2018 (10) TMI 983

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....The relevant portion of which reproduced herein below : "I have considered the facts of the case, the submissions of the authorised representative of the appellant, the Board's instruction, Reserve Bank of India circular and the decisions relied upon by the appellant and the Assessing Officer. In the assessment, certain expenses have been disallowed and the disallowance of expenses would not lead to the conclusion that the appellant has concealed or furnished inaccurate particulars of income. There is no deliberate defiance of law. The honourable Supreme Court in many decisions has held that a disallowance of claim would not mean that inaccurate particulars of income have been furnished. Since all the material facts are disclosed in t....

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....c) of the Act. The learned authorised representative placed reliance on paragraph No. 4 of the order of the Tribunal and referred to page No. 1 of the paper book and argued that the Assessing Officer did not strike the relevant portion and therefore it is a defective notice in which the penalty cannot be imposed. 3. The learned Departmental representative relied on the order of the Assessing Officer. 4. We have heard the rival contentions and perused the materials placed on record, we find that this Tribunal in its consolidated order dated April 12, 2014 in I. T. A. No. 142 to 145/Patna/2014 (Hindustan Live Stock Agency v. Asst. CIT) placed reliance on the decision of the honourable Supreme Court in the case of CIT v. SSA's Emerald Me....

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....honourable Supreme Court dismissed the appeal of the Revenue in CC No. 11485 of 2016 vide order dated August 5, 23016. Therefore according to the learned counsel, since the notice itself is defective the subsequent penalty proceeding gets vitiated and so, the penalty is invalid in the eye of law and has to be cancelled. 3. On the other hand, the learned Departmental representative vehemently supported the orders of the lower authorities and does not want us to interfere in the order of the learned Commissioner of Income-tax (Appeals). 4. We have heard the rival submissions and gone through the facts and circumstances of the case. We note that the Assessing Officer has issued notice to the assessee vide dated March 31, 2000 under section....