2021 (7) TMI 1087

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....ble, JM This appeal is filed by the assessee against order dated 30/08/2017 passed by CIT(A)-Ghaziabad, for assessment year 2013-14. 2. The grounds of appeal are as under:- "1. That the penalty proceedings and also the penalty order are liable to be quashed because the "charge" had not been specified. 2. That on the facts of the case and under the law, the penalty u/s. 271(....

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....f Rs. 56,95,330/-. The assessment was completed u/s. 142(3) on 5/1/2016 thereby making addition of Rs. 9,38,333/- in respect of difference found in calculation sheet of capital gain. Thus, his total income was assessed at Rs. 66,33,660/- penalty notice u/s. 271(1)(c) was issued on 1/7/2016. The penalty order u/s. 271(1)(c) of the Income Tax Act, 1961 was passed on 27/7/2016. Thereby imposing penal....

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....tice has mentioned both the limbs i.e. concealing particulars of income and furnishing inaccurate particulars of income. Thus, the Ld. DR submitted that the notice is valid. The Ld. DR relied upon the assessment order, penalty order and the order of the CIT(A). 7. We have heard the Ld. DR and perused all the relevant material available on record. The penalty notice is on both the limbs but the ....

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....or concealment of income before the Assessing Officer. Section 271 of the Act comes into picture when there is a failure to furnish returns or there is concealment of income or furnishing of inaccurate particulars before the Assessing Officer. But in the present case before the Assessing Officer, all the relevant facts were already available and the mistake has been rectified by the assessee prior....