2019 (3) TMI 479

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..... Pansari, Sr.AR-CIT ORDER PER B.R. BASKARAN, ACCOUNTANT MEMBER: The assessee has filed these appeals, challenging the orders passed by the Ld. Commissioner of Income Tax (Appeals)-4, Mumbai, confirming the penalty levied by the AO for the AYs. 2011-12 & 2012-13. 2. We have heard the parties and perused the record. 3. The AO received information that the assessee was in receipt of i....

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....imed by the assessee, since the assessee failed to furnish any documentary evidence and further the assessee could not prove that these expenses were incurred for earning interest income. The AO initiated penalty proceedings u/s. 271(1)(c) of the Act 'for furnishing of inaccurate particulars of income' in respect of disallowance of expenses made by him. The AO levied penalty of Rs. 9,79,655/- for ....

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....ed the penalty in both the years and hence the assessee has filed these appeals before us. 4. As noticed earlier, the AO has mentioned in the assessment order that he has initiated penalty proceedings for "furnishing of inaccurate particulars of income" in respect of disallowance of expenses in both the years. At the time of hearing, the assessee furnished copies of the penalty notices issued b....

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....rved that the "concealment of income" and "furnishing of inaccurate particulars of income" u/s. 271(1)(c) of the Act carry different meanings/connotations. Therefore, the satisfaction of the AO with regard to only one of the two limbs mentioned u/s. 271(1)(c) for initiation of penalty proceedings will not warrant/permit penalty being imposed for other limb. The Hon'ble Bombay High Court has....