TaxTMI 
TaxTMI 
2017 (10) TMI 538
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....and 2008-09 and under section 271AAA of the Act for the assessment year 2008-09. ITA no.3548/Mum./2015 2. In this appeal, the assessee has challenged the imposition of penalty under section 271(1)(c) of the Act for the assessment year 2007-08. 3. Brief facts are, a search and seizure operation was conducted in case of Dimple Drums and Barrels Pvt. Ltd. and the assessee was also covered under the said search operation carried out on 15th May 2008. The assessee had filed its original return of income for the impugned assessment year on 8th November 2007, declaring income of Rs. 3,30,758. Subsequently, in response to the notice issued under section 153A of the Act, the assessee filed its return of income on 12th January 2009, declarin....
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.... Assessing Officer has not recorded any satisfaction. Further, in the show cause notice issued under section 274 of the Act, the Assessing Officer has not specified which limb of section 271(1)(c) of the Act is attracted. Therefore, imposition of penalty is not justified. In this context, he relied upon the following decisions CIT v/s Manjunatha Cotton and Ginning Factory, [2013] 359 ITR 565 (Kar.), CIT v/s Samson Perinchery, [2017] 392 ITR 004, Meherji Cassinath Holdings Pvt. Ltd. v/s ACIT, ITA no.2555/Mum./2012, dated 28th April 2017. 6. Learned Departmental Representative supported the order of the Departmental Authorities. 7. We have heard rival contentions and perused the material available on record. On a perusal of the assessme....
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....ng undisclosed income of Rs. 81 lakh. It is pertinent to mention here, as observed by the Assessing Officer, the assessee had not filed original return of income under section 139(1) of the Act for the impugned assessment year since the due date for filing of return of income for the assessment year 2008-09, had not expired till the date of search. During the assessment proceedings, the Assessing Officer made addition on account of unaccounted cash amounting to Rs. 1.50 lakh on-money received from Bhupendra Jhaveri amounting to Rs. 7 lakh unexplained household expenses of Rs. 1,65,965 and perquisite value towards payment of electricity bill by the company amounted to Rs. 95,758. On the basis of additions made, the Assessing Officer initiate....
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....(1)(c) of the Act. However, he has not recorded any satisfaction whether initiation of penalty proceedings is for furnishing of inaccurate particulars of income or concealing the particulars of income or both. Similarly, insofar as the addition of perquisite value of Rs. 76,558 is concerned, from the discussion of the Assessing Officer in Para-9.3 and 9.1, it is evident that the Assessing Officer has not even directed for initiation of penalty proceedings under section 271(1)(c). Of-course, in the concluding part of the assessment order, the Assessing Officer has mentioned that penalty proceedings under section 271(1)(c) r/w section 274 / 271AAA are initiated separately. However, the Assessing Officer has not recorded any satisfaction for w....
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....closed income offered by the assessee. 18. Though, the assessee challenged the imposition of penalty before the learned Commissioner (Appeals), however, learned Commissioner (Appeals) sustained imposition of penalty under section 271AAA. 19. We have heard rival contentions and perused the material available on record. The learned Authorised Representative submitted before us that the Assessing Officer has not initiated proceedings for imposition of penalty under section 271AAA as no show cause notice under section 274 of the Act was issued to the assessee. On the basis of aforesaid submissions made by the learned Authorised Representative the Bench directed the learned Departmental Representative to obtain necessary instruction from t....