TaxTMI 
TaxTMI 
2021 (9) TMI 82
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....essing officer, under section 271(1)(c) of the Act, is opposed to law, weight of evidence, natural justice, probabilities, facts and circumstances of the Appellant's case. 2. The Appellant denies itself liable to the penalty of Rs. 5,03,278/- levied by the learned assessing officer under section 271(1)(c) of the Act on the facts and circumstances of case. 3. The notice issued under section 271(1)(c) of the Act, is bad in law, on the facts and circumstances of the case. 4. The learned CIT(A) failed to appreciate that the AO has not assumed proper jurisdiction, as the mandatory conditions for invoking the provisions of section 271(1)(c) of the Act has not been complied with under the facts and circumstances of t....
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....as preferred against the same, penalty ought not to have been levied, on the facts and circumstances of the case. 11. Without prejudice to the above, the penalty levied is highly excessive and liable to reduced substantially. 12. The appellant craves leave of this Hon'ble Tribunal, to add, alter, delete, amend or substitute any or all of the above grounds of appeal as may be necessary at the time of hearing. For these and other grounds that may be urged at the time of hearing of appeal, the appellant prays that the appeal may be allowed for the advancement of substantial cause of justice and equity." 2. The assessee in the Return of Income has declared the net taxable income of Rs. 37,35,140/-. The assessee admitted....
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....l, the CIT(Appeals) confirmed the levy of penalty observing that the assessee deliberately furnished inaccurate particulars with an intention to evade tax. Against this, the assessee is in appeal before us. 4. At the outset, the ld. AR argued that the AO in the penalty notice issued u/s. 274 dated 28.3.2013 mentioned as follows:- "have concealed the particulars of your Income or "have furnished inaccurate particulars of such Income." 5. The AO initiated penalty proceedings for levy of penalty for furnishing inaccurate particulars of income. He however levied penalty for concealing the particulars of income which was confirmed by the CIT(Appeals) on the reason of furnishing inaccurate particulars of income. According to the ld....
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....the Assessing Officer with regard to only one of the two breaches mentioned under section 271(1)(c) for initiation of penalty proceedings will not warrant/permit penalty being imposed for the other. The order imposing penalty has to be made only on the ground of which the penalty proceedings has been initiated, and it cannot be on a fresh ground of which the assessee has no notice. Therefore, where the Assessing Officer initiated penalty proceedings under section 271(1)(c) for furnishing inaccurate particulars of income, the order imposing penalty for concealment of income was not valid." 7. On the other hand, the ld. DR relied on the order of CIT(Appeals). 8. We have heard both the parties and perused the material on record. Section ....