TMI Blog2024 (1) TMI 260X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty levied is hereby obliterated. Appeal of the assessee is allowed. - Kul Bharat (Judicial Member) And DR. B. R. R. Kumar (Accountant Member) For the Assessee : Arun Kisshore, Chartered Accountant For the Department : Om Prakash, Senior Departmental representative ORDER DR. B. R. R. KUMAR (ACCOUNTANT MEMBER) . 1. The present appeal has been filed by the assessee against the order dated February 20, 2017 passed by the learned Commissioner of Income-tax (Appeals)-6, New Delhi for the assessment year 2011-12. 2. The assessee has raised the following grounds of appeal : (1)(i) That the order of the learned Commissioner of Income-tax Appeals-6 (hereinafter called CIT(A)) dated February 20, 2017, confir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of a vague notice issued without proper application of mind ; without according opportunity to deal with specific provisions of the penalty section, which is, a violation of principles of natural justice and section 273B of the Income-tax Act. (5) That on the facts and in the circumstances of the case and in law, the learned Commissioner of Income-tax (Appeals) and the learned Assessing Officer have both erred in confirming/levying a penalty on two issues, namely, proposed disallowance under section 14A and disallowance out of loss on sale of flats, whereas there is no clear satisfaction recorded during the course of the assessment for the said two issues. (6) That on the facts and in the circumstances of the case and in law, the lear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 2 below para 8, the Assessing Officer has held as under : In view of the totality of the facts and in the circumstances of the case discussed above, the assessee's case is covered under Explanation 1(A) to section 271(1)(c) of the Income-tax Act, 1961. Since, the assessee has furnished inaccurate particulars of its income and thereby has concealed its true and correct income, a penalty of Rs. 34,34,000 is hereby imposed under section 271(1)(c) of the Income-tax Act, 1961, calculation of which is given hereunder : Rs. Tax sought to be evaded 34,33,914 Minimum penalty imposable at 100% of tax sought to be evaded 34,33,9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh Court in the case of Pr. CIT v. Sahara India Life Insurance Co. Ltd. in I. T. A. No. 475 of 2019 [2021] 432 ITR 84 (Delhi), reiterated that notice under section 274, should specifically state the grounds on which penalty was sought to be imposed as the assessee should, know the grounds which he has to meet specifically. (4) The aforesaid principle has been reiterated in the in the case of CIT v. SSA'S Emerald Meadows [2016] 73 taxmann.com 241 (Karn) (the Revenue's special leave petition dismissed in CIT v. SSA'S Emerald Meadows [2016] 386 ITR (St.) 13 (SC) ; [2016] 242 Taxman 180 (SC)). 7. Hence, respectfully following the order of the hon'ble jurisdictional High Court, since, the Assessing Officer has not been spe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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