2019 (5) TMI 432

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..... Shabhana Parveen ORDER PER SUSHMA CHOWLA, JM: Both the appeals filed by assessee are against consolidated order of CIT(A)-12, Pune, dated 04.07.2016 relating to assessment years 2004-05 and 2005-06 against penalty levied under section 271(1)(c) of the Income-tax Act, 1961 (in short 'the Act'). 2. Both the appeals of assessee on similar issue were heard together and are being disposed....

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....of Explanation 1 to S. 271(1)(c) was not attracted as explanation was submitted in response to show-cause notice u/s 274 of the Act. The Cl. (B) to that Explanation was also not attracted since all the facts relating to the same and material to the computation of his total income were already disclosed which is clear from the assessment order. The assessee was not able to substantiate since the or....

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....nfirming the penalty. The penalty levied be quashed. 4) On the facts and circumstances of the case and in law the Ld.CIT(A) was not justified in confirming the penalty order in spite of the argument that the same was barred by limitation. The Ld.CIT(A) rejected the contention of the appellant "without a speaking order". The penalty order be quashed as barred by limitation. 5) On ....

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....d of para 9 of his order had held that The assessee is deemed to have concealed the particulars of such income, therefore, penalty proceedings u/s. 271(1)(c) is separately initiated. While levying penalty, the Assessing Officer at page 3 of penalty order had held that the assessee has concealed particulars of its income by furnishing of inaccurate particulars of the same. Further, the Assessing Of....