2019 (11) TMI 1869

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.... assessee submitted that this is a recalled mater. The Tribunal had earlier vide order dated 10/10/2018 dismissed the appeal of the assessee on merits without adjudicating legal ground challenging validity of penalty proceedings raised as additional ground of appeal on 19/03/2018. 3. The ld. Authorized Representative of the assessee submitted that in the assessment proceedings disallowance of STT on speculative transactions was made. The penalty proceedings under section 271(1)(c) of the Act were initiated in respect of above said addition. The ld. Authorized Representative of the assessee submitted that a perusal of assessment order would show that penalty proceedings were initiated for filing inaccurate particulars of income. However, ....

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....rticulars of his income and if he conceals the income, then the law prescribes levy of penalty. By furnishing the inaccurate particulars, the assessee has shown false result in the accounts. The falsity in the account thus has the element of concealment. In view of the above, I am satisfied that this is a fit case for levy of penalty under section. 271(1)(c) of the Income Tax act, 1961." A bare perusal of satisfaction recorded for initiating penalty at the time of passing assessment order and the order levying penalty shows incoherence of charges invoked under section 271(1)(c) of the Act. 7. At the time of recording satisfaction the Assessing Officer has initiated penalty for furnishing 'inaccurate particulars'. However, at the time ....