2018 (9) TMI 2162

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....y Revenue is directed against the order of Commissioner of Income Tax (Appeals)-13, Pune dated 06.09.2016 whereby penalty levied u/s. 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') has been deleted by the First Appellate Authority. 2. The brief facts of the case as emanating from records are: The assessee is engaged in providing design engineering and ITeS services t....

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....x(Appeals) vide impugned order deleted the penalty primarily on the ground that while levying penalty, the provisions of Explanation-7 to section 271(1) were not invoked. Against the findings of Commissioner of Income Tax (Appeals), the Revenue is in second appeal before the Tribunal. 4. Shri Kishore Phadke appearing on behalf of the assessee vehemently supporting the findings of Commissioner of ....

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....alty proceedings are being initiated u/s. 271(1)(c) of the Act for furnishing inaccurate particulars of income. In the order levying penalty dated 26.03.2015, the Assessing Officer has mentioned pre-conditions for levying penalty and also the charge for levying penalty. The ld.DR further contended that mere non-mentioning of 'Explanation-7' in the penalty order, would not make penalty proceedings ....

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....rnational transaction [or specified domestic transaction] defined in section 92B, any amount is added or disallowed in computing the total income under sub-section (4) of section 92C, then the amount so added or disallowed shall, for the purposes of clause (c) of this sub-section, be deemed to represent the income in respect of which particulars have been concealed or inaccurate particulars have b....