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TMI Blog2021 (1) TMI 773X X X X Extracts X X X X X X X X Extracts X X X X ..... for A.Y. 2012-13 on 30.09.2012 declaring loss of Rs. 24,39,27,832/-. The case was selected for scrutiny and thereafter assessment was framed u/s 143(3) of the Act vide order dated 11.02.2015 and the total loss was determined at Rs. 24,37,52,866/- inter alia by making the disallowance of Rs. 1,74,966/- u/s 14A r.w.r 8D. On the aforesaid disallowance u/s 14A, AO vide order dated 31.08.2015 levied the penalty of Rs. 56,768/- u/s 271(1)(c) of the Act. 4. Aggrieved by the penalty order of AO, assessee carried the matter before the CIT(A) who dismissed the appeal of the assessee. Aggrieved by the order of CIT(A), assessee is now before us and has raised the following grounds of appeal: 1. "That the order of the Commissioner of Income-tax (Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Section 14A read with Rule 8D. 9. That the Commissioner (Appeals) failed to appreciate that the Assessing Officer erred in taking the tax sought to be evaded for the purposes of Section 271(1)(c) of the Act at Rs. 56,768/-; 10. That the conclusions and inferences of the Assessing Officer and/or Commissioner (Appeals) are based on suspicions, conjectures, surmises and extraneous and irrelevant considerations; 11. That the penalty levied under Section 271(1)(c) of the Act may be deleted and the order of Assessing Officer and /or Commissioner (Appeals) may kindly be quashed, set aside or annulled or modified; 12. That the aforesaid grounds of Appeal are without prejudice to each other; 13. That the Appellant craves leave to vary, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law that while levying penalty for concealment, the AO has to record satisfaction and thereafter come to a finding in respect of one of the limbs, which is specified under section 271(1)(c) of the Act. The first step is to record satisfaction while completing the assessment as to whether the assessee had concealed its income or furnished inaccurate particulars of income. Thereafter, notice u/s 274 read with Section 271(1)(c) of the Act is to be issued to the assessee. The Assessing Officer thereafter has to levy penalty under Section 271(1)(c) of the Act for non-satisfaction of either of the limbs. While completing the assessment, the Assessing Officer has to come to a finding as to whether the assessee has concealed its income or furnishe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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