2019 (7) TMI 600

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....PER SUSHMA CHOWLA, JM: The appeal filed by assessee is against order of CIT(A)-1, Nashik, dated 14.02.2017 relating to assessment year 2010-11 against penalty levied under section 271(1)(c) of the Income-tax Act, 1961 (in short 'the Act'). 2. The assessee has raised the following grounds of appeal:- In the facts of the case and considering the provisions of law - 1. The lea....

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....ealment of income, which is clearly not permitted in view of the decisions in the cases of Karnataka High Court in Manjunath Cotton & Ginning Factory (359 ITR 565) & SSA's Emerald Medows (ITA No. 380 of 2015 - SLP is dismissed by Supreme Court in CC No.11485/2016) & ITAT, Pune B Bench decision in Sanjog Tarachand Lodha (ITA No.688/PN/2014 dt. 31.08.2015) Therefore, it is prayed to cancel the p....

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....ited in the names of 45 persons at Rs. 1,80,00,000/- was made in the hands of assessee. The Assessing Officer while finalizing the assessment has initiated penalty proceedings for furnishing of inaccurate particulars of income as well as for concealment of income. Thereafter, the Assessing Officer had levied penalty under section 271(1)(c) of the Act at Rs. 56,61,974/- for concealment of income, w....

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....ly, penalty u/s 271(1)(c) is initiated." 6. The Assessing Officer thus, while recording satisfaction for initiating penalty proceedings had held the assessee to have filed inaccurate particulars of income and also had concealed his income. In other words, the Assessing Officer has failed to come to finding as to which limb of section 271(1)(c) of the Act has not been fulfilled by assessee and t....