MAHATMA PHULE ANUSUCHIT JATI JAMATI SHETKARI SAHAKARI SOOT GIRNINIYAMIT,,SOLAPUR vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 1,, SOLAPUR
In the result, the appeal of the assessee is allowed
ITA 521/PUN/2018[2014-15]Status: DisposedITAT Pune28 Mar 2019AY 2014-15
Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अपील सं. / Ita No.521/Pun/2018 िनधा"रण वष" / Assessment Year : 2014-15 Mahatma Phule Anusuchit Jati Jamati Shetkari Sahakari Soot Girniniyamit, Gat No.71A, Sharda Nagar, Sohale Road, Wagholi, Solapur-413253. .......अपीलाथ" / Appellant Pan : Aaaam1598A बनाम / V/S. Dcit, Circle-1, ……""यथ" / Respondent Solapur. Assessee By : Shri Hari Krishan Revenue By : Shri Pankaj Garg सुनवाई क" तारीख / Date Of Hearing : 19.03.2019 घोषणा क" तारीख / Date Of Pronouncement : 04.04.2019 आदेश / Order Per D. Karunakara Rao, Am: This Appeal Is Filed By The Assessee Against The Order Of Cit(A)-7, Pune Dated 12.02.2018 For The Assessment Year 2014-15. 2. The Grounds Raised By The Assessee Are As Under :- “1. On The Facts & In The Circumstances Of The Case & In Law The Learned Assessing Officer Has Erred In Levying The Penalty U/S 271(1)(C) A Sum Of Rs.52,62,990/- Without Specifying The Limb Under Which Penalty Is Levied & Therefore Entire Penalty Order Is Bad In Law & Deserves To Be Struck Down. 2. On The Facts & In The Circumstances Of The Case & In Law The Lower Authorities Have Erred In Levying The Penalty Of Rs.52,61,990/- By Invoking Provisions Of Section 271(1)(C) Of The Income Tax Act, 1961 By Disregarding Appellant’S Contention In This Regard. The Appellant Craves For Leave To Add, Alter, Modify, Delete Above Ground Of Appeal Before Or At The Time Of Hearing, In The Interest Of Natural Justice.”
For Appellant: Shri Hari KrishanFor Respondent: Shri Pankaj Garg
Section 271(1)(c)Section 274
54,91,000/- towards government share capital fund. When the assessee was asked to explain the same, the assessee did not give any satisfactorily reply. Hence, the Assessing
Officer initiated the penalty proceeding stating that “Penal proceedings u/s 274 read with section 271
