2019 (3) TMI 2097

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....pondent : Ruturaj H. Gurjar -Ld.ARs. ORDER Per Manoj Kumar Aggarwal (Accountant Member):- 1. Aforesaid appeal by revenue for Assessment Year [in short referred to as 'AY'] 2013-14 contest the order of Ld. Commissioner of Income-Tax (Appeals)-51, Mumbai, [in short referred to as 'CIT(A)'], Appeal No. CIT(A)- 51/IT-183/DCIT-CC-3(4)/2016-17 dated 03/10/2017 qua deletion of penalty u/s 271(1)....

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....against the assessee. It has been submitted before us that the quantum additions have already attained finality. 3. Aggrieved, the assessee agitated the penalty on legal grounds as well as on merits with success before Ld. CIT vide impugned order dated 03/10/2017 wherein Ld. CIT deleted the penalty on legal grounds, inter-alia, by observing that although the penalty was initiated for inaccurate....

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....harge of "furnishing of inaccurate particulars of income" whereas it has finally been levied by the AO on the charge of "concealment of particulars of income". Therefore, in view of the binding decision of the jurisdictional High Court in the case of Samson Perincherry (supra), wherein the decision of Hon'ble Karnataka High Court in the case of Manjunath Cotton and Ginning factory (supra) was foll....

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....e vitiates the penalty proceedings as per the settled judicial principles. 5. We have carefully heard the rival submissions and perused relevant material on record. The undisputed position that emerges is that the penalty was initiated by Ld. AO on account of furnishing of inaccurate particulars of income leading to concealment of income by the assessee whereas the penalty has finally been levi....