TaxTMI 
TaxTMI 
2022 (8) TMI 1187
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.... has raised the common grounds in these appeals. The grounds raised for the assessment year 2015-16 are as under:- "1. Because on the facts and in the circumstances of the case the Ld. A.O. erred for confirming the penalty u/s. 271(1)(b) of the Income Tax Act, 1961 amounting to Rs. 10,000/- as imposed by the Ld. A.O. 2. Because on the facts and in circumstances of the case the order passed by the authority below is bad in law, invalid, against the principle of natural justice and equity." 3. The learned AR of the assessee has submitted that for the assessment year 2015-16, the Assessing Officer has levied the penalty under section 271(1)(b) for non compliance of notice under section 143(2) whereas the assessee has fully....
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....rutiny under limited category. Consequently, a notice u/s 143(2) of the Income Tax Act dated 07.04.2016 was issued and duly served on the assessee fixing the date of compliance for 25.04.2016. Further notices u/s 142(1) of the Income Tax Act, 1961 were issued on dated 10.02.2017, 28.04.2017, 15.06.2017 and 06.11.2017 duly served upon the assessee. In compliance to said notices u/s 143(2)/142(1) Shri Ajeet Kumar Sarraf FCA and Sh. A.C. Bhardwaja, Advocate, appeared from time to time filed reply and details, produced bills and vouchers, which have been examined at length. Necessary verification have been made in this regard. Reply and details filed by the assessee find placed on record and the case was discussed." 6. From the assessment or....
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....he returned income itself. Thus, when the Assessing Officer has accepted the reply of the assessee, then the penalty levied under section 271(1)(b) of the Act is not justified and the same may be deleted. 8. On the other hand, learned DR has submitted that the assessee has not complied with the notice issued under section 143(2) and consequently the Assessing Officer initiated the penalty proceedings under section 271(1)(b) by issuing show cause notice dated 4th October, 2018. The Assessing Officer levied the penalty under section 271(1)(b), vide order dated 26.10.2018 and only after the said order dated 26.10.2018, the assessee furnished its reply online on 12th November, 2018. Therefore, the compliance, if any was made by the assessee ....
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.... 271(1)b) of the I.T. Act. I have no option but to complete the penalty proceedings treating the assessee being in willful default for non compliance of statutory notices. Considering the facts and circumstances of the case, I impose a penalty of Rs. 10,000/- u/s 271(1)(b) of the I.T. Act, 1961. 3. Issue notice of demand and challan." 10. From the above penalty order, it is manifest that the Assessing Officer levied the penalty for non compliance of the notice issued under section 143(2) and 143(1). The Assessing Officer has not specified in the order as against which notice, whether issued under section 143(2) or 143(1), the penalty was levied. We further note that in the assessment order, the Assessing Officer has recorded the....
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....ount and details of interest claimed during the year and ledger copy of interest paid & interest received. Assessee also furnished details of monthly opening and closing stock. The case was selected for limited scrutiny to verify the issue "Whether sales turnover/receipts has been correctly offered for tax and whether deduction claimed on account of interest expenses is admissible". The case is examined on these issues and in this case the provision for payment of tax u/s 115JB attracted @18.5% on total income of Rs. 2365873/-. As the assessee filed Form No. 29B for computing the book profits of the company therefore, assessee is completed on the returned income i.e. Rs. 4,45,460/-." 11. Thus, it is clear that ....