2024 (12) TMI 1168

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....ain, AR For the Revenue : Shri Dharnidas V.S., Sr. DR ORDER PER SUCHITRA KAMBLE, JUDICIAL MEMBER: This appeal is filed by the Assessee against order dated 26.06.2024 passed by the CIT(A), National Faceless Appeal Centre (NFAC), Delhi for the Assessment Year 2012-13. 2. The assessee has raised the following grounds of appeal :- "1. The learned CIT(A) has erred in law and fac....

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.... respect of Stock Difference of Rs. 1,81,725/-, Lumpsum addition of 20% of balance of Sundry Creditors amounting to Rs. 19,21,522/- and non-deduction of TDS under Section 40a(ia) of the Act amounting to Rs. 1,52,650/-. In respect of the said additions, the Assessing Officer initiated penal proceedings under Section 271(1)(c) of the Act. Notice under Section 274 read with Section 271(1)(c) of the A....

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....R further submitted that the Assessing Officer levied penalty vide order dated 23.03.2020 and mentioned that the initiation of penalty proceedings for furnishing of inaccurate particulars and concealment of income for all the issues including that of addition of 20% of balance of Sundry Creditors, stock difference and non-deduction of TDS. But, in the notice, there was no mention regarding the par....

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....rused all the relevant material available on record. It is pertinent to note that notice under Section 274 read with Section 271(1)(c) of the Act dated 27.03,2015 has not expressed under which limb the penalty is initiated under Section 271(1)(c) of the Act. The decision of Hon'ble Apex Court in the case of Manjunatha Cotton & Ginning Factory (supra) is applicable in the present case. Besides this....