TMI Blog2021 (7) TMI 1087X X X X Extracts X X X X X X X X Extracts X X X X ..... is concealment of income or furnishing of inaccurate particulars before the Assessing Officer. In the present case before the AO, all the relevant facts were already available and the mistake has been rectified by the assessee prior to the mistake pointed out by the Assessing Officer to the assessee during the assessment proceedings. Therefore, the order of the CIT(A) is not correct, as there is no concealment of income or furnishing of inaccurate particulars. The penalty levied u/s. 271(1)(c) of the Act is therefore quashed. The appeal of the assessee is allowed. Thus, it does not amount to inaccurate furnishing of particulars or concealment of income tax. - Decided in favour of assessee. - I.T.A. No. 6842/DEL/2017 - - - Dated:- 23-7- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 77; 9,38,333/- in respect of difference found in calculation sheet of capital gain. Thus, his total income was assessed at ₹ 66,33,660/- penalty notice u/s. 271(1)(c) was issued on 1/7/2016. The penalty order u/s. 271(1)(c) of the Income Tax Act, 1961 was passed on 27/7/2016. Thereby imposing penalty of ₹ 1,93,296/-. 4. Being aggrieved by the penalty order, the assessee filed appeal before the CIT (A). The CIT (A) dismissed the appeal of the assessee. 5. The Ld. AR submitted that we notice dated 1/7/2016 has not mentioned the actual limb of Section 271(1)(c) under which the penalty was levied. The Ld. AR relied upon the decision of the Hon'ble Karnataka High Court in case of CIT v. Manjunatha Cotton Ginning Factory 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Thus, it is not a case of furnishing of inaccurate particulars or concealment of income before the Assessing Officer. Section 271 of the Act comes into picture when there is a failure to furnish returns or there is concealment of income or furnishing of inaccurate particulars before the Assessing Officer. But in the present case before the Assessing Officer, all the relevant facts were already available and the mistake has been rectified by the assessee prior to the mistake pointed out by the Assessing Officer to the assessee during the assessment proceedings. Therefore, the order of the CIT(A) is not correct, as there is no concealment of income or furnishing of inaccurate particulars. The penalty levied u/s. 271(1)(c) of the Act is theref ..... X X X X Extracts X X X X X X X X Extracts X X X X
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