2022 (6) TMI 835

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....essee is directed against the order passed by the CIT(A)-4, Pune on 31-01-2020 confirming the penalty of Rs. 5,07,650 imposed by the Assessing Officer u/s. 271(1)(c) of the Income-tax Act, 1961 (hereinafter also called 'the Act') in relation to the assessment year 2011-12. 2. Briefly stated, the facts of the case are that the assessee was subjected to survey action u/s. 133A of the Act on....

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....of excess stock of silver found during the course of survey. Notice u/s. 274 r.w.s. 271(1)(c) was initially issued on 07-03-2014 at the time of completion of the assessment by keeping both the limbs intact, namely, "concealed the particulars of income and furnishing of inaccurate particulars of income". After the passing of the order by the ld. CIT(A) in quantum proceedings, the AO issued notice u....

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....tice of not striking out the irrelevant words vitiates the penalty even though the AO had properly recorded the satisfaction for the imposition of penalty in the order u/s. 143(3) of the Act. In another judgment, the Hon'ble Bombay High Court in Pr. CIT Vs. Golden Peace Hotels and Resorts (P.) Ltd. (2021) 124 taxmann.com 248 (Bom) also took similar view that where inapplicable portions were no....