2019 (4) TMI 619

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....Sr.DR ORDER PER RAJPAL YADAV, JUDICIAL MEMBER : Assessee is in appeal before the Tribunal against order of the ld.CIT(A)-7, Ahmedabad dated 21.10.2016 passed for the Asstt.Year 2008-09. 2. Though the assessee has taken five grounds of appeal, but its grievance revolves around a single issue viz. the ld.CIT(A) has erred in confirming the penalty by Rs. 4,55,318/- imposed by the AO under....

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....essee company has clearly committed a default u/s. 271(l)(c) of the Act by concealing the particulars of income/furnishing inaccurate particulars of its income to the tune of Rs. 39,11,404/-. The assesses company is therefore, liable for penalty U/s 271(1)(c) of the IT Act with reference to the addition of Rs. 39,11,404/-. Accordingly, the minimum penalty i.e.100% of the tax evaded on the....

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....dings, but while visiting the assessee with penalty the ld.AO ought to have recorded a specific finding, for which breach, he has visited the assessee with penalty i.e. whether he has visited the assessee with penalty for concealment of income or furnishing inaccurate particulars of income. In the penalty order he cannot use both the expression. The discussion made by the Hon'ble Court in para-....

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....ing Works (supra). In the said decision, the Division Bench came to the conclusion that language of "and/or" may be proper in issuing a notice for penalty, but it was incumbent upon the Assessing Authority to come to a positive finding as to whether there was concealment of income by the assessee or whether any inaccurate particulars of such income had been furnished by them. If no such clear cut ....