2018 (4) TMI 241

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Shri Shambhu Nath Mehrotra, the penalty imposed is Rs. 8,02,944/- whereas in the case of the assessee Shri Sharad Mehrotra, the penalty under appeal is Rs. 10,66,345/-. Both the appeals pertain to assessment year 2009-10 and since both the appeals involve identical issues, they are being heard together and disposed of through this common order for the same of convenience. 2. At the outset, the Ld. AR submitted that additional grounds of appeal had been filed in both the cases and ground no. 2 of the additional grounds was on the legal issue challenging the imposition of penalties without specifying the charge on which the penalty u/s 271(1)(c) of the Act was sought to be levied. The Ld. AR submitted that the Bench should hear out both th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the case of CIT vs. SSA's Emerald Meadows reported in (2016) 73 taxmann.com 241 (Kar) and further the SLP filed by the Revenue against the judgment of the Hon'ble Karnataka High Court in the case of CIT vs. SSA's Emerald Meadows (supra) had been dismissed by the Hon'ble Supreme Court. 4. The learned DR, appearing on behalf of the Revenue, argued that penalty proceedings have been validly initiated in the notice u/s.274 r.w.s. 271 of the Act. 5. We have heard the rival contentions and have also perused the material on record. It is evident from the both the notices u/s.274 r.w.s. 271 of the Act dated 13.12.2011 for the impugned year that the Assessing Officer has not specifically mentioned as to under which limb of Section 271(l)(c) o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of the case? Whether, on the facts and in the circumstances of the case, the Tribunal was justif ied in law in holding that the penalty notice under Section 274 r.w.s. 271(i)(c) is bad in law and inval id despite the amendment of Section 271 (1 B) with retrospective effect and by virtue of the amendment, the assessing off icer has initiated the penal ty by properly recording the satisfaction for the same ? (3) Whether on the facts and in the circumstances of the case, the Tribunal was justif ied in deciding the appeals against the Revenue on the basis of notice issued under Section 274 without taking into consideration the assessment order when the assessing off icer has specif ied that the 'assessee has concealed particulars of ....