2024 (5) TMI 1014

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....ee directed against the order of the CIT(A), 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 wa....

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.... to tax for the assessment year under consideration. 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 ina....

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....refore, I proceed to dispose of the matter after hearing 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 p....

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....s. Rampur Engineering Co. Ltd. and others (2009) 309 ITR 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 ....