the submission of the assessee and the appeal of the assessee has been dismissed by both the appellate authorities. In view of detailed facts discussed above, I find that the assessee has concealed and also furnished inaccurate particulars of her income, therefore, penalty proceedings u/s 271(1)(c) of the I.T. Act, 1961 have been initiated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (vi) Minimum penalty imposable @ 300% of tax Sought to be evaded. ₹ 49,27,680/- (vii) Penalty levied 100% of tax sought to be evaded. ₹ 16,42,560/- I hereby impose a penalty u/s 271(1) of the act for the A.Y. 2012-13, of ₹ 16,42,560/- which is 100% of the tax sought to evaded. 6. We, therefore, find that right from the assessment proceedings till completion of the penalty proceedings, the AO stated that the assessee has concealed her particulars of income as well as furnished inaccurate particulars of income. Therefore, both the charges for levy of penalty has been put on the assessee however, ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;s case (1 supra), the Supreme Court also held that imposition of penalty is unwarranted when there is no finding in the assessment order that details supplied by the assessee were found to be false. This indicates that the view taken by the Delhi High Court in Ram Commercial Enterprises Ltd.'s case (6 supra ) which has been approved in Dilip N. Shroff's case (10 supra) continues to be valid and this part of the judgment in Diiip N. Shroff's case (10 supra) has not been over ruled and continues to be good law. Moreover the decision of the Delhi High Court in Ram Commercial Enterprises (6 supra)was also followed by the same High Court in Commissioner of Income Tax v. M.K.Sharma(9 supra) and SLP(c) No.17591 of 2008 filed aga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd to comply with the principles of natural justice. The Income Tax Officer had merely held that the assessee is guilty of furnishing of inaccurate particulars and not of concealment of income; which finding was arrived at also by the Commissioner of Income Tax and the Income Tax Appellate Tribunal. In the facts and circumstances of the case, there are enough material to show that the action on the part of the appellant may not be said to be such which would attract the penal provision under s. 271(1)(c). For the reasons aforementioned, the impugned judgment cannot be sustained. 7. He contended that while concluding the assessment order the officer must be clear whether it is the concealment of income or furnishing of inaccurate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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