2023 (4) TMI 677

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....A For the Revenue : Shri Parikshit Singh, Sr. DR, Sh. Kanv Bali, Sr. DR ORDER PER ANUBHAV SHARMA, J. M.: 1. The appeal has been preferred by the Assessee against the order dated 07.06.2019 of Ld. Commissioner of Income Tax (Appeals)-12, New Delhi (hereinafter referred as Ld. First Appellate Authority or in short Ld. 'FAA') in appeal No. 42/18-19 arising out of an appeal before it again....

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....he use of earning exempt dividend income. The same are not allowable and as the Assessee had not preferred appeal against the assessment order passed u/s 143(3) of the Act a penalty of Rs. 2,26,918/- to the extent of 100% of the tax sought to be evaded was levied and the ld CIT(A) had sustained the same while passing the impugned order. 3. As the case was called for hearing an application was f....

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....e CIT(A) failed to consider the penalty proceedings being vitiated in law at the outset due to an invalid notice, the subsequent levy of penalty by the A.O. suffered due to lack of jurisdiction and was therefore required to be quashed. 4. Without prejudice to the grounds already raised, the Ld. CIT(A) has erred in confirming the penalty u/s 271(1)(c ) of the Act on an issue which was not ....

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....a No. 7 of the penalty order to contend that the ld AO has brought on record as to what he found was furnishing inaccurate particulars. It was submitted that the orders passed by the ld Tax Authorities below specifically clarified that penalty proceedings were conducted for furnishing inaccurate particulars. 8. Giving a thoughtful consideration to the submission and to the matter on record it c....