2017 (9) TMI 1518

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.... the assessee against the penalty imposed by the A.O. on the additions made in the assessment order for the assessment year 2009-10. The grounds raised by the assessee in this appeal are as under: 1. "The order of the Ld. CIT(A) is contrary to the facts of the case and also the law applicable to the facts of the case. 2. The Ld. CIT(A) is not justified in confirming the penalty of Rs. 29,50,000/- levied by the assessing officer u/s 271(1)(c) of the Income Tax Act, 1961. 3. The Ld. CIT(A) ought to have appreciated that there was neither concealment of income nor furnishing of inaccurate particulars of income in the case of the appellant. 4. Any other ground that may be urged at the time of appeal hearing."....

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....ice for both inaccurate particulars and concealment of income, hence, the notice issued u/s 274 r.w.s. 271 of the Act required to be treated as valid and penalty imposed by the A.O. needs to be confirmed. 7. We have heard both the parties, perused the materials available on record and gone through the orders of the authorities below. The A.O. made the addition of Rs. 95,43,358/- representing inflated purchases of Rs. 31.36 lakhs and bogus sundry creditors of Rs. 64.66 lakhs and completed the assessment. In the assessment order, the assessing officer recorded that the penalty proceedings u/s 271(1)(c) of the Act are initiated separately. It was not mentioned whether the penalty proceedings were initiated for concealment of income or for f....