TaxTMI 
TaxTMI 
2020 (9) TMI 58
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....why penalty should not be levied u/s 271(1)(c) of the Act for concealment of particulars of income or furnishing inaccurate particulars of income. It was submitted that during the penalty proceedings, the assessee has raised the contention before the Assessing Officer stating that no specific charge for levy of penalty has been specified in the show cause notice. However, the Assessing Officer ignored the submission and levied the penalty on charge of concealment of particulars of income and the relevant findings of the AO reads as under:- "In view of the totality of the facts and circumstances of the case, the provisions of section 271(1)(c) of the Act and in the light of above discussion, I hold the assessee is defaulter for concealing ....
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....Benches and our reference was drawn to the Co-ordinate Bench decision in case of B. D. Mundra & Sons, Kota vs. DCIT, Central, Kota in ITA No. 826/JP/2019 dated 25/10/2019. It was accordingly submitted that the penalty so levied may kindly be quashed. 4. Per contra, the ld. DR submitted that the assessee was well aware of the reasons for initiation of penalty proceedings and submitted reply accordingly during the penalty proceedings. Therefore, even assuming there was a defect in the penalty notice, it did not result in denial of natural justice to the assessee and in support, reliance was placed on the Hon'ble Supreme Court decision in case of M/s Sundram Finance Limited dated 23.04.2018. It was further submitted that the provision of sect....
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....ng that it is a case of concealment of particulars of income. Even where it is held that the charge is uncertain at the initiation stage, the same has been made definite while passing the penalty order, therefore, it is not a case of lack of opportunity to the assessee as well as lack of application of mind on the part of the Assessing officer. It is not a case of the assessee that the charge of concealment of particulars of income is not attracted in the facts of the present case. The AO has invoked the provisions of explanation 5A to section 271(1)(c) which has been confirmed by the ld CIT(A). The ld. CIT(A) has dismissed the contention of the assessee of suo motu filing the revised return of income for the reason that such return has bee....