ACIT, CIRCLE-3, RANCHI vs. SHRI SUMIT RAMSISARIA, RANCHI

Bench: Shri J.Sudhakar Reddy & Shri S.S.Godara

41(1) of the Act Also penalty proceedings u/s 271(1)(c) of the IT. Act, 1961 are separately initiated on account of furnishing of inaccurate particulars of income." The above statement of the Assessing Officer IS not legally tenable due to the following reasons.- The AO has assumed that no such liability existed in the form of sundry creditors

PADAM KUMAE JAIN,RANCHI vs. CIT, CENTRAL, PATNA

In the result, the appeal filed by the assessee is allowed

Bench: Shri S.S. Godara, Jm & Dr. A.L. Saini, Am आयकरअपीलसं./Ita No.289/Ran/2019 (िनधा"रणवष" / Assessment Year: 2012-13) Padam Kumar Jain Vs. Cit, Central, Cr Building, Beer Chand Patel Marg, Patna – 800001. Ratanlalsurajmal Compound, Main Road, Ranchi – 834001, Jharkhand "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Abrpj 0001 E (Assessee) .. (Revenue)

penalty u/s 271(1)(b) of the Income Tax Act, 1961 may be (in addition to tax, if any, payable imposed for a sum of ten thousand rupees for each such failure.” 11. We note that by way of issue of notice under section 142(1) of the Act, as noted above, the assessing officer, during the original assessment proceedings