TaxTMI 
TaxTMI 
2020 (12) TMI 252
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....) of the Income Tax Act, 1961 which is below 100% of the tax sought to be evaded as per Section 271(1)(iii) of the Act and without prior approval of the learned Addl. CIT Range 6 Mohali under Section 274 of the Act. 2. That the Ld. CIT(Appeals)-2 Chandigarh has erred in upholding the order of the learned AO has in the notice under Section 271(1)(c) of the Income Tax Act, 1961 has stated that the assessee has concealed the particulars of income and furnished inaccurate particulars of income as well as in the body of the assessment order. The learned AO has no clear belief regarding under which limb mentioned in section 271(1)(c) of the Income Tax Act, 1961 the penalty is to be levied upon the appellant. Since the learned AO has no s....
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....account of assessee is claiming depreciation on the entire block of "Building and Plant & Machinery". 3. Addition of Rs. 1,40,955/- on account of disallowance of "Foreign Travelling expenses". Proceedings under section 271(1)(c) of the Act were also initiated against the addition mentioned above. In the meantime the assessee filed an appeal before the Ld. CIT(A) who deleted the addition mentioned at Sl. No. 2 above. The A.O. asked the assessee as to why the penalty under section 271(1)(c) of the Act was not to be levied. In response the assessee submitted as under: "1. That as regards addition of Rs. 81,072/- on account of interest on FDR it is submitted that the assessee has already stated in assessment proceedings tha....
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.... from the Additional Commissioner of Income Tax which is mandatory as per the provisions of Section 274 of the Act which provides that no order imposing the penalty shall be made except with prior approval of the Joint Commissioner of Income Tax. It was submitted that the assessee sought information under RTI Act and received the order dt. 30/05/2019, copy of which is placed at page no. 16 & 17 of the assessee's paper book wherein it has been mentioned that the net minimum penalty imposable was Rs. 25,051/- and that since the penalty levied was Rs. 17,242/-, approval under section 274 of the Act, which is required in case the amount of penalty under section 271(1)(c) of the Act is more than Rs. 20,000/- from Joint Commissioner of Income....
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....e income of Rs. 81,072/- the penalty of Rs. 17,242/- under section 271(1)(c) of the Act was rightly levied by the A.O. and that the Ld. CIT(A) was fully justified in sustaining the above said penalty. 11. We have considered the submissions of both the parties and carefully gone through the material available on the record. In the present case it is noticed that the A.O. while framing the assessment under section 143(3) of the Act made three addition i.e.; Rs. 81,072/- on account of less income shown under the head "income from other sources," Rs. 3,15,213/- on account of excess depreciation and Rs. 1,40,955/- on account of disallowance of Foreign Travelling Expenses. Out of the aforesaid additions, the addition of Rs. 3,15,213/- was dele....
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....culation of the Penalty to be levied is equal to the tax sought to be evaded & calculation is as per the table given below:- Sr.no Particulars Amount 1. Tax on the assessed income of Rs. 22,55,847/- (including concealed income of Rs. 81,072/-) Rs. 5,38,437/- 2. Tax on the income of Rs. 21,74,775/ (i.e. Assessed Income - Concealed Income of Rs. 81,072/-) Rs. 5,13,386/- 3. Minimum Penalty imposable @ 100% of the Tax sought to be evaded. Rs. 25,051/- 4. Maximum Penalty imposable @300% of the Tax sought to be evaded. Rs. 75,153/- ii. Please provide the information the concealed amount on which the penalty has been imposed and how it has been calculated. As per the penalty order, pen....