2022 (11) TMI 20

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....earned CIT(A) has erred in upholding the penalty order passed by the learned AO. 2. Ground No. 2 2.1 On the facts and circumstances of the case and in law, the learned CIT(A) has erred in not holding that the penalty order passed by the learned AO is bad in law and liable to be quashed. 2.2 On the facts and circumstances of the case and in law, the learned CIT(A) has erred in not holding that the Notices issued under 274 read with section 271(1)(c) are bad in law and liable to be quashed. 2.3 On the facts and circumstances of the case and in law, the learned CIT(A) has erred in upholding the penalty order passed by the learned AO without considering that the penalty has been charged on the wrong limb. 3. Ground No. 3 3.1 O....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... High Court in the case of Sahara India Life Insurance Co. Ltd. (supra) has also deleted the penalty. 4. On the contrary, learned DR opposed the submissions and supported the orders of the authorities below. Learned DR submitted that under identical facts the Hon'ble Madra High Court in the case of Sundaram Finance Ltd. vs. ACIT (2018) 93 taxmann.com 250 has upheld the penalty order. 5. We have heard rival submissions and perused the material available on record. There is no dispute with regard to the fact that the Assessing Authority has failed to specify the charge under which he was proposing to levy the penalty. For the sake of clarity the penalty notice dated 1.3.2013 is reproduced as under: "NOTICE UNDER SECTION 274 READ WITH SECT....