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HIGH COURT OF JUDICATURE FOR RAJASTHAN BENCH AT JAIPUR
AVNEESH JHINGAN, MANEESH SHARMA
Principal Commissioner Of Income Tax, (Central) – Appellant
Versus
Harish Jain – Respondent
Order :
AVNEESH JHINGAN, J.
1. These appeals are filed under Section 260-A of the Income Tax Act, 1961 (for short ‘the Act’) against the order of the Income Tax Appellate Tribunal, Jaipur (for short ‘the tribunal’) dated 25.11.2022.
2. Appeals are being decided by this order as the facts and issues involved are similar. For convenience, the facts are being taken from D.B. Income Tax Appeal No.81/2023.
3. The brief facts are that consequent to search conducted on 07.09.2017 at the residential and business premises of Resonance Group, Kota, notice under Section 153A of the Act dated 05.07.2018 was issued to the assessee-respondent (hereinafter referred to as ‘assessee’). The assessee furnished return on 18.07.2018 declaring income of Rs. 15,67,000/-. The assessment was finalized vide order dated 22.12.2019 and the income was assessed at Rs. 70,67,000/-. The assessing officer (hereinafter referred to as ‘A.O’.) recorded satisfaction for initiating penalty proceeding under Section 271AAB of the Act.
3.1 The Revisional Authority vide order dated 25.03.2022 directed the A.O. to initiate and levy penalty u/s 271(1)(c) of the Act, after arriving at due satisfaction independently. In appeal of t
The satisfaction of the Assessing Officer for penalty initiation must be recorded during proceedings; failure to do so does not render the assessment order erroneous or prejudicial to revenue.
Penalty orders under S.271DA/271E invalid if no satisfaction recorded in fresh assessment order after original set aside.
Failure to initiate penalty u/s 270A(2)(b) for under-reporting via belated return post-reopening notice renders assessment erroneous and prejudicial, justifying PCIT revision u/s 263 to direct initia....
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