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TMI Blog2022 (6) TMI 1246X X X X Extracts X X X X X X X X Extracts X X X X ..... -tax Act, 1961 (hereinafter also called 'the Act') in relation to the assessment years 2008-09, 2009-10 and 2010-11. Since common issues are involved in these appeals, we are, therefore, proceeding to dispose them off by this consolidated order for the sake of convenience. A.Y. 2008-09 : 2. Tersely stated, the facts of the case are that the assessee was registered under the Bombay Public Trust Act, 1950 in the year 1983 and has been engaged in running educational Institutions. Return was filed declaring total income at Rs. Nil. The Assessing Officer (AO) found that the assessee did not have any exemption u/s.10(23C)(vi) of the Act and had also violated the provisions of Section 13 of the Act making itself ineligible for the benefit of exe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... preferred appeal before the ld. CIT(A), who held that the penalty could be levied only on the additions confirmed by the Tribunal in quantum proceedings and accordingly directed the AO to recompute the penalty only on the additions confirmed by the Tribunal as per the order passed by him giving effect to the order of the Tribunal u/s.254 of the Act. The ld. CIT(A), however, directed to delete the penalty on the additions which stood deleted by the Tribunal order. This is how, both the sides have approached the Tribunal on their respective stands. 3. We have heard both the sides and gone through the relevant material on record. The Revenue has placed no material before us to demonstrate that the order passed by the Tribunal in quantum proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rnishing of inaccurate particulars of income' in the context of section 271(1)(c) of the Act. To put it differently, the amount of additions made by the AO while computing total income and the amount of additions which finally constituted the bedrock for imposition of penalty are only in the nature of `furnishing of inaccurate particulars of income' and have no relation whatsoever with the `concealment of particulars of income'. 5. The ld. AR invited our attention towards a copy of notice dated 31-12-2010 issued by the AO u/s.271(1)(c) read with section 274 of the Act referring to both the limbs, viz., "concealed the particulars of your income and furnished inaccurate particulars of income." This notice was issued pursuant to the assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in Pr.CIT Vs. Golden Peace Hotels and Resorts (P.) Ltd. (2021) 124 taxmann.com 249 (SC). 7. In view of the overwhelming legal position on this score, it is manifest that where the charge is not properly set out in the notice u/s 274, viz., both the limbs stand therein without striking off the inapplicable one, if any, the penalty order gets vitiated. Turning to the facts of the extant case, we find from the notice u/s 274 of the Act that the AO retained both the limbs, whereas penalty was imposed only with reference to one of them, namely furnishing of inaccurate particulars of income. Respectfully following the above referred Full Bench judgment of the Hon'ble jurisdictional High Court, we overturn the impugned order on this legal issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for challenge before the ld. CIT(A), he directed the AO to restrict the penalty on the amount of additions sustained by the Tribunal. This has led both the Revenue as well as the assessee to file cross appeals before the Tribunal. 10. After considering the rival submissions and perusing the relevant material on record, we find that the order passed by the Tribunal in quantum proceedings has not been shown to have disturbed by the Hon'ble High Court in any manner. The additions that have been deleted by the Tribunal cannot obviously be considered for the purpose of imposition of penalty u/s.271(1)(c) of the Act as they no more exist. Insofar as the sustenance of penalty is concerned, we find that the AO issued notice u/s.274 on 18-11-2011 b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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