2022 (4) TMI 489

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...., appeared on behalf of the Revenue ORDER Per Manish Borad , Accountant Member : This appeal filed by the assessee pertaining to the Assessment Year (in short "AY") 2009-10 is directed against the order of ld. Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC)[in short ld. "CIT(A)"] dated 24.11.2021 vide Appeal No.CIT(A), Kolkata-3/10051/2017- 18 which is arising....

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...., during the course of hearing, ld. D/R submitted that this legal issue was not raised by the assessee before the ld. CIT(A) and, therefore, the same cannot be raised for the first time before this Tribunal. 5. We have heard rival contentions and perused the records placed before us. The assessee has raised the legal ground challenging the legality of penalty proceedings initiated u/s 271(1)(c)....

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.... unexplained sundry creditor and penalty proceedings were initiated u/s 271(1)(c) of the Act for furnishing of inaccurate particulars of income. It was followed by issue of notice u/s 274 r.w.s. 271(1)(c) of the Act dated 29.12.2011 place on record. Going through the notice, we find that the Assessing Officer (in short ld. "AO") mentioned both the limbs of Section 271(1)(c) of the Act stating that....

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....assessment proceedings but for that reason best judgment assessment has been made and the income, which had escaped assessment has been added to the income of the assessee. It was incumbent upon the Revenue to make out a specific case for imposition of penalty, on which count the Revenue has failed." 8. On going through the above finding of the Hon'ble jurisdictional High Court, the same is fou....