TMI Blog2021 (9) TMI 347X X X X Extracts X X X X X X X X Extracts X X X X ..... t the notice issued under section 274 r.w.s. 271(1)(c) of the Act, the Assessing Officer has not specified any specific charge either for furnishing of inaccurate particulars or concealment of income. In view of the factual position, the ground raised by the assessee is devoid of any merits. Our view is duly supported by the decision of the Hon ble Jurisdictional High Court in the case of Sundaram Finance Ltd. [ 2018 (5) TMI 259 - MADRAS HIGH COURT ] which was affirmed by the Hon ble Supreme Court reported in [ 2018 (10) TMI 1451 - SC ORDER ] The Hon ble Jurisdictional High Court has rejected the additional substantial question of law on the reason that the assessee had at no earlier point of time pointed out the defect in the notice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 28.01.2019 relevant to the assessment year 2014-15 passed under section 271(1)(c) of the Income Tax Act, 1961 [ Act in short]. 2. Brief facts of the case are that the assessee filed the original return of income on 29.11.2014 for the assessment year 2014-15, which was revised on the same day. The case was selected for scrutiny and notice under section 143(2) of the Act was issued to the assessee. After considering the submissions of the assessee against statutory notices, the Assessing Officer completed the assessment under section 143(3) of the Act after making various additions. 3. Subsequently, the Assessing Officer initiated penalty proceedings by issuing notice under section 274 r.w.s. 271(1)(c) of the Act towards concealmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 1st appearance for assessment, the assessee has submitted a comparative income computation between the original and revised return and also what was being offered before assessment by virtue of the fact that it has inadvertently claimed exemption under section 10 of the Act. Thus, the ld. Counsel for the assessee prayed for deleting the penalty levied under section 271(1)(c) of the Act. On the other hand, the ld. DR strongly supported the orders of authorities below. 6. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. In this case, the Assessing Officer has observed that the assessee has filed the original return on 29.11.2014 which was revised on the same day. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing would depend upon the return filed, because that is the only document, where the assessee can furnish the particulars of his income. When such particulars are found to be inaccurate, the liability would arise , the ld. CIT(A) confirmed the penalty levied under section 271(1)(c) of the Act as admittedly, the assessee has furnished inaccurate particulars by claiming interest from mutual funds as exempted income. 6.1 It is an admitted fact that in the original return, the assessee offered a sum of ₹.43,28,917/- being interest on mutual fund for taxation. But, in the revised return this amount was claimed as income from mutual funds as exempt income. However, the assessee has not furnished any valid reason for claiming the intere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... curate particulars or concealment of income. In view of the factual position, the ground raised by the assessee is devoid of any merits. Our view is duly supported by the decision of the Hon ble Jurisdictional High Court in the case of Sundaram Finance Ltd. v. ACIT 403 ITR 407, which was subsequently affirmed by the Hon ble Supreme Court reported in [2018] 99 taxmann.com 152. The Hon ble Jurisdictional High Court has rejected the additional substantial question of law on the reason that the assessee had at no earlier point of time pointed out the defect in the notice that the notice issued under section 274 r.w.s. 271(1)(c) of the Act did not specifically state the grounds mentioned in section 271(1)(c) of the Act. In this case in hand, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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