2018 (2) TMI 737

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....t Ld. CTT (A) has erred in confirming the order passed by the Assessing Officer and thereby confirming the penalty imposed by him u/s 271(1)(c) of the Income Tax Act, 1961. Ground No. 3.1 That the Ld. CIT (A) erred in observing that the assessee had failed to substantiate the purchase expenses amounting Rs. 15,68,789/-. Ground No. 3.2 That the CIT (A) erred in confirming the penalty under section 271(1 )(c) ignoring the well settled principal that disallowance of expense cannot per se amount to furnishing inaccurate particulars of income. Ground No. 4.1 That the Ld. CIT (A) erred in observing that the assessee had concealed the Interest Income amounting Rs. 1,03,562/-. In fact, the assessee had explained the reason since i....

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....rt decision in the case of CIT & Anr. Vs. M/s SSA's Emerald Meadows in CC No. 11485/2016 dated 05.8.2016. In view of above, he requested that the penalty in dispute may be cancelled and appeal of the assessee may be allowed. 5. On the contrary, Ld. DR relied upon the orders of the authorities below. 6. I have heard both the parties and perused the orders passed by the Revenue Authorities alongwith the relevant record available with us. Firstly, I have perused the Notice dated 29.12.2015 issued by the AO for initiating the penalty proceedings and directing the assessee to appear before him at 11.30 AM on 29/01/2016 and issued a Show Cause to the assessee stating therein that - ".....it appears that you:-........ ........................