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2021 (3) TMI 1231 - ITAT CUTTACKLevying penalty u/s 271(1)(c) - whether the show cause is issued to the assessee for concealment of particulars of income or for furnishing inaccurate particulars of income? - HELD THAT:- Bare perusal of the notice issued u/s 271(1)(c) of the Act apparently goes to prove that the Assessing Officer initiated the penalty proceedings by issuing the notice u/s 274/271(1)(c) of the Act without specifying whether the assessee has concealed ''particulars of income" or assessee has furnished "inaccurate particulars of income", so as to provide adequate opportunity to the assessee to explain the show cause notice. Rather notice in this case has been issued in a stereotyped manner without applying any mind which is bad in law, hence is not a valid notice sufficient to impose penalty u/s 271(1)(c). There is no specific order as to whether any concealment of inaccurate particulars in view of the decision in the case of Reliance Petro Products Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT] and in the case of Manjunatha Cotton & Ginning Factor [2013 (7) TMI 620 - KARNATAKA HIGH COURT] - we direct the AO delete the penalty in all the captioned appeals for the years under consideration - Decided in favour of assessee.
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