2015 (10) TMI 1421

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....see is preferred against the order of the Ld. CIT(A)-24, Mumbai dt. 6.9.2013 pertaining to assessment year 2009- 10. 2. The sole grievance of the assessee is that the Ld. CIT(A) erred in upholding the levy of penalty made u/s. 271(1)(c) of the Act. 3. The roots for the levy of penalty lie in the assessment order dt. 21.12.2011 Made u/s. 143(3) of the Act wherein the Assessing Officer noticed tha....

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.... it cannot be said that the assessee has willfully concealed the particulars of income or filed inaccurate particulars of income. The AO did not accept the submissions made by the assessee and proceeded by levying minimum penalty of Rs. 2,55,535/- u/s. 271(1)(c) of the Act. 4. The assessee carried the matter before the Ld. CIT(A) but without any success. 5. Before us, the Ld. Counsel for the ass....

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....ling of inaccurate particulars of income or concealment of income. 6. Per contra, the Ld. DR strongly supported the orders of the First Appellate authority. 7. We have carefully perused the orders of the authorities below. We have also gone through the assessment order. It is an undisputed fact that the assessee has tendered loan to the builder much earlier to the date of purchase. It is also an....