2022 (8) TMI 1521

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....THA SARATHI CHAUDHURY, JM This appeal preferred by the Revenue emanates from order of the ld. Commissioner of Income Tax (Appeals)-8, Pune, dated 10-05-2018 for the Assessment Year 2013-14 as per the grounds of appeal on record. 2. At the outset, the ld. D.R. submitted that the only grievance of the revenue in this appeal is with regard to deletion of penalty u/s 271(1)(c) of the Income-tax ....

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....he A.O is satisfied in the course of any proceedings under this Act that any person has concealed the particulars of his income or furnished inaccurate particulars of such income. It is a certain position that assessment proceedings and penalty proceedings are separate and distinct and as held by Hon'ble Supreme Court in the case of Anantharam Veerasinghaiah & Co. Vs. CIT (1980) 123 ITR 457 (SC) t....

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....ncealed particulars of his income or furnished inaccurate particulars thereof he may direct that such person shall pay by way of penalty a sum which shall not be less than one but which shall not exceed three times the amount of tax sought to be evaded by a reason of the concealment of particulars of his income. Therefore, it is incumbent upon the revenue authorities to arrive at a satisfaction wh....

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.... material facts relevant thereto have been furnished and we find that the assessee succeeds on this count since the declared income has been shown in the return of income and therefore the assessee cannot be held liable for penalty u/s 271(1)(c) of the Act. The revenue authorities have not been able to establish that the conduct of the assessee while declaring income and filing such declared incom....