TaxTMI 
TaxTMI 
2024 (5) TMI 1014
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...., Pune-11 dated 30.01.2024 confirming the levy of penalty of Rs. 39,92,450/- u/s. 271(1)(c) of the Income-tax Act, 1961 (hereinafter also as called 'The Act') for the assessment year 2016-17. 2. Brief facts of the case are as under : The appellant is a partnership firm engaged in the business of Builders. The Return of Income for the A.Y. 2016-17 was filed on 17.10.2016 declaring Nil income. Aga....
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....tion. It appears that the assessment order had attained finality. The AO vide order dated 29.05.2019 levied penalty of Rs. 39,92,450/- u/s. 271(1)(c) of the Act in respect of the additional income of Rs. 1,80,91,318/- which was offered to tax during the course of assessment proceedings, by holding that the appellant firm is guilty of furnishing of inaccurate particulars of income. 3. Being aggrie....
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....ing the ld. Sr. DR. 6. On the other hand, the ld. Sr.DR placing reliance on the orders of the authorities below supports that it is a fit case for levy of penalty. 7. I heard the ld. Sr.DR and perused the relevant material on record. The solitary issue in the present appeal is with regard to levy of penalty u/s. 271(1)(c) of the Act. The pre-requisite condition for levy of penalty for furnishing....
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....143 (Delhi) (FB). 8. On mere perusal of the assessment order, it would be evident that the AO had recorded the satisfaction to initiate the penalty proceedings u/s. 271(1)(c) of the Act for alleged offence of furnishing inaccurate particulars of income, only in respect of addition of interest income of Rs. 2,40,163/- by denying exemption u/s. 80IB(10) of the Act. The AO had not recorded satisfact....