2021 (9) TMI 912

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....ADEE NATH MISSHRA, AM This appeal by Assessee is filed against the order of Learned Commissioner of Income Tax (Appeals)-7, New Delhi, ["Ld. CIT(A)", for short], dated 20.11.2019 for Assessment Year 2009-10, on the following grounds: "1. The CIT(A] erred in upholding penalty, on the facts and circumstances of the case and as per law, u/s 271(l](c) of the Act amounting to Rs. 15,45,000 /- impose....

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....explanations which were inaccurate. Order passed by the CIT(A) is against binding judicial precedents. 4. That the CIT(A) erred in upholding Order u/s 271(1)[c) of the Act, passed by the Assessing Officer imposing penalty of Rs. 15,45,000/- without supplying copy of statement of third party who have been searched u/s 132(1] of the Act and without providing opportunity of cross examination of wit....

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....s minimum penalty @100% of tax sought to be evaded, for furnishing inaccurate particulars of income. The assessee's appeal before Ld. CIT(A) was dismissed vide aforesaid impugned appellate order dated 20.11.2019 of Ld. CIT(A). The present appeal before Income Tax Appellate Tribunal ("ITAT", for short) has been filed by the Assessee against the aforesaid impugned appellate order dated 20.11.2019 wh....

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....e that the quantum addition of Rs. 50,00,000/- in respect of which the penalty was levied by the Assessing Officer under Section 271(1)(c) of I.T. Act; and which is disputed in the present appeal) has already been deleted by ITAT. However, she relied on the orders of the authorities below. (B.1) After hearing both sides, we are of the view that penalty U/s 271(1)(c) of I.T Act levied by AO has no....