TaxTMI 
TaxTMI 
2020 (9) TMI 920
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....e and appeal was refixed for hearing on merits. 3. We have heard the Learned Representatives of both the parties through video conferencing and perused the Orders of the authorities below. 4. Briefly the facts of the case are that A.O. in the penalty Order noted that assessment in this case was framed under section 143(3) making an addition of Rs. 1426/- on account of loss of sale of fixed assets of Rs. 1426/- which was not added back in the computation of income, Rs. 5678/- for prior period expenses which were not added back in the computation of income, Rs. 1,90,952/- for claiming deductible expenses by treating these expenses as amortisable under section 35D, however, these expenses were to be treated as capital expenses, as they did n....
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....particulars of income are different, therefore, levy of the penalty is vague and illegal and as such the penalty is liable to be cancelled. 6. On the other hand, Ld. D.R. relied upon the impugned Orders and submitted that A.O. has correctly levied the penalty under section 271(1)(c) of the I.T. Act, 1961. 7. We have considered the rival submissions. The A.O. has issued show cause notice to the assessee dated 28.02.2014 before levy of the penalty in which the A.O. has mentioned both the limbs of Section 271(1)(c) of the Act that assessee has concealed the particulars of income or furnished inaccurate particulars of such income (supra). The A.O. in the assessment order has mentioned while making the above additions that assessee has furnish....