2016 (8) TMI 1193

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....A)-2/2013-14 passed under section 271(1)(c) & 250(6) of the Act. M/s. VBC Jewellers. ITA Nos.2255 & 2256/Mds/2015: (A.Y. 2009-10 & 2010-11): 2. The assessee has raised several grounds in its appeals, however, the crux of the issue is as follows:- "The learned Commissioner of Income Tax (Appeals) has erred in sustaining the penalty of Rs. 7,50,000/- & Rs. 3,80,000/- for the assessment years 2009-10 & 2010-11 levied by the learned Assessing Officer under section 271(1)(c) of the Act." M/s. VCB Jewellery. ITA Nos.2257 & 2258/Mds/2015: (A.Y. 2009-10 & 2010-11): 3. The assessee has raised several grounds in its appeals, however, the crux of the issue is as follows:- "The learned Commissioner of Income Tax (Appeals) ....

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.... the assessees were accepted in order to avoid protracted litigations. The learned Authorized Representative further argued by stating that the assessee had filed their respective return of income accepting the discrepancy found during the course of survey and therefore there was no concealment of income or furnishing of inaccurate particulars in the return of income in order to attract the penal provisions of section 271(1)(c) of the Act. The learned Authorized Representative further relied in the decision of this Bench of the Tribunal in the case of ACIT Vs. Ram Thanga Nagai Maligai in ITA No.2183/Mds/2014 dated 10.06.2015 wherein it was held that on such occasions penalty under section 271(1)(c) of the Act cannot be levied. 8. The lea....