2018 (8) TMI 1491

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.... Per Shri Manish Borad, AM This appeal by the assessee pertaining to Assessment Year 2011-12 is directed against the order of ld. Commissioner of Income Tax (Appeals)-II, Indore dated 01.08.2017 which is arising out of the order u/s 18(1)(c) of the Income Tax Act framed by the ACWT-5(1), Indore. 2. The sole grievance of the assessee is against the order of Ld. CIT(A) confirming the penalty....

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..../-. 4. Against the levy of penalty of Rs. 1,00,000/- imposed u/s 18(1)(c) of the Act, the assessee preferred an appeal before the Ld.CIT(A) but could not succeed. Now the assessee is in appeal before this Tribunal. 5. The Ld. Counsel for the assessee submitted that the basis of levy of penalty imposed by the Ld.A.O as well as the reason given by the Ld.CIT(A) was that the assessee has filed ....

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.... the order of Ld.CIT(A) levying penalty of Rs. 1,00,000/- u/s 18(1)(c ) of the Act. We find that the assessee is a Doctor engaged in the business of diagnostic centre. During the course of completion of assessment proceedings u/s 143(3) of the Act for the A.Y. 2011-12 it was noticed by Ld. AO that the assessee owns moveable and immoveable assets as on 31.3.2011. The Ld.A.O accordingly issued notic....

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....Act. 8. From the records placed before us shows that the penalty order as well as the findings of Ld.CIT(A) it is clearly evident that the basis for levying penalty was that the assessee filed the wealth tax return only after issuance of notice u/s 17(!A) of the Act but the records placed before us shows that the allegations made by both the lower authorities is not correct, as the assessee fil....