2019 (7) TMI 1436

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....ppeal by the assessee is directed against the order of Commissioner of Income Tax (Appeals)-5, Pune dated 25-02-2016 for the assessment year 2005-06, confirming levy of penalty u/s. 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as "the Act"). 2. The notice of appeal was sent to the assessee through RPAD which was duly served. The appeal was first listed for hearing on 03-07-2018....

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....the aforesaid dates. It seems that the assessee is not keen to pursue his appeal. Hence, we proceed to decide this appeal with the assistance of ld. DR and the material available on record. 3. The brief facts of the case as emanating from records are: The assessee filed his return of income for the impugned assessment year on 31-10-2005 declaring total income of Rs. 27,60,110/-. The return of th....

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.... the First Appellate Authority, hence, the present appeal before the Tribunal. 4. Mrs. Shabana Parveen along with Shri Vishwas Mundhe representing the Department vehemently defended the order of Commissioner of Income Tax (Appeals) in confirming penalty levied u/s. 271(1)(c) of the Act. The ld. DR submitted that the assessee has failed to offer sales tax incentive to tax by misstating the same t....

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....Entitlement Exemption clamed at as capital receipt amounting to Rs. 46,66,665/- is charged to tax accordingly. Penalty Proceedings u/s. 271(1)(c) for furnishing of inaccurate/concealment particulars of income are being initiated separately." 6. While levying penalty, the Assessing Officer invoked only the charge of "furnishing inaccurate particulars of income". It is evident that while recording....