TaxTMI 
TaxTMI 
2024 (7) TMI 964
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....ed Dy. Commissioner of Income Tax, Circle 11(2)(2), Mumbai (in short, 'the Act'), order passed under Section 271(1)(c) of the Act, date of order 29th November, 2016. 02. The assessee has taken following grounds of appeal:- "The grounds stated here under are independent of, and without prejudice to one another. Transfer Pricing In the order dated 4 November 2023 passed under section 250 of the Income-tax Act, 1961 ('the Act"), the Commissioner of Income-tax (Appeals), Mumbai (hereinafter referred to as the "CIT[A]') has erred on facts and in law in upholding the levy of penalty of Rs. 8,811,560. Ground No. 1. On the facts and in the circumstances of the case and in law, the order passed by the Learned Assessing Office ("AO")....
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....accordance with the provisions of Section 92C of the Act. Ground No. 6-On the facts and in the circumstances of the case and in law, the Hon'ble CIT(A) erred in upholding /confirming the action of the Learned AO in erred in appreciating that the additions made in the assessment order is merely difference of opinion between the Appellant and the Learned AO/TPO in computing the arm's length price of the international transactions entered into by the Appellant. Ground No. 7-On the facts and in the circumstances of the case and in law, the Hon'ble CIT(A) erred in upholding /confirming the action of the Learned AO erred on facts and in law in not appreciating that the Appellant has acted in good faith and with due diligence and t....
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....e proceeding under Section 271(1)(c) read with section 274 of the Act was initiated and penalty levied of Rs. 88,11,560/-, which is 100% of the amount of tax sought to be evaded. The specific reasons of penalty whether 'concealment' or 'inaccurate particulars of income', not duly mentioned during the penalty proceedings and also during the issuance of notice under Section 271(1)(c) read with section 274 of the Act. Aggrieved assessee filed an appeal before the learned CIT (A). The learned CIT (A) upheld the penalty order. Being aggrieved, assessee preferred the appeal before us. 04. The learned Authorized Representative vehemently argued and submitted a short paper book (in short, APB) which is kept in record. 05. The learned Authorized R....
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....o;ΑΝ ΝΟ. ΛAACR1966M TO, M/S. SNC-Lavalin Engineering India Pvt. Ltd. 2nd Floor, A Wing, Trade Star, J.B. Nagar, Kondivita Lane, Andheri-Kurla Road, Marol, Andheri (E), Mumbai- 400 059. Sir/Madam, Whereas in the course of proceedings before me for the Assessment year 2012-13 it appears that you have concealed the particulars of your income or furnished inaccurate particulars off such income. You are hereby requested to appear before me on 15/06/2016 at 11.45 AM/PM and show cause why an order imposing a penalty on you should not be made under Section 271(1)(c) of the Income Tax Act, 1961. If no one attends this office on the said date of hearing, the case shall be decided on the basis o material av....
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....ion which is not attracted the penalty under Section 271(1)(c) of the Act. But the learned Authorized Representative only pressed the ground no. 1 and 2 related to legal issue for issuance of notice under Section 271(1)(c) read with section 274 of the Act, which is defective for non-mentioning of the reasons of penalty. The assessee made an objection during the penalty proceedings and also in the appellate proceedings. The grounds were taken before the learned CIT (A). The issue is squarely covered by the decision of Hon'ble Jurisdictional HC in case of Mohd. Ferhan A Sheikh Vs. JCIT 125 taxman.com 253 (Bom). 010. The learned Authorized Representative laid down that in the absence of such specific notice, the notice would be invalid. A....