TMI Blog2016 (8) TMI 1556X X X X Extracts X X X X X X X X Extracts X X X X ..... s been followed in the aforesaid tribunal decisions, we hold that the order imposing penalty in the assessment year 2007-08 have to be held as invalid and consequently penalty imposed is cancelled. For the reasons given above, we hold that levy of penalty in the present case cannot be sustained. We therefore cancel the orders imposing penalty on the Assessee and allow the appeal by the Assessee - I.T.A No. 34/Kol/2014 - - - Dated:- 3-8-2016 - Shri M. Balaganesh, AM And Shri S.S. Viswanethra Ravi, JM For the Appellant: Shri Miraj D. Shah, AR. For the Respondent: Shri Rajat Kumar Kureel, JCIT, Sr. DR. ORDER Per Shri M. Balaganesh, AM : This appeal by assessee is arising out of order of CIT(A), Central-III, Ko ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act shall not be imposed. In response to the same, the assessee stated that the penalty should not be imposed as the assessee has voluntarily disclosed an amount of ₹ 1,30,80,560/- which was worked out on the basis of peak amount as such the assessee stated that there was neither willful neglect nor was the evidence produced found to be false, fabricated or fraudulent. Another unaccounted transaction of ₹ 43,000/- was also found from the seized records, which had not been disclosed by the assessee in his return of income, was also added by the AO to the returned income of the assessee and penalty was also imposed on it. The AO did not accept the plea of the assessee and imposed penalty of ₹ 44,17,390/- being 100% of the t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en levied by the AO in this case. Hence, the levy of penalty is confirmed. Aggrieved, assessee is in further appeal before us. 4. The ld AR argued placed the copy of the show cause notice for initiating penalty proceedings u/s 274 read with section 271(1) (c ) of the Act wherein, the ld AO had merely ticked the portion of concealment of income or furnishing of inaccurate particulars of income without making specific charge on the assessee to respond. It is well settled that the penalty proceedings are distinct and separate from assessment proceedings. He placed reliance on the decision of the Co-ordinate Bench decisions of this Tribunal, Delhi Tribunal, Mumbai Tribunal and Bangalore Tribunal as mentioned in the compilation of case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed to be imposed for concealment of particulars of income or for furnishing inaccurate particulars of income. The Hon ble High court has further laid down that certain printed form where all the grounds given in section 271 are given would not satisfy the requirement of law. We also find that this case law has been relied upon in the following cases of the co-ordinate benches of this tribunal and other tribunals :- (i) Satyananda Achariya Biswas vs DCIT in ITA No. 05/Kol/2010 dated 2.12.2015 (Kolkata Tribunal) (ii) Gouri Das Maity vs ITO in ITA No. 2590/Kol/2013 dated 2.2.2016 (Kolkata Tribunal) (iii) Deepak Kumar Patwari vs ACIT in ITA Nos. 616 to 618/Kol/2013 dated 3.2.2016 (Kolkata Tribunal) (iv) Ramesh Prasad Sao vs DCIT in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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