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Income Tax Appellate Tribunal, “B” BENCH, MUMBAI
Before: SHRI D. KARUNAKARA RAO & SHRI RAVISH SOOD
सुनवाई की तायीख / Date of Hearing : 06.09.2016 घोषणा की तायीख /Date of Pronouncement : 30.09.2016 आदेश / O R D E R PER D. KARUNAKARA RAO, AM:
This appeal filed by the assessee on 21.12.2011 is against the order of the CIT (A)-2, Mumbai dated 2.11.2011 for the assessment year 2001-2002. In this appeal, assessee raised four grounds in toto. The core issue involved in this appeal is CIT (A)‟s decision in confirming the penalty levied by the AO u/s 271(1)(c) of the Act when it is not specifically mentioned whether the penalty is levied for „concealment of income‟ or „furnishing of inaccurate particular of income‟.
Before us, at the outset, Ld Counsel for the assessee briefly narrated the background facts of the case and brought our attention the copy of the notice issued u/s 274 of the Act dated 19.3.2004 and mentioned that the AO did not ticked any of the columns provided on page of the said notice. He reasoned that the AO has ambiguity on the applicable limb ie „concealment of income‟ or „furnishing of inaccurate particular of income‟.
Further, bringing our attention to the penalty order dated 23.1.2009, Ld Counsel for the assessee read out the operational para 5 which reads as under:-