2013 (8) TMI 813

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.... Per Shri A. K. Garodia, AM:- This is assessee's appeal directed against the ode of Ld. CIT(A) IV, Baroda dated 17.02.2010 for the assessment year 1995-96. 2. The grounds raised by the assessee are as under: "1. The learned CIT(A) has erred both in Law and in fact in confirming levy of penalty of Rs.25,40,000/- u/s.271(l)(c) On facts of the case and on provisions of Law your Appellant sub....

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....le of two views and was not revealing clearly whether the Penalty proceedings are initiated for "Concealing of Income" or for Furnishing Inaccurate particulars of Such Income and therefore, initiation of penalty and levy of penalty is bad in law and void and therefore, requires to be cancelled. 4. Your Appellant further submits that the Penalty has been levied without "Recording Satisfaction, o....

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....dated 18.07.2011 as per the copy available on page 92 of the paper book, has already admitted the appeal on a question of law as to whether the Tribunal was right in law in confirming the addition made by the A.O. u/s 45(3) of the Income tax Act, 1961. He submitted that the penalty has been imposed by the A.O. in respect of this addition made by the A.O. u/s 45(3) and the issue being a debatable i....