2024 (1) TMI 260

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the following grounds of appeal : "(1)(i) That the order of the learned Commissioner of Income-tax Appeals-6 (hereinafter called CIT(A)) dated February 20, 2017, confirming the penalty of Rs. 34,34,000 (levied under section 271(1)(c) by the Income-tax Officer, Ward 6(3) (hereinafter called AO), is illegal, unjust and opposed to the facts. (ii) That each ground of appeal is without prejudice to each other. (2) That on the facts and in the circumstances of the case and in law, the learned Commissioner of Income-tax (Appeals) has grossly erred in confirming the penalty under section 271(1)(c) towards proposed disallowance of Rs. 83,43,304 under section 14A, when no such expense was claimed by the appellant, no disal....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....loss on sale of flats, whereas there is no clear satisfaction recorded during the course of the assessment for the said two issues. (6) That on the facts and in the circumstances of the case and in law, the learned Commissioner of Income-tax (Appeals) and the learned Assessing Officer have both erred in confirming/levying a penalty under a wrong Explanation 1(A) to section 271(1)(c), the penalty so levied be annulled. (7) That on the facts and in the circumstances of the case and in law, the learned Commissioner of Income-tax (Appeals) in an ex parte order, has not specifically dealt with the submissions of the appellant filed on February 17, 2016 vide its letter dated February 15, 2016 which have been summarily dismissed ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ich is given hereunder :   Rs. Tax sought to be evaded 34,33,914 Minimum penalty imposable at 100% of tax sought to be evaded 34,33,914 Maximum penalty imposable at 300% of tax sought to be evaded 1,03,01,742 Penalty imposed 34,34,000 5. We have also gone through the notice under section 274 read with section 271 of the Income-tax Act, 1961 issued by the Assessing Officer on March 31, 2014. We find that the Assessing Officer has issued the penalty order stating that, you have concealed the particulars of income or furnishing inaccurate particulars of the income. 6. On this issue, we are guided by the following judgments : "(1) The Karnataka High Court : CIT v. Manjunatha Cotton and Ginning F....