2023 (7) TMI 611

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.... Shri K.L Solanki, Sr. D.R ORDER PER WASEEM AHMED ACCOUNTANT MEMBER: The captioned appeal has been filed at the instance of the Assessee against the order of the Learned Commissioner of Income Tax (Appeals), NFAC, Delhi, (in short "Ld. CIT(A)") arising in the matter of penalty order passed under s. 271(1)(c) of the Income Tax Act 1961 (here-in-after referred to as "the Act") relevant to t....

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....sessee. Accordingly, the AO also initiated penalty proceedings u/s 271(1)(c) of the Act, which came to be confirmed by the AO for Rs. 19,628/- being 100% of amount of tax sought to be evaded on account of concealment of particulars of income. The action of the AO was subsequently confirmed by the Ld.CIT(A). 4. Being aggrieved by the order of the Ld.CIT(A), the assessee is in appeal before us. ....

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....r. Thus, as per the Ld. AR the AO himself is not sure under which charge penalty u/s 271(1)(c) of the Act, should be imposed. Thus, in such facts and circumstances the penalty u/s 271(1)(c) of the Act, cannot be levied. 6. On the other hand, the Ld. DR vehemently supported the order of the authorities below. 7. We have heard the rival contentions of both the parties and perused the materials....

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....te particulars of income has not been defined under the provision of the Act. 7.2 Nevertheless, the income disclosed by the assessee has been assumed as business income and not the income under the head capital gain. At the most, such disclosure can be said as inaccurate claim made by the assessee which cannot be equated with the inaccurate particulars of income. In this regard, we place our re....