2016 (7) TMI 1500

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....M. This appeal has been filed by the assessee against the order of the Ld. CIT(A) dated 31.12.2015. The only issue involved in this appeal relates to the sustenance of the penalty amounting to Rs. 2,44,940/- by the Ld. CIT(A), imposed by the AO u/s 271(1)(c) of the Income Tax Act. 2. I have heard the rival submissions and carefully considered the same along with the order of the tax authorit....

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....ax as per returned income                                     Rs. 1,05,329/- iii) Tax sought to be evaded                     ....

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....Tax Act the AO is satisfied that any person has concealed the particulars of his income & furnishing inaccurate particulars of such income. Thus there are two different charges in respect of which penalty has to be imposed. The charge of concealing the particulars of income is different from furnishing of inaccurate particulars of the income. Explanation I is applicable in case of concealment of p....