2019 (3) TMI 88

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....ER P.M. JAGTAP, VICE PRESIDENT This appeal filed by the assessee is directed against the order of Ld. CIT(A) - 19, Kolkata dated 28.03.2018 whereby he confirmed the penalty of Rs. 3,45,355/- imposed by the AO u/s 271(1)(c) of the Income tax Act, 1961. 2. As noted at the outset, there is a delay of 15 days on the part of the assessee in filing this appeal before the Tribunal. In this regard, ....

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....488/- on account of undisclosed interest income. Penalty proceedings u/s 271(1)(c) were also initiated by the AO in respect of the said addition and since the explanation offered by the assessee in response to the show cause notice issued during the course of the said proceedings was not found acceptable by him, the AO imposed a penalty of Rs. 3,45,355/- u/s 271(1)(c) of the Act. On appeal, the Ld....

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....culars of his income or furnished inaccurate particulars of such income was not clear. In support of this contention, the learned counsel for the assessee has relied on the decision of the coordinate bench of this Tribunal in the case of Jeetmal Choraria vs ACIT rendered vide its order dated 01.12.2017 passed in ITA No. 956/Kol/2016 wherein a similar issue is decided by the Tribunal after taking i....

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.... of the Hon'ble Karnataka High Court. As far as benches of Tribunal in other jurisdictions are concerned, there are two views on the issue, one in favour of the assessee rendered by the Hon'ble Karnataka High Court in the case of Manjunatha Cotton & Ginning (supra) and other of the Hon'ble Bombay High Court in the case of Smt. Kaushalya. It is settled legal position that where two views are availa....