TMI Blog2022 (5) TMI 838X X X X Extracts X X X X X X X X Extracts X X X X ..... alleged 'concealment of income' OR 'furnishing of inaccurate particulars of such income', the penalty levied is hereby obliterated. - Decided in favour of assessee. - ITA Nos. 5821/Del/2019, 5822/Del/2019, 5823/Del/2019 and 5824/Del/2019 - - - Dated:- 13-5-2022 - A.D. Jain, Vice President And Dr. B.R.R. Kumar, Member (A) For the Appellant : Akshat Jain, CA and Rajat Jain, CA For the Respondents : Bhavnesh Kulsheshtha, CIT DR ORDER Per Bench The present appeals have been filed by the assessee against the orders of the ld. CIT(A)-XXVI, New Delhi dated 22.04.2019. 2. Since, the issues involved in all these appeals are identical, they were heard together and being adjudicated by a common order. 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 6. That on the facts and in the circumstances of the case, the Ld. CIT(A) has erred both on facts in law in upholding levy of penalty of Rs. 2,07,200/- u/s. 271(1)(c) of the Act, without appreciating the fact that the Ld. AO has imposed penalty by charging the appellant as guilty of furnishing inaccurate particulars of income by mechanically invoking provision of Explanation 1 of Section 271(1)(c) of the Act while the same can be invoked for the charge of concealment of income. 7. That on the facts and in the circumstances of the case, the Ld. CIT(A) has erred both on facts in law in upholding levy of penalty of Rs. 2,07,200/- u/s. 271(1)(c) of the Act, without appreciating the fact that AO explicitly fails to specify in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er: 4. In view of the above, I hereby hold that this is a fit case for levy of penalty as the assessee had furnished inaccurate particulars of income thereby concealing true particulars of such income. 7. We have also gone through the notice u/s. 274 r.w.s. 271 of the Income Tax Act, 1961 issued by the Assessing Officer on 15.10.2018. We find that the Assessing Officer has issued the penalty order stating that, you have without reasonable cause failed to company with a notice u/s. 22(4)/23(2)4 of the Indian Income Tax Act, 1922 or u/s. 142(1)/143(2) of the Income Tax Act, 1961. No................dated....................... have concealed the particulars of your income......................furnish inaccurate particulars of such i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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