9911796707
TMI Blog2024 (5) TMI 1014X X X X Extracts X X X X X X X X Extracts X X X X ..... ), Pune-11 dated 30.01.2024 confirming the levy of penalty of Rs. 39,92,450/- u/s. 271(1)(c) of the Income-tax Act, 1961 (hereinafter also as called 'The Act') for the assessment year 2016-17. 2. Brief facts of the case are as under : The appellant is a partnership firm engaged in the business of Builders. The Return of Income for the A.Y. 2016-17 was filed on 17.10.2016 declaring Nil income. Ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation. It appears that the assessment order had attained finality. The AO vide order dated 29.05.2019 levied penalty of Rs. 39,92,450/- u/s. 271(1)(c) of the Act in respect of the additional income of Rs. 1,80,91,318/- which was offered to tax during the course of assessment proceedings, by holding that the appellant firm is guilty of furnishing of inaccurate particulars of income. 3. Being aggri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring the ld. Sr. DR. 6. On the other hand, the ld. Sr.DR placing reliance on the orders of the authorities below supports that it is a fit case for levy of penalty. 7. I heard the ld. Sr.DR and perused the relevant material on record. The solitary issue in the present appeal is with regard to levy of penalty u/s. 271(1)(c) of the Act. The pre-requisite condition for levy of penalty for furnishin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 143 (Delhi) (FB). 8. On mere perusal of the assessment order, it would be evident that the AO had recorded the satisfaction to initiate the penalty proceedings u/s. 271(1)(c) of the Act for alleged offence of furnishing inaccurate particulars of income, only in respect of addition of interest income of Rs. 2,40,163/- by denying exemption u/s. 80IB(10) of the Act. The AO had not recorded satisfac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0), which is unsustainable under law, it does not amount to furnishing inaccurate particulars of income as held by the Hon'ble Supreme Court in the case of CIT v. Reliance Petroproducts (P) Ltd. (2010) 322 ITR 158. There is no finding by the AO as to which particulars filed by the appellant are found to be inaccurate. In the circumstances, I am of the considered opinion that it is not a fit case f ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
