The Tax Publishers2020 TaxPub(DT) 3896 (Mum-Trib)

INCOME TAX ACT 1961

Section 271(1)(c)

As no satisfaction was recorded by AO in the quantum assessment order and penalty initiated on one limb and ultimately levied on different limb of the assessee under section 271(1)(c) deserved to be cancelled.

Penalty under section 271(1)(c) - Leviability - No satisfaction recorded by AO -

AO levied penalty on assessee under section 271(1)(c) for furnishing of inaccurate particulars of income. Held: Since there was no satisfaction recorded by AO in the quantum assessment order and penalty initiated on one limb and ultimately levied on different limb of the assessee deserved to be cancelled.

REFERRED : Price Waterhouse Coopers (P.) Ltd. v. CIT (2012) 348 ITR 306 (SC) : 2012 TaxPub(DT) 2967 (SC) CIT v. Reliance Petroproducts (P) Ltd. (2010) 322 ITR 158 (SC) : 2010 TaxPub(DT) 1683 (SC) Ventura Textiles Ltd. v. CIT (2020) 117 taxman.com 182 (Bom) : 2020 TaxPub(DT) 2582 (Bom-HC) CIT v. Shri Samson Perinchery (2017) 392 ITR 4 (Bom) : 2017 TaxPub(DT) 0672 (Bom-HC)

FAVOUR : In favour of assessee

A.Y. : 2014-15



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