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TMI Blog2022 (1) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... 271(1)(c). Rs. 7,49,717/- 2 Your petitioner craves leave to add, alter, amend and/or withdraw any/or all the above grounds of appeal. Total tax effect Rs. 7,49,717/- 2. The ld. Authorized Representative (AR) for the assessee had filed the additional ground to the following effect: 3. Whether on the facts and circumstances, the show cause notice issued for levy of penalty u/s. 271(1)(c) is vague and thus vitiates the penalty proceedings. 3. The ld. AR for the assessee had submitted that the additional ground raised by the assessee is required to be allowed, being legal in nature. 4. Per contra, the ld. Departmental Representative (DR) has no objection for admitting the ground. 5. We have heard the rival contentions of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sequent years and on the basis of the B/s, it was submitted that the assessee is a loss making company and merely because the assessee has wrongly shown the loss on the sale of asset as revenue loss instead of capital loss, would not give right to any tangible benefit to the assessee as the assessee would continuous to be loss making company. It was submitted that the assessee has brought the above said fact to the notice of the CIT(A), however, the CIT(A) has not agreed to the contention of the assessee. 9. Per contra, the ld. DR, relied upon the para-4.1 of the CIT(A) to the following effect: "4.1 During penalty proceeding, the AO has discussed each and every argument of the appellant company in detail. As loss on sale of assets is a c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AR for the assessee. Admittedly, the notice dated 15.12.2017 provides as under: 12. If we look into the notice, either there was no ticking of either of the clause or there was ticking of one of the clause. If we assume that the AO while issuing the notice for penalty has imposed the penalty on account of furnishing inaccurate particulars of income and not concealing the particulars of income. In that case if we look into para 6 of Penalty order, it is abundantly clear that the AO had imposed the penalty for concealing the income and furnishing the inaccurate particulars of income. Further, if we look into the order passed by CIT(A), the CIT(A) in paragraph-4.1 reproduced herein above, it clearly shows that the penalty was imposed on the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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