9911796707
TMI Blog2023 (1) TMI 1208X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany incorporated under the provisions of the Companies Act, 1956. It is engaged in the business of execution of civil contracts. The Return of Income for the assessment year 2014-15 was filed on 29.11.2014 declaring total income of Rs.Nil. Against the said return of income, the assessment was completed by the Dy. Commissioner of Income Tax, Circle-1(2), Pune ('the Assessing Officer') vide order dated 29.12.2016 passed u/s 143(3) at a total income of Rs.1,11,64,130/- after making disallowance of interest u/s 36(1)(iii) of Rs.1,06,34,568/-, disallowance of Rs.5,45,398/- u/s 14A and disallowance of interest on TDS of Rs.1,03,940/-. It appears that the additions made by the Assessing Officer are not agitated in the appellate proceedings. Thus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the show-cause notice does not invalidate the penalty proceedings, as it is a mere technical. 4. Being aggrieved by the decision of the ld. CIT(A), the appellant is in appeal before us in the present appeal. 5. When the appeal was called on, none appeared on the behalf of the appellant-assessee despite due service of notice of hearing. Therefore, we proceed to dispose of this appeal after hearing the ld. Sr. DR. 6. Before us, the ld. Sr. DR submits that the order of the ld. CIT(A) is based on the proper appreciation of facts. The ld. CIT(A) relying upon the decision of the Hon'ble Jurisdictional High Court referred supra as regards to the defects in the show-cause notice held that show cause notice is valid in law and held that the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order to be covered, there has to be concealment of the particulars of the income of the assessee. Secondly, the assessee must have furnished inaccurate particulars of his income. The instant case was not the case of concealment of the income. That was not the case of the revenue either. It was an admitted position in the instant case that no information given in the return was found to be incorrect or inaccurate. It was not as if any statement made or any detail supplied was found to be factually incorrect. Hence, at least, prima facie, the assessee could not be held guilty of furnishing inaccurate particulars. The revenue argued that submitting an incorrect claim in law for the expenditure on interest would amount to giving inaccurate pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... knowing that they were incorrect, it amounted to concealment of income. It was argued that the falsehood in accounts can take either of the two forms: (i) an item of receipt may be suppressed fraudulently; (ii) an item of expenditure may be falsely (or in an exaggerated amount) claimed, and both types attempt to reduce the taxable income and, therefore, both types amount to concealment of particulars of one's income as well as furnishing of inaccurate particulars of income. Such contention could not be accepted as the assessee had furnished all the details of its expenditure as well as income in its return, which details, in themselves, were not found to be inaccurate nor could be viewed as the concealment of income on its part. It was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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